Six Authorities Jointly Issue Action Plan for Developing Offshore Finance to Bolster Shanghai's Development as an International Financial Center

Recently, the People's Bank of China (PBC) and five other authorities have issued the Action Plan for Developing Offshore Finance to Bolster Shanghai's Development as an International Financial Center (the "Plan").

The Plan seeks to align financial development comprehensively with high-standard international economic and trade rules, coordinate financial development and security, and establish in Shanghai an offshore financial system commensurate with its role as an international financial center. The Plan sets out key measures in areas including supporting pilot offshore financial initiatives in the Pudong New Area, capital flows and account management, digital applications, offshore financial business, the legal framework for offshore finance, offshore financial regulation and risk prevention and control, and overall implementation coordination. The Plan is of significant importance for accelerating Shanghai's development as an international financial center and advancing high-level financial opening-up on a broader scale and at a deeper level. In particular, the Plan provides for the prudent and orderly launch of offshore finance pilot programs in the Pudong New Area. It proposes to explore the moderate clustering and effective segregation of offshore financial activities through measures such as "physical concentration," "restricted participation by eligible entities," and "account segregation," with a view to better attracting high-quality global financial factors and resources.



(Source: https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2026061616092398246/index.html)

Note: The link to the Chinese official website of the document is for your reference.