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Rules and Regulations
  • Index number:
    000014453-2020-0048
  • Dispatch date:
    2020-02-14
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    Opinions of PBC, CBIRC, CSRC, SAFE and Shanghai Municipal People's Government on Accelerating the Building of Shanghai into an International Financial Hub and Financially Supporting the Integrated Development of the Yangtze River Delta
Opinions of PBC, CBIRC, CSRC, SAFE and Shanghai Municipal People's Government on Accelerating the Building of Shanghai into an International Financial Hub and Financially Supporting the Integrated Development of the Yangtze River Delta
2. Boosting the building of RMB financial asset allocation and risk management centers.

(12) Shanghai shall open up the bond market wider, and further facilitate filing and entry into the market by foreign investors to diversify the type and number of foreign investors. It also shall boost the transformation of domestic settlement correspondent banks towards custodian banks to provide diversified services for foreign investors accessing the interbank bond market.

(13) Shanghai shall develop the RMB interest rate and foreign exchange derivatives markets, study and launch RMB interest rate options to diversify foreign exchange options.

(14) Shanghai shall optimize the foreign exchange rate risk management under financial investment for foreign institutions to facilitate trading by such institutions in interbank foreign exchange markets to square the position generated by their investments in domestic bond markets.

(15) Shanghai shall study how to ramp up the efficiency of integration with laws and systems for global financial markets as an international financial hub, and allow foreign institutions to sign master agreements on derivatives with National Association of Financial Market Institutional Investors (NAFMII), China Securities and Futures Market (SAC) or International Swaps and Derivatives Association (ISDA).

3. Building the high-quality financial business environment by international standards.

(16) Shanghai shall accelerate the adoption of the rule of law in finance and the establishment of financial rules and systems integrated with global ones. It shall intensify punishments for illegal financial activities and encourage the piloting of fintech innovations.

(17) Shanghai shall boost the reforms that delegate power, improve regulation, and upgrade services, screen documents unfavorable for the growth of private players in Shanghai and dismantle the "hidden doors" for market access. It needs to take a multi-faceted approach to incubating a level playing field.

(18) Shanghai shall study and boost Shanghai Financial Court and Shanghai Bankruptcy Court to adapt to the trends in financial markets, step up capability building, increase professionalism in case hearing and strengthen credibility and influence in upholding justice across the world, based on global high-standard practices.

IV. Financially supporting the integrated development of the Yangtze River Delta

1. Driving cross-regional collaboration among financial institutions.

(19) Shanghai shall take the lead in improving cross-province (city) mobile payment services in the Yangtze River Delta and fueling payment connectivity for public services in the Delta in compliance with laws and regulations.

(20) Shanghai shall drive every corporate bank in the Yangtze River Delta to integrate with the exclusive validation channels of legally licensed clearing institutions for opening personal banking accounts and provide cross-validation services for information of connected accounts.

(21) Shanghai shall work to strengthen collaboration among financial institutions in the banking sector in the Yangtze River Delta in project planning, project review and rating, credit line verification, repayment arrangements, credit management and risk mitigation, and explore cross-province (city) credit extension mechanisms in the Delta to drive credit flows. It shall support commercial banks to offer merger loans to players in the Delta. Under the existing policy framework, it shall support financial institutions to leverage refinance and rediscount to issue more credit to agricultural firms, rural areas and farmers, pollution control players, tech innovation companies, high-end manufacturers, micro and small businesses and private firms in the Delta.

2. Improving supporting services for finance.

(22) Shanghai shall boost institutions related to the G60 High-tech Corridor to issue VC-like bonds, and debt financing instruments, financial bonds, and corporate bonds for starting businesses and innovation, in interbank bond markets and exchange bond markets.

(23) Shanghai shall support eligible tech innovation companies to go public, encourage IP service and assessment institutions to develop patent value assessment models or instruments to promote IP transactions and flows. Shanghai also needs to study and provide convenient exchange services to support foreign investors to directly participate in issuance and trading on the STAR market.

(24) Shanghai shall establish the integrated and market-based credit system for the Yangtze River Delta to provide professional credit services for society. Relying on the national credit information sharing platform, Shanghai shall further refine the cross-regional credit information sharing mechanism, step up information collection, sharing, development and utilization to serve credit financing by micro and small businesses. It shall also support the Credit Reference Center of the People's Bank of China to fully cover lending information of firms and individuals in the Delta. It shall conduct regulatory cooperation and pilot the building of an off-site regulatory platform for credit institutions in the Delta.

(25) Shanghai shall drive the integrated construction of the green financial service platform for the Delta. It shall promote the application of the green financial information management system, boost the connectivity of regional markets for trading environmental rights and accelerate the building of a green project library in the Delta.

3. Building and refining the financial policy coordination and information sharing mechanism in the Yangtze River Delta.

(26) Shanghai shall build a unified financial stability assessment system, develop financial stability indices and establish an information sharing mechanism for financial stability in the Delta. It shall build an information sharing platform against financial risks and an information communication mechanism for anti-money laundering. It shall also stress data protection and management and strengthen cooperation on alternative dispute resolution (ADR) of disputes over financial consumption.

(27) Shanghai shall boost sharing of financial statistical information in the Delta, and study the centralized detection and analysis framework to perform more forward-looking analysis on the economy and finance.

(28) Shanghai shall promote communication on inclusive finance in the Delta, build an inclusive finance index system and prepare analysis reports on inclusive finance index together with other cities in the Delta.

V. Protective measures

(29) The People's Bank of China Shanghai Head Office shall organize the piloting of strengthening payment and settlement regulatory capabilities, and boost its credit system to build a same-city active-active disaster recovery center in Shanghai. The PBC shall study and drive the building of the Report Library on Trading in China's Financial Markets in Shanghai, integrate trading information on financial markets, improve detection capabilities and interface with relevant construction efforts in Xiong'an New Area.

(30) The financial policies already introduced and to be introduced that are applicable to China (Shanghai) Pilot Free Trade Zone, and policy measures for financially supporting trade and investment liberalization and facilitation introduced by the national financial management authorities, if suitable for meeting Shanghai's real needs, can be piloted in Shanghai first. The People's Bank of China Shanghai Head Office shall develop the implementation rules based on the Opinions together with the Shanghai Office of the China Banking and Insurance Regulatory Commission and submit the rules to the competent authority for filing.

The People's Bank of China

China Banking and Insurance Regulatory Commission

China Securities Regulatory Commission

State Administration of Foreign Exchange

Shanghai Municipal People's Government

February 14, 2020

The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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