The China Banking and Insurance Regulatory Commission, together with the Shanghai Municipal Government, has issued an action plan to support the development of the Shanghai International Financial Center, setting out a package of measures covering institution clustering, priority financing themes, wider cross-border opening, supervisory arrangements, and supporting infrastructure. The plan aims to draw more banking and insurance institutions to Shanghai, including by encouraging commercial bank head offices to step up support through dedicated arrangements and greater authorisation for Shanghai-based entities, and by supporting a larger role for foreign-funded institutions and the landing of key opening-up projects in Shanghai. It also prioritises delivery of the “five major articles” of finance, including exploring models better suited to technology firms under compliance and substantive risk control, promoting carbon finance and related business, and developing inclusive finance, pension finance and digital finance. On opening-up, it proposes institutional measures aligned with international high-standard rules, including exploring cross-border syndicated loans and other non-resident lending in the Shanghai Free Trade Zone, improving cross-border financial services, advancing the Shanghai international reinsurance centre and marine insurance, and researching offshore financial innovation. Supervisory elements include strengthening forward-looking risk management, supporting innovation pilots under an “inclusive and prudent” approach with exploration of a due-diligence exemption mechanism, and enhancing central-local coordination on financial risk prevention and resolution; supporting measures cover legal safeguards, building a Shanghai financial consumer protection centre, potential establishment of a regulator data sub-centre in Shanghai when conditions permit, development of an asset management services platform, and financial talent initiatives. The two authorities indicated they will continue to drive implementation of the action plan and refine supporting policies.
China Banking and Insurance Regulatory Commission 2025-06-18
China Banking and Insurance Regulatory Commission and Shanghai Municipal Government issue action plan to support Shanghai International Financial Center development
The China Banking and Insurance Regulatory Commission and the Shanghai Municipal Government have issued an action plan to bolster the Shanghai International Financial Center. The plan includes measures for institution clustering, cross-border opening, and supervisory arrangements, focusing on technology, carbon, inclusive, pension, and digital finance. It also proposes enhancing cross-border financial services and innovation pilots, alongside supporting infrastructure and talent initiatives.