The Shanghai Leading Group Office for Promoting the Construction of Shanghai International Financial Center (Shanghai Local Financial Supervision Bureau), together with the Shanghai Head Office of the People's Bank of China, Shanghai Banking and Insurance Regulatory Bureau, Shanghai Securities Regulatory Bureau, Shanghai Branch of the State Administration of Foreign Exchange, the Administrative Committee of the Pilot Free Trade Zone (Pudong New Area Government), and the Administrative Committee of Lingang New Area, jointly held the 11th batch of financial innovation cases conference of the Pilot Free Trade Zone.
It is reported that since the launch of the pilot free trade zone, ten batches of 130 financial innovation cases have been released, and the eleventh batch of pilot free trade zone financial innovation cases have been released, mainly from financial opening innovation, financial market innovation, cross-border financial service optimization, financial support for key industries, green financial product service innovation The six aspects of optimizing the financial business environment show the important innovative achievements in the financial opening and innovation field of the pilot free trade zone and the new port area since June 2020, which are innovative, benchmarking and referential.
First, in terms of financial opening and innovation, we focused on implementing financial opening up measures and further building a financial opening hub portal. Seven cases were released this time, including:
The Shanghai Head Office of the People's Bank of China and the Shanghai Branch of the State Administration of Foreign Exchange carried out a pilot reform of high-level foreign exchange management for cross-border trade and investment in the new port area;
The Shanghai Banking and Insurance Regulatory Bureau has actively implemented the policy of expanding opening up, and has successively launched a number of influential landmark opening up projects in the Shanghai Pilot Free Trade Zone, such as foreign-owned joint venture wealth management companies, foreign-owned life insurance companies, and the Belt and Road branches in Shanghai;
Shanghai Securities Regulatory Bureau actively promoted the establishment of the first wholly foreign-owned public fund management company, wholly foreign-owned securities company and other influential foreign securities fund operating institutions in the pilot free trade zone;
Haitong Securities and other financial institutions, together with the Shanghai headquarters of China National Debt Depository and Clearing Corporation, supported the deepening of the innovation and promotion of offshore bonds in the Free Trade Zone, and launched several "first orders" such as the first offshore RMB bonds in the Shanghai Free Trade Zone;
Shanghai Clearing House cooperates with international securities depositories to launch "Yulan Bonds", which has successively supported the issuance of commercial banks, securities companies and other institutions;
The Shanghai Stock Exchange has deepened the interconnection between Shanghai's capital market and overseas markets, incorporated ETFs into the trading interconnection mechanism of the mainland and Hong Kong stock markets, and included Switzerland and Germany into the scope of application of the interconnection mechanism of depository receipts of domestic and overseas securities markets;
The online QFII (Qualified Foreign Institutional Investor) and RQFII (RMB Qualified Foreign Institutional Investor) settlement mode innovation project of China Securities Depository and Clearing Shanghai Branch.
Second, in terms of financial market innovation, based on deepening the reform of the financial factor market and constantly promoting the service level of the Shanghai International Financial Center, eight cases were released this time, namely:
Shanghai Stock Exchange launched the stock market making trading business of the Science and Technology Innovation Board, which is another important trading mechanism reform measure of the Science and Technology Innovation Board;
Haitong Securities and Guotai Jun'an successively recommended SMIC International and No. 9 Company to publicly issue shares and depositary receipts on the Science and Technology Innovation Board, becoming the first practice cases after the Science and Technology Innovation Board allowed red chip enterprises to list in China;
Shanghai International Energy Exchange, a subsidiary of Shanghai Futures Exchange, listed international copper futures and crude oil options, and further promoted the pricing application of No. 20 rubber futures to enhance the influence of "Shanghai price" on the pricing of international bulk commodity markets;
China Financial Futures Exchange listed CSI 1000 stock index futures and options simultaneously, which is the first time that China has launched stock index futures and options products with small cap stocks as the main target;
Shanghai Insurance Exchange launched digital health insurance trading platform and the world's first digital reinsurance registration clearing and settlement platform;
China Trust Registration Co., Ltd. established the National Trust Company Equity Custody Center and launched the online equity information management system;
Shanghai Clearing House innovatively launched the bulk commodity spot clearing business, and launched the Clearing Connect supply chain financial information service;
The Shanghai Equity Trusteeship Trading Center launched the Shanghai Private Equity and Venture Capital Share Transfer Platform, widened the transfer and exit channels of fund shares, and helped smooth the circulation of financial capital and industrial capital.
