On August 6, the Shanghai branch of the central bank announced its strategic plans for the second half of the year, emphasizing the need to enhance the efficiency of financial services in supporting the real economy.
Officials will continue implementing a moderately relaxed monetary policy, encouraging banking and financial institutions to identify promising lending opportunities, utilize structural monetary policy tools more effectively, and promote further development of the bond market’s “science and technology board” initiative in Shanghai to improve funding options for innovative companies. These directives were shared on its official website following a recent mid-year work conference.
The meeting also emphasized ongoing improvements to financial management and services through the end of the year. Key efforts include making payment systems more user-friendly over the long term, expanding the “buy now, refund now” instant tax refund program for international visitors, and strengthening the “easy go” platform to serve travelers better.
Simultaneously, the branch plans to gradually deepen financial reforms and increase openness. Goals include establishing a more comprehensive foreign exchange management framework, rolling out new policies to facilitate high-level opening of cross-border trade financing and investments, as well as overseas lending and corporate listings, and enhancing the ability of small and micro businesses to manage foreign exchange risks.
Additionally, steps will be taken to coordinate cross-border and offshore finance activities, accelerate the deployment of pilot reforms for offshore financial services, and deliver tangible results. Other priorities involve expanding the adoption of the digital yuan and its ecosystem, alongside ongoing legislative work within the financial sector.
The branch also reaffirmed its commitment to mitigating financial risks in critical areas by strengthening mechanisms to prevent and address systemic issues, cracking down on illegal financial activities, refining macroprudential management frameworks, and enhancing monitoring of cross-border financial risks.