Accelerating the construction of Shanghai International Financial Center and the integrated development of the Yangtze River Delta is a major development strategy determined by the CPC Central Committee, and it is also a full manifestation of implementing the spirit of the Fourth Plenary Session of the 19th CPC Central Committee, constantly improving the national governance system and enhancing the governance capacity in the financial sector. The "Opinions" put forward 30 specific measures from the aspects of actively promoting the financial pilot of Lingang New Area, accelerating the opening up of Shanghai's financial industry at a higher level, and supporting the integrated development of the Yangtze River Delta. The promulgation of the "Opinions" is conducive to further accelerating the construction of Shanghai's international financial center and the integrated development of the Yangtze River Delta, and has important strategic significance for leading the country's high-quality development and accelerating the construction of a modern economic system.
The impact of the recent novel coronavirus epidemic on China's economy is temporary. It is China's long-term policy orientation to deepen the structural reform of the financial supply side and expand the opening up of the financial industry, which will not be affected by the epidemic. The pace of reform will only get faster and faster, the door to opening will only get bigger and bigger, and the ability of risk management will become stronger and stronger.
The following is the original policy:
Yinfa [2020] No.46
In order to thoroughly implement the decision-making arrangements of the CPC Central Committee and the State Council, further promote the construction of Shanghai International Financial Center, increase financial support for the construction of Lingang New Area in Shanghai Pilot Free Trade Zone (hereinafter referred to as Lingang New Area) and the integrated development of the Yangtze River Delta, deepen the structural reform of the financial supply side, and promote a higher level of financial opening and innovation, with the consent of the State Council, we hereby put forward the following opinions.
I. General requirements
(1) Serving the high-quality development of the real economy. According to the functional orientation and industrial system of Lingang New Area, pilot a more open and convenient financial policy, steadily promote the internationalization of RMB, and implement a green financial policy. Accelerate the construction of Shanghai as an international financial center, promote the opening up of the financial industry, optimize the allocation of financial resources, and improve the quality and efficiency of financial services. Give full play to the leading role of Shanghai International Financial Center, improve the system and mechanism for the integrated development of financial services in the Yangtze River Delta, and increase financial support for major national strategies such as regional coordinated development and innovation-driven development.
(2) Deepening the reform of the financial system and mechanism. Pay attention to institutional innovation, enhance the vitality of financial innovation, and explore a more flexible financial policy system, supervision model and management system. Improve the financial legal environment, fully implement the pre-entry national treatment plus negative list management system, implement the same regulatory requirements for domestic and foreign financial institutions, conform to international high-standard rules, and promote the high-level opening of the financial industry.
(3) guard against systemic financial risks. On the premise of legal compliance, controllable risks and voluntary business, we will steadily and orderly promote various financial opening and innovation measures, some of which can be piloted in Lingang New District. Establish and improve the coordination mechanism of financial supervision, improve the prevention and control system of financial risks, strengthen the application of financial technology in the field of supervision, and firmly hold the bottom line that systematic financial risks do not occur.
The second is to actively promote the financial pilot of Lingang New Area.
(1) Support the development of key industries with international competitiveness in Lingang New Area.
1. Pilot qualified financial subsidiaries of commercial banks, set up professional subsidiaries in Shanghai according to the principle of commercial voluntariness, and invest in key construction projects in Lingang New District and Yangtze River Delta and the equity of unlisted enterprises. Encourage insurance institutions to invest in science and technology investment funds in compliance with laws and regulations or directly invest in medical enterprises in Lingang New Area.
2. Support qualified commercial banks to set up financial asset investment companies in Shanghai according to the principle of commercial voluntariness, and pilot qualified financial asset investment companies to set up professional investment subsidiaries in Shanghai to participate in business restructuring, equity investment, direct investment and other businesses related to the construction of Lingang New District and the adjustment of economic structure in the Yangtze River Delta, industrial optimization and upgrading and coordinated development.
3. Encourage financial institutions to provide long-term credit funds for the development of high-tech industries, shipping and other key areas in Lingang New Area in accordance with the principle of marketization, and support major scientific and technological innovations and R&D projects in the area. Encourage financial institutions to provide efficient and convenient financial services for enterprises in the region to carry out new international trade and support the development of new international trade on the basis of the "Three Principles of Exhibition Industry".
4. Support financial institutions and large-scale technology enterprises to set up financial technology companies in the region according to law, actively and steadily explore the application of new technologies such as artificial intelligence, big data, cloud computing and blockchain in the financial field, and attach importance to the training of financial technology talents.
