Enhancing Integration with International Standards
During a routine policy briefing on July 4th, the head of the Research Bureau at the People’s Bank of China addressed the ongoing efforts to enhance the integration of the Shanghai Free Trade Zone with international economic and trade standards. The bank plans to collaborate closely with relevant governmental and financial regulatory bodies to facilitate this integration while also prioritizing the management of financial risks.
Focus on Financial Openness and Innovation
Recently, the focus has shifted towards expanding financial openness and fostering innovation within the Shanghai Free Trade Zone. This initiative was highlighted at the Lujiazui Forum, where eight new supportive policies were introduced. Among these initiatives is the development of offshore trade finance and the enhancement of the free trade account capabilities, as well as a trial program aimed at comprehensive reform within offshore trade finance services.
Replicating Successful Strategies
In addition to these measures, the central bank aims to replicate successful strategies from Shanghai across other regions. A significant aspect of this strategy includes supporting the innovative use of the digital renminbi (RMB) in pilot free trade zones, enhancing the electronic payment systems across the country, and exploring pathways for open and innovative financial development in China. These efforts are intended to generate scalable and replicable experiences that can be implemented in various contexts across the nation.
