China's Financial Regulator Unveils Measures to Advance Shanghai International Financial Center Action Plan

Accelerating the development of Shanghai as an international financial center is a major strategic decision made by the CPC Central Committee from the perspective of building a modern socialist country in an all-round way. The National Financial Regulatory Administration (NFRA) attaches great importance to supporting the construction of Shanghai as an international financial center. In June 2025, it joined hands with the Shanghai Municipal People's Government to issue the Action Plan for Supporting the Construction of Shanghai as an International Financial Center (hereinafter referred to as the Action Plan), providing programmatic guidance for Shanghai to promote high-level financial opening-up with higher standards and greater efforts. Over the past year or so, the NFRA has continued to launch powerful measures within the framework set out by the Action Plan, achieving remarkable results.

First, implementing the "five major articles" to improve the quality and efficiency of financial services for the real economy. Closely following the fundamental principle of financial services serving the real economy, the NFRA has coordinated the development of technology, green, inclusive, pension, and digital finance. It has deepened the linkage between Shanghai's international financial center and its technology innovation center, building a full life-cycle technology financial service system, advancing the construction of the Lingang Special Area as a technology insurance innovation demonstration zone, and supporting the creation of a "first-launch site" for technology insurance innovation. Support has been provided for Shanghai to build an international green finance hub, advancing the development of green financial service platforms and carbon inclusive platforms, deepening carbon market reform practices, and guiding the creation of China's first water intake right administrative management service trust, while continuously expanding environmental pollution liability insurance. A diversified inclusive financial service system has been built, with guidance given to the industry to optimize and upgrade several inclusive insurance products, deepen the financing coordination mechanism for micro and small enterprises, and carry out the "thousand enterprises and ten thousand households visits" campaign. Pension finance has been actively deployed, with the industry urged to vigorously develop commercial pension insurance annuities, expand the coverage of commercial pension insurance, and improve digital services for individual pensions through the "Suishenban" platform. Digital finance has been vigorously developed, guiding financial institutions to accelerate digital transformation using cutting-edge technologies, and enhancing the convenience, inclusiveness, and security of financial services.

Second, expanding institutional opening-up to enhance the internationalization of Shanghai's financial industry. The NFRA has researched and explored offshore financial innovation, supporting Shanghai in piloting offshore finance, and worked with the Shanghai Municipal People's Congress to issue the Several Provisions of the Shanghai Pudong New Area Free Trade Pilot Zone on the Development of Offshore Bond Business. The construction of the Shanghai International Reinsurance Center has been vigorously promoted, with an institution clustering effect taking shape and a reinsurance market ecosystem initially forming. By May 2026, 26 reinsurance-related institutions had settled in Lingang, and the registration and trading center had a cumulative 164 participating institutions. In 2025, the transaction premiums of the Shanghai International Reinsurance Registration and Trading Center exceeded 10 billion yuan, with registered premiums surpassing 150 billion yuan. The NFRA has assisted in building Shanghai into an international shipping center, enhancing the international recognition of the Shanghai Shipping Insurance Center, and successfully holding the 2025 North Star Forum and the 2025 International Maritime Insurance Summit.

Third, strengthening the role of financial markets to serve the real economy and safeguard financial security. The NFRA has supported Shanghai in improving the multi-tiered financial market system, promoting the high-quality development of the insurance market, guiding Shanghai to issue local legislation to support the construction of the reinsurance center, and advancing the development of the Shanghai insurance exchange. It has supported the establishment of new financial institutions such as banking financial asset investment companies, supported Shanghai's financial leasing companies and their SPVs in expanding the export of financial leasing to overseas markets, and supported the pilot expansion of cross-border financial leasing of aircraft and ships.

Fourth, optimizing the financial business environment and strengthening the role of financial services. The NFRA has continued to optimize the financial business environment in Shanghai, supported the city in building a digital RMB international operation center, and steadily advanced the international use of the digital RMB. It has improved the financial literacy of all citizens, deepened financial knowledge publicity and education, and promoted the high-quality development of financial consumer rights protection.

The NFRA stated that the next step will be to continue to implement the strategic decisions and plans of the CPC Central Committee and the State Council, fully implement the spirit of the 20th CPC National Congress and the second and third plenary sessions of the 20th Central Committee, take the Action Plan as the guide, continue to deepen financial reform and opening-up, continuously improve the quality and efficiency of financial services for the real economy, accelerate the construction of a financial powerhouse, and make new and greater contributions to promoting high-quality economic and social development and Chinese-style modernization.