The China Banking and Insurance Regulatory Commission and the Shanghai municipal government are both making efforts on five aspects to support the construction of Shanghai International Financial Center.

On June 18, the China Banking and Insurance Regulatory Commission and the Shanghai Municipal People's Government issued the "Action Plan to Support the Construction of Shanghai International Financial Center." The plan introduces a series of support measures in five aspects, including: promoting the aggregation of financial institutions, optimizing and strengthening financial service functions; implementing "five major articles" to improve the quality and efficiency of financial services for the real economy; expanding institutional opening up to enhance the internationalization level of Shanghai's financial industry; enhancing regulatory capabilities to coordinate financial development and security; and improving policy support to enhance the level of financial professional services. The original text is as follows: China Banking and Insurance Regulatory Commission Shanghai Municipal People's Government issued "Action Plan to Support the Construction of Shanghai International Financial Center" In order to thoroughly implement the decisions and deployment of the Party Central Committee and the State Council on accelerating the construction of Shanghai International Financial Center, further enhance the competitiveness and influence of Shanghai International Financial Center, and promote high-level financial opening to drive high-quality economic development, the China Banking and Insurance Regulatory Commission and the Shanghai Municipal People's Government jointly issued the "Action Plan to Support the Construction of Shanghai International Financial Center" (hereinafter referred to as the "Action Plan"). The "Action Plan" mainly includes five aspects: First, promote the aggregation of financial institutions, optimize and strengthen financial service functions. Promote banks and insurance institutions to further gather in Shanghai, encourage commercial bank headquarters to increase support for the construction of Shanghai International Financial Center through specialized institutions, authorizing institutions in Shanghai, etc., support foreign financial institutions to play a greater role in the construction of Shanghai International Financial Center, promote key opening projects to be prioritized in Shanghai, support more international financial organizations, international financial industry associations, and new multilateral financial organizations to settle in Shanghai, optimize and enhance the service functions of financial institutions in Shanghai, and guide financial institutions in Shanghai to strengthen cooperation. Second, implement the "five major articles" to improve the quality and efficiency of financial services for the real economy. Improve the quality and efficiency of science and technology financial work, support Shanghai to actively explore financial service models suitable for the characteristics of technology companies, and provide better financial services for technological innovation within the premise of legal compliance and effective risk control. Encourage financial institutions in Shanghai to prudently and orderly carry out carbon financial-related business, support Shanghai to participate in international competition for carbon financial pricing rights, and build an international hub for green finance. Promote the development of inclusive finance, pension finance, and digital finance. Third, expand institutional opening up to enhance the internationalization level of Shanghai's financial industry. Adhere to exploring financial institutional opening in accordance with international high-standard trade rules, explore cross-border syndicated loans and other non-resident loan businesses in the Shanghai Free Trade Zone based on international good practices. Continuously optimize cross-border financial services, enhance the international operation level of financial institutions, vigorously promote the construction of Shanghai International Reinsurance Center and the development of shipping insurance, research and explore offshore financial innovation, and promote institutions to actively participate in financial market construction. Fourth, improve regulatory capabilities to coordinate financial development and security. Promote financial institutions in Shanghai to enhance their forward-looking risk management capabilities and promote stable operations. Adhere to inclusive and prudent regulatory concepts, support financial innovation pilot projects focused on serving the real economy and opening up to overseas areas, and explore the implementation of a due diligence exemption mechanism for financial innovation pilots. Strengthen central-provincial coordination to build a safety net and promote the establishment of a sound financial risk prevention and disposal mechanism in Shanghai, safeguarding the bottom line of financial security under open conditions. Fifth, improve policy support to enhance the level of financial professional services. Strengthen the integration of party building and business. Deepen the construction of financial rule of law, strengthen the legal protection for the construction of Shanghai International Financial Center, strongly support Shanghai Financial Regulatory Bureau in building a good Shanghai Financial Consumer Protection Center, further improve the financial business environment in Shanghai. Improve the technological level of financial regulation, support the establishment of a data center for financial regulatory data in Shanghai when conditions are met. Support Shanghai in building a new asset management service platform, promote the transformation and upgrading of asset management business to be driven by risks and data, and support Shanghai in introducing and cultivating high-level financial talents. Next, the China Banking and Insurance Regulatory Commission and the Shanghai Municipal People's Government will continue to promote the implementation of the "Action Plan," improve policy support, comprehensively enhance the capability level of Shanghai International Financial Center, better support the construction of a strong financial country, and make greater contributions to the advancement of China's modernization.