(2) Promoting the liberalization and facilitation of investment and trade.
5. For qualified high-quality enterprises in Lingang New Area, banks in the area can directly handle RMB settlement of cross-border trade on the basis of the "Three Principles of Exhibition Industry", and directly handle the payment and use of cross-border RMB income under foreign direct investment, cross-border financing and overseas listing.
6. Explore the cancellation of the special RMB capital account for foreign direct investment in Lingang New Area, and explore the pilot of cross-border fund pool of local and foreign currencies. Support qualified multinational enterprise groups to carry out centralized transfer and collection of local and foreign currency funds between domestic and foreign members, exchange funds according to actual needs, and implement two-way macro-prudential management of cross-border capital flows. Explore the transformation and upgrading of foreign exchange management.
7. Pilot cross-border transfer of domestic trade financing assets in Lingang New District. Research and promote the establishment of a platform based on the Shanghai Stock Exchange and related digital technology research and development support institutions to handle cross-border transfer of trade financing assets and promote the development of RMB cross-border trade financing business.
Third, accelerate the opening up of Shanghai's financial industry to a higher level.
(1) Expanding the high-level opening of the financial industry.
8. On the premise of legal compliance and commercial voluntariness, support qualified commercial banks to set up wealth management subsidiaries in Shanghai, pilot foreign-funded institutions and large banks to set up wealth management companies in Shanghai, and support commercial banks and bank wealth management subsidiaries to choose qualified asset management institutions registered in Shanghai as wealth management investment cooperation institutions.
9. Support foreign-funded institutions to set up or control securities institutions and fund management companies to land in Shanghai. Promote the limit of foreign shares in life insurance from 5 1% to 100%, and take the lead in implementing it in Shanghai.
10. The application of overseas financial institutions to establish and participate in pension management companies in Shanghai is mature and approved. Encourage insurance asset management companies to set up professional asset management subsidiaries in Shanghai. The pilot insurance asset management company shares in overseas asset management institutions and other wealth management companies established in Shanghai. Explore insurance funds to invest in commodities such as gold and oil on the basis of relevant exchanges in Shanghai.
1 1. Support qualified non-financial enterprise groups to set up financial holding companies in Shanghai. Encourage multinational companies to set up global or regional fund management centers and other headquarters-based institutions in Shanghai. The fund management center established by multinational companies in Shanghai can enter the inter-bank foreign exchange market after approval. Financial leasing parent companies and subsidiaries registered in Shanghai Pilot Free Trade Zone are allowed to enjoy the foreign debt quota.
Ii. Promote the allocation of RMB financial assets and the construction of risk management centers.
12. Continue to open the bond market to the outside world, further facilitate foreign investors to enter the market for filing, and enrich the types and quantity of foreign investors. Gradually promote the transformation of domestic settlement agents into custodian banks, and provide diversified services for foreign investors to enter the inter-bank bond market.
13. Develop the RMB interest rate and foreign exchange derivatives market, study and launch RMB interest rate options, and further enrich foreign exchange options and other product types.
14. Optimize the exchange rate risk management under the financial investment of overseas institutions, and facilitate the positions generated by overseas institutions investing in the domestic bond market to enter the inter-bank foreign exchange market.
15. Study to improve the efficiency of the interface between Shanghai International Financial Center and the international financial market legal system, and allow overseas institutions to independently sign the derivatives master agreements of China Association of Interbank Market Dealers (NAFMII), China Securities and Futures Market (SAC) or International Swaps and Derivatives Association (ISDA).
(3) Building a high-quality financial business environment in line with international standards.
16. Support Shanghai to speed up the construction of financial rule of law, speed up the establishment of a financial rules system that is in line with international standards, increase penalties for financial violations, and encourage the development of financial science and technology innovation pilots.
17. Effectively promote the reform of "simplifying administration and decentralizing power, strengthening supervision and improving services", comprehensively clean up all kinds of documents that are not conducive to the development of private enterprises in Shanghai, and directionally dismantle the "invisible door" of market access. Take multiple measures to foster a fair competitive market environment.
18. Study and promote the Shanghai Financial Court and the Shanghai Bankruptcy Court to conform to the development trend of the financial market, refer to international high-standard practices, strengthen capacity building, improve the professional trial level of cases, and enhance the international credibility and influence of case trials.
Fourth, finance supports the integrated development of the Yangtze River Delta.
