Business China

Financial Innovation in the Shanghai FTZ

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The Shanghai free trade zone is a new high ground for China to further open up to the outside world. It is an important platform for Shanghai to build the three centers of international financial center, international trade center and international shipping center. It also plays an exemplary role in leading the development of free trade zones in other areas. Especially in finance, a number of important reforms are being carried out step by step, which will serve as a reference for China's future global policy. Today we look at what has been achieved since the establishment of the Shanghai free trade area, especially in finance.

The seventh batch of financial innovation cases issued by Shanghai free trade zone

In order to further promote China (Shanghai) free trade area (hereinafter referred to as the "free trade area") financial innovation achievements, encourage and support the financial institutions around the real economy needs innovation of financial products and services, on the morning of January 10, Shanghai free trade area financial work coordination group office, city financial services office, the people's bank of Shanghai headquarters, Shanghai branch, Shanghai securities regulatory bureau, Shanghai protects inspect bureau, municipal development and reform commission, the city finance bureau and the pudong new area government (free trade area management committee), jointly held the free trade area of Shanghai on the seventh batch of financial innovation case conference. There are 15 cases of financial innovation, which are divided into four categories.

One is the innovation of financial market, this time release 8 cases. These include: the Shanghai stock exchange market investors group diversity, flexible transaction settlement mechanism and other advantages, successfully launched the first batch of 30 billion local government bonds, widen the local debt market distribution channels, optimize the structure of local government debt investors, improve the local government debt trading liquidity, enrich the exchange bond variety structure, meet the demand of investors to invest in government bonds.

Shanghai municipal bureau of finance through the central Treasury securities registration and settlement companies in the free trade area for domestic or foreign investors for the first time issued RMB 30 billion local government debt, DBS bank (China), HSBC bank (China) and standard chartered bank (China), and other foreign capital legal person bank for the first time to participate in China's local government debt underwriting, domestic and overseas investors to subscribe.

Bric countries new development bank successfully issued 3 billion yuan green financial bonds, the first only by the headquarters in China's international green financial bonds issued by financial institutions, will be green bonds products for rich China interbank bond market innovation, broaden the international development institutions renminbi financing channels, to speed up China's bond market to expand opening to the outside world.

Shanghai clearing house launched fta bonds counter business platform, the bank of China Shanghai branch by the platform and its non-financial companies counter bond trading customer to complete the first free trade zone, has realized the commercial Banks through free agency non-bank trade account system between market participants to participate in the renminbi bond market to trade.

Shanghai insurance exchange, as the only national and innovative insurance factor trading platform in China, has filled the gap in the domestic insurance factor market. Recent insurance assets register production commissioning, trading platform will provide insurance information industry informatization infrastructure construction standardization, the innovative, for the issue of insurance asset management products, to provide professional services such as registration, trading, financial settlement and technical support. The first two insurance asset management products have been issued successfully.

Shanghai clearinghouse on December 8, opening, is the people's bank of China to promote the preparation of national paper offer trading, managed to register, clearing and settlement, information query and notes risk monitoring platform, and the implementation of monetary policy and open market operations by the people's bank of important financial infrastructure, will be conducive to promoting the paper market perfection of laws and regulations, encourage innovation in the paper, to guard against market risks, promote the development of paper market to open standard unified market, opening of several financial institutions involved in the first paper trading business. China trust registration company was founded on December 26, is the China banking regulatory commission approved the only trust and direct supervision of the national registration agencies, is committed to create "national trust products concentrated registration platform", "trust product offerings unified circulation platform" and "business operation monitoring platform" the core functions, trust products trading market for our country to perfect specification, improve the trust assets liquidity support play an important platform.

Independent research and development of the Shanghai gold exchange "easy jintong" mobile Internet gold trading system, provides investors with convenient, safe and efficient gold trading platform, help to guide and standardize the gold precious metals market development.

The second is the innovation in financial institutions, the release 1 case, namely the first "ten" CEPA supplement agreement within the framework of two joint venture "Hong Kong securities and HuaJing was established, the establishment of two joint venture securities companies will help to draw lessons from Hong Kong company's shareholders in mature capital markets such as process management, risk control and equity incentive, and so on experience, better serve the two-way open capital market.

The third is free trade account innovation, the release of 2 cases, respectively is China construction bank Shanghai branch for outside science and technology innovation enterprises and overseas financial institutions, such as introduce talents to open free trade accounts and deal with related business, to further expand the function of free trade account service. The bank has successfully issued the first free trade account foreign currency financial products based on the integration of foreign currency in the free trade account.

The fourth is in financial service mode innovation, the release of four cases, huaxia bank is Shanghai free trade free-trade area parallel import auto launch test to distinguish the behavior of cross-border financial based on free trade accounts and comprehensive financial services supply chain financing solutions, give full play to the financial support to the important role of free trade area commercial system reform.

Shanghai shipping insurance association first in the country of maritime litigation security liability insurance, the insurance products help to reduce the costs of the maritime preservation applicant, promote efficiency of maritime law enforcement. Shanghai shipping insurance association released the shipping insurance index (SMII), a comprehensive understanding to help insurance institutions shipping insurance business risks and to make the insured conditions provided an important decision support and scientific set insurance rates.

It is understood that the establishment of free trade area of Shanghai more than three years, has been basically formed in open capital account convertibility and financial services as the main content of financial innovation system framework, a more open system of financial market system and financial institutions, as well as the support of financial innovation and financial supervision coordination mechanism, effective prevention of risks and exploring to form a large number of can be replicated, can promote the financial innovation.

"The next four years will be the decisive stage for the construction of the Shanghai international financial center, and we will implement the" three pairs of marks "for the implementation of the 40" gold reform ". Jin Xing said, a free trade area on the top of the construction openness and high standard international economic and trade rules, and further deepen the free-trade area financial open innovation pilot, constantly enhance the level of financial services investment and trade facilitation; 2 for the basic built into an international financial center in 2020 goals, strengthen the linkage with the international financial center construction, speed up the formation of a more open and efficient financial market system, improving financial market allocation and resources; Third, we need to mark national strategic and financial reform and opening up the overall deployment and response "area" initiative, supporting the construction of "the Yangtze river economic belt", service the RMB internationalization strategy, to strengthen the construction of with Shanghai kechuang center, the international shipping center construction, improving the financial service function of the real economy.

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