Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal People's Government on Further Accelerating the Building of Shanghai into an International Financial Center and Offering Financial Support to the Integrated Development of the Yangtze River Delta Region
Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal People's Government on Further Accelerating the Building of Shanghai into an International Financial Center and Offering Financial Support to the Integrated Development of the Yangtze River Delta Region
Opinions of the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal People's Government on Further Accelerating the Building of Shanghai into an International Financial Center and Offering Financial Support to the Integrated Development of the Yangtze River Delta Region
Yin Fa [2020] No. 46
February 14, 2020
With a view to thoroughly implementing the major policies and plans of the Central Committee of the Communist Party of China ("CPC") and the State Council, further advancing the building of Shanghai into an international financial center, intensifying the efforts in offering financial support to the construction of the China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area (hereinafter referred to as the "Lin-gang Special Area") and the integrated development of the Yangtze River Delta region, deepening the financial supply-side structural reform and promoting the higher-level financial openness and innovation, the following opinions are hereby put forward upon the consent of the State Council.
1. General Requirements
1. Serving the high-quality development of the real economy. We shall, based on the functional positioning and industrial system of the Lin-gang Special Area, launch pilot programs on more open and convenient financial policies, steadily advance the RMB internationalization, and implement green financial policies; accelerate the building of Shanghai into an international financial center, promote the opening up of the financial industry, optimize the allocation of financial resources, and improve the quality and efficiency of financial services; bring into play the leading and radiating role of Shanghai as an international financial center, improve the institutional mechanism for offering financial services to the integrated development of the Yangtze River Delta region, and intensify the efforts in offering financial support to China's major strategies including regional coordinated development and innovation-driven development.
2. Deepening financial institution and mechanism reform. We shall, take institutional innovation as the focus, increase the vitality of financial innovation, and explore a more flexible financial policy system, regulatory model and management institution; improve the financial rule of law environment, comprehensively implement the pre-establishment national treatment plus negative list management system, apply the same regulatory requirements to domestic and foreign financial institutions, align them with high-standard international rules and promote high-level opening up of the financial industry.
3. Preventing systemic financial risks. We shall, on the premise of compliance with laws and regulations, keeping risks under control, and commercial voluntariness, advance various financial opening up and innovation measures in a steady and orderly manner, and where necessary, launch pioneering and pilot programs on some measures in the Lin-gang Special Area; establish a sound coordination mechanism for financial regulation, improve the financial risk prevention and control system, strengthen the application of financial technology in the regulatory field, and firmly guard the bottom line to ensure that no systemic financial risk arises.
II. Actively Promoting the Launch of Pioneering and Pilot Programs on Finance in the Lin-gang Special Area
1. Supporting the development of key industries with international competitiveness in the Lin-gang Special Area.
(1) We shall, launch pilot programs on establishment of specialized subsidiaries in Shanghai by qualified wealth management subsidiaries of commercial banks as per the principle of commercial voluntariness to invest in the equity of key construction projects and that of unlisted enterprises in the Lin-gang Special Area and the Yangtze River Delta region; encourage insurance institutions to, in accordance with laws and regulations, invest in sci-tech innovation investment funds or directly invest in sci-tech innovation enterprises in the Lin-gang Special Area.
(2) We shall, support the establishment of financial asset investment companies in Shanghai by qualified commercial banks as per the principle of commercial voluntariness and launch pilot programs on establishment of specialized investment subsidiaries in Shanghai by qualified financial asset investment companies, to participate in such businesses as corporate restructuring, equity investment, direct investment in relation to the construction of the Lin-gang Special Area and economic structure adjustment in the Yangtze River Delta region, industrial optimization and upgrading as well as coordinated development.
(3) We shall, encourage financial institutions to provide long-term credit funds for the development of such key fields as high-tech industries and the shipping industry in the Lin-gang Special Area as per the market-oriented principle, and support intra-area major technological innovation and R & D projects; and encourage financial institutions, on the basis of the "Three Principles for Conducting Business", to provide efficient and convenient financial services for intra-area enterprises to carry out new international trade, thus supporting the development of new international trade.