Third, in terms of cross-border financial services, focusing on optimizing cross-border financial services and making good use of both domestic and international markets and resources, four cases are released this time, namely:
The Shanghai Branch of the People's Bank of China and the Shanghai Municipal Commission of Commerce introduced relevant measures to support offshore economic and trade business with free trade accounts, and the Shanghai Branch of the Bank of China launched its first free trade account to provide cross-border settlement business for offshore processing trade;
Shanghai Pudong Development Bank and securities companies work together to create a service model for A-share listed companies to implement equity incentive plans for foreign employees through free trade accounts;
Cross border Interbank Payment and Clearing Co., Ltd. introduced standard transceivers and cross-border innovation service terminals (CISDs), and increased Hong Kong dollar business;
Shanghai Bill Exchange will build a cross-border RMB trade financing transfer service platform to promote the development of RMB cross-border trade financing business.
Fourth, in terms of financial support for key industries, we closely linked financial services to the real economy and actively supported the development of key industries such as scientific and technological innovation. Four cases were released this time, including:
PICC Property&Casualty Insurance and other 18 insurance companies and reinsurance companies in China jointly set up the China Integrated Circuit Co insurance Body to provide high-quality integrated circuit industry risk solutions by strengthening industry collaboration;
Shanghai Stock Exchange launched the first batch of Real Estate Investment Trust Funds (REITs) pilot projects, promoted the expansion of basic assets and the raising of existing projects, and led the establishment of the Yangtze River Delta Infrastructure REITs Industry Alliance;
The Shanghai Stock Exchange launched scientific and technological innovation corporate bonds to further play the role of corporate bonds in serving the national innovation driven development strategy and industrial transformation and upgrading;
ICBC Shanghai Branch created a comprehensive financial service plan for the offshore business of the free trade zone for domestic private enterprises, and prepared a dual currency international consortium for its major projects along the "the Belt and Road".
Fifth, in terms of green financial innovation, we will stimulate innovation in green financial products and services and build an international green financial hub. This time, we have released five cases, namely:
China Bond Valuation Center (a subsidiary of China National Debt Depository and Clearing Corporation) launched the world's first ESG evaluation system that fully covers the issuer of publicly offered credit bonds in the Chinese bond market;
Shanghai Environment Exchange, Shanghai Stock Exchange and China Securities Index Company released the "Carbon Neutralization Index of China Securities Shanghai Ring Exchange", and Huitianfu Fund, Fuguo Fund and other domestic first batch of carbon neutralization ETF products of China Securities Shanghai Ring Exchange were listed successively;
CNOOC Trust established the first carbon neutral service trust in China, "CNOOC Azure CCER Carbon Neutral Service Trust", based on national certified voluntary emission reductions;
China UnionPay and Shanghai Environment Exchange jointly released UnionPay's green low-carbon theme bank card products to allocate low-carbon life service rights and interests and carbon emission reduction purchase rights for individuals and enterprises;
Agricultural Bank of China Shanghai Branch prepared the first RMB sustainable development linked (SLL) international syndicated loan in China.
Sixth, in terms of optimizing the financial business environment, focusing on building a high-quality financial business environment that is gradually in line with international standards and improving the soft power of the international financial center, two cases were released this time, namely:
In Shanghai, the financial management department made great efforts to build a financial consumer protection mechanism. The Shanghai Securities Regulatory Bureau took the lead in proposing to establish a Shanghai Insurance Alliance and further build an investor service protection mechanism. The first professional and industrial independent third-party mediation organization set up under the guidance of the Shanghai Banking and Insurance Regulatory Bureau was officially renamed as the "Shanghai Banking and Insurance Dispute Mediation Center" to build a full process financial consumer protection;
The Shanghai Higher People's Court and the Shanghai Securities Regulatory Bureau jointly issued the opinions on the implementation of judicial interpretation cooperation in civil compensation cases of securities misrepresentation, and further clarified the cooperation mechanism between securities judicial adjudication and securities regulatory enforcement.