(1) Promoting cross-regional cooperation among financial institutions.
19. Improve the inter-provincial (city) mobile payment service level in the Yangtze River Delta, and promote the interconnection of public services in the Yangtze River Delta according to laws and regulations.
20. Actively promote all corporate banks in the Yangtze River Delta to access personal bank accounts of legal qualification clearing institutions to open special verification channels, and provide mutual inspection services for binding account information.
2 1. Strengthen the cooperation and coordination of banking financial institutions in the Yangtze River Delta in project planning, project evaluation and rating, credit line verification, repayment arrangement, credit management and risk resolution, explore the establishment of inter-provincial (city) joint credit mechanism in the Yangtze River Delta, and promote the flow of credit resources. Support commercial banks to provide merger and acquisition loans to enterprises in the Yangtze River Delta region. Under the current policy framework, support financial institutions to use refinancing and rediscount funds to expand credit supply to the "three rural issues", pollution prevention enterprises, science and technology enterprises, high-end manufacturing enterprises, small and micro enterprises and private enterprises in the Yangtze River Delta.
(2) Improve the level of supporting financial services.
22. Promote relevant institutions of G60 Science and Technology Innovation Corridor to issue venture capital fund bonds, dual-innovation debt financing instruments, dual-innovation financial bonds and innovative and entrepreneurial enterprise bonds in the inter-bank bond market and the exchange bond market.
23. Actively support qualified scientific and technological enterprises to go public for financing, encourage all kinds of intellectual property services and evaluation institutions to actively develop and build patent value evaluation models or tools, and promote intellectual property transactions and circulation. Research supports trading services that provide convenience for foreign investors to directly participate in the issuance and trading of science and technology innovation boards.
24 explore the establishment of an integrated and market-oriented credit information system in the Yangtze River Delta to provide professional credit information services to the society. Relying on the national credit information sharing platform, we will further improve the cross-regional credit information sharing mechanism, increase information collection, sharing and development, and serve the credit financing of small and micro enterprises. Support the Credit Information Center of the People's Bank of China to achieve full coverage of corporate and individual lending information in the Yangtze River Delta region. Carry out supervision cooperation with credit reporting agencies in the Yangtze River Delta, and pilot the construction of an off-site supervision platform for credit reporting agencies in the Yangtze River Delta.
25. Promote the integration of green financial service platforms in the Yangtze River Delta. Promote the application of green financial information management system in the Yangtze River Delta, promote the interconnection of regional environmental rights and interests trading markets, and accelerate the establishment of the Yangtze River Delta green project library.
(3) Establish and improve the financial policy coordination and information sharing mechanism in the Yangtze River Delta.
26. Establish a unified financial stability evaluation system suitable for the Yangtze River Delta, compile a financial stability index, establish a financial stability information sharing and cooperation mechanism, build a financial risk information sharing platform, establish an anti-money laundering information exchange mechanism, strengthen data protection and management, and strengthen cooperation in the ADR mechanism of financial consumption disputes.
27 to promote the sharing of financial statistical information in the Yangtze River Delta, study the framework of centralized monitoring and analysis, and enhance the forward-looking economic and financial analysis.
28. Promote the exchange of experience in inclusive finance in the Yangtze River Delta, build the inclusive finance index system, and jointly write the inclusive finance index analysis report.
Verb (abbreviation for verb) protection
29. Support the Shanghai Headquarters of the People's Bank of China to organize and carry out a pilot project to strengthen the supervision ability of payment and settlement, and promote the construction of the Shanghai dual-active disaster recovery center of the People's Bank of China's credit information system. Study and promote the establishment of China financial market transaction report database in Shanghai, integrate all kinds of financial market transaction information, improve the monitoring level, and effectively connect with relevant construction in xiong'an new area.
30. The existing and future applicable financial policies in the Pilot Free Trade Zone, and the policies and measures of financial support for trade and investment liberalization and facilitation promulgated by the national financial management department are applicable to the actual situation in Shanghai, and priority can be given to pilot projects in Shanghai. The Shanghai headquarters of the People's Bank of China shall, jointly with the Shanghai Banking Supervision Bureau and other units, formulate detailed implementation rules according to this opinion and report them to the superior bank for the record.
People's Bank of China
China Banking and Insurance Regulatory Commission
China Securities Regulatory Commission (CSRC)
State Administration of Foreign Exchange
Shanghai Municipal People's Government
February 2020 14