(4) We shall, support financial institutions and large-scale sci-tech enterprises to legally establish fin-tech companies in the Lin-gang Special Area, actively and steadily explore the application of such new technologies as artificial intelligence ("AI"), big data, cloud computing and blockchain in the financial field, and attach importance to the cultivation of fin-tech talents.
2.
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Yin Fa [2020] No. 46
February 14, 2020
With a view to thoroughly implementing the major policies and plans of the Central Committee of the Communist Party of China ("CPC") and the State Council, further advancing the building of Shanghai into an international financial center, intensifying the efforts in offering financial support to the construction of the China (Shanghai) Pilot Free Trade Zone Lin-gang Special Area (hereinafter referred to as the "Lin-gang Special Area") and the integrated development of the Yangtze River Delta region, deepening the financial supply-side structural reform and promoting the higher-level financial openness and innovation, the following opinions are hereby put forward upon the consent of the State Council.
1. General Requirements
1. Serving the high-quality development of the real economy. We shall, based on the functional positioning and industrial system of the Lin-gang Special Area, launch pilot programs on more open and convenient financial policies, steadily advance the RMB internationalization, and implement green financial policies; accelerate the building of Shanghai into an international financial center, promote the opening up of the financial industry, optimize the allocation of financial resources, and improve the quality and efficiency of financial services; bring into play the leading and radiating role of Shanghai as an international financial center, improve the institutional mechanism for offering financial services to the integrated development of the Yangtze River Delta region, and intensify the efforts in offering financial support to China's major strategies including regional coordinated development and innovation-driven development.
2. Deepening financial institution and mechanism reform. We shall, take institutional innovation as the focus, increase the vitality of financial innovation, and explore a more flexible financial policy system, regulatory model and management institution; improve the financial rule of law environment, comprehensively implement the pre-establishment national treatment plus negative list management system, apply the same regulatory requirements to domestic and foreign financial institutions, align them with high-standard international rules and promote high-level opening up of the financial industry.
3. Preventing systemic financial risks. We shall, on the premise of compliance with laws and regulations, keeping risks under control, and commercial voluntariness, advance various financial opening up and innovation measures in a steady and orderly manner, and where necessary, launch pioneering and pilot programs on some measures in the Lin-gang Special Area; establish a sound coordination mechanism for financial regulation, improve the financial risk prevention and control system, strengthen the application of financial technology in the regulatory field, and firmly guard the bottom line to ensure that no systemic financial risk arises.
II. Actively Promoting the Launch of Pioneering and Pilot Programs on Finance in the Lin-gang Special Area
1. Supporting the development of key industries with international competitiveness in the Lin-gang Special Area.
(1) We shall, launch pilot programs on establishment of specialized subsidiaries in Shanghai by qualified wealth management subsidiaries of commercial banks as per the principle of commercial voluntariness to invest in the equity of key construction projects and that of unlisted enterprises in the Lin-gang Special Area and the Yangtze River Delta region; encourage insurance institutions to, in accordance with laws and regulations, invest in sci-tech innovation investment funds or directly invest in sci-tech innovation enterprises in the Lin-gang Special Area.
(2) We shall, support the establishment of financial asset investment companies in Shanghai by qualified commercial banks as per the principle of commercial voluntariness and launch pilot programs on establishment of specialized investment subsidiaries in Shanghai by qualified financial asset investment companies, to participate in such businesses as corporate restructuring, equity investment, direct investment in relation to the construction of the Lin-gang Special Area and economic structure adjustment in the Yangtze River Delta region, industrial optimization and upgrading as well as coordinated development.
(3) We shall, encourage financial institutions to provide long-term credit funds for the development of such key fields as high-tech industries and the shipping industry in the Lin-gang Special Area as per the market-oriented principle, and support intra-area major technological innovation and R & D projects; and encourage financial institutions, on the basis of the "Three Principles for Conducting Business", to provide efficient and convenient financial services for intra-area enterprises to carry out new international trade, thus supporting the development of new international trade.
(4) We shall, support financial institutions and large-scale sci-tech enterprises to legally establish fin-tech companies in the Lin-gang Special Area, actively and steadily explore the application of such new technologies as artificial intelligence ("AI"), big data, cloud computing and blockchain in the financial field, and attach importance to the cultivation of fin-tech talents.
2.
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