Recently, Shanghai Municipal 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 Administration of Foreign Exchange, Shanghai Free Trade Zone Management Committee (Pudong New Area Government), and Lingang New Area Management Committee, jointly held the 11th batch of financial innovation case conference of China (Shanghai) Pilot Free Trade Zone.
Since the listing of the Shanghai Free Trade Zone, ten batches of 130 financial innovation cases have been released, and the eleventh batch of 30 financial innovation cases, mainly from six aspects of financial opening innovation, financial market innovation, cross-border financial service optimization, financial support to key industries, green financial product service innovation, and financial business environment optimization, have demonstrated that the Shanghai Free Trade Zone and the new area near the port have been innovative in financial opening since June 2020 Benchmarking and referential important innovation achievements.
Among the 30 financial innovation cases, there are 7 cases in terms of financial openness and innovation, including the People's Bank of China (PBOC) Shanghai Headquarters, the Shanghai Branch of the Foreign Exchange Administration (SAFE) carrying out the pilot reform of high-level foreign exchange management for cross-border trade and investment in the new port area, as well as the Shanghai Banking and Insurance Regulatory Bureau actively implementing the policy of expanding opening up, and a group of foreign-owned joint venture financial management companies, foreign-funded personal insurance companies A number of influential landmark opening up projects, such as the the Belt and Road branch in Shanghai. In terms of financial market innovation, there are 8 cases, including the launch of the stock market making trading business of the Science and Technology Innovation Board by Shanghai Stock Exchange, and the simultaneous listing of CSI 1000 stock index futures and options by China Financial Futures Exchange. In terms of cross-border financial services, there are four cases, including the People's Bank of China Shanghai Branch and the Shanghai Municipal Commission of Commerce introduced free trade accounts to support offshore economic and trade business, the Bank of China Shanghai Branch launched its first free trade account to provide cross-border settlement business for offshore processing trade, and Shanghai Pudong Development Bank and securities companies worked together to create a service model for A-share listed companies to implement equity incentive plans for foreign employees through free trade accounts. In terms of financial support for key industries, there are four cases, including PICC Property Insurance and other 18 insurance companies and reinsurance companies in China jointly establishing the China Integrated Circuit Coinsurance Body, and ICBC Shanghai Branch creating a comprehensive financial service plan for offshore business in free trade zones for domestic private enterprises. In addition, there are 5 cases of green financial innovation and 2 cases of financial business environment optimization.
