The China Banking and Insurance Regulatory Commission published an update on implementation of the June 2025 action plan supporting Shanghai’s international financial center and set out a new package of measures. The new steps focus on building an offshore financial system for Shanghai, expanding pilot financial business, deepening high-level opening, improving the local financial operating environment, and strengthening technology-enabled supervision. The package includes a jointly issued action plan on offshore finance with the People’s Bank of China, National Development and Reform Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange and the Shanghai municipal government. It also includes support for commercial banks to participate in Pudong New Area free trade offshore bond business, with specific supervisory rules due shortly. Further measures back the Shanghai International Reinsurance Center, including a pilot to facilitate overseas investment of income from cross-border inward reinsurance business and exploration of catastrophe risk transfer tools in Pudong. Other steps support shipping finance data standards and international shipping insurance cooperation, a locally tailored commercial pension product known as Hu Yang Bao, a pilot for pension service trusts linking intended guardianship, trusts and elderly care institutions, and an expanded Lingang financial leasing pilot covering project-company structures for data center equipment, resource extraction equipment, industrial robots, simulators and aviation materials. The commission also supports the creation of a digital supervisory research and development base in Shanghai focused on data connectivity and look-through supervision, process standardization and digital redesign, and automated and intelligent supervisory tools.

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