What kind of answer sheet has the banking and insurance industries submitted?, First order, first time, first transaction... 10th anniversary of Shanghai Free Trade Zone
As of the end of June, there were 588 banking institutions in the Shanghai Free Trade Zone, including 49 legal entities, 121 branch level institutions, and 418 institutions below the branch level. There are 135 insurance institutions, including 16 legal entities in the area, 54 branch offices, and 65 institutions below branch offices.
This is the news uploaded from the "Shanghai Banking and Insurance Industry Free Trade 10th Anniversary" press conference jointly organized by the Shanghai Banking and Insurance Industry Association and the Shanghai Insurance Industry Association on September 19th.
In September 2013, China's first pilot free trade zone, the China Pilot Free Trade Zone, was unveiled in Pudong. Over the past decade, the Shanghai Pilot Free Trade Zone has continuously deepened its openness and innovation in the financial sector, playing the leading role of institutional innovation and developing into a national level "experimental field" for new policies and mechanisms.
Wang Xinze, member of the Party Committee and Deputy Director of the Shanghai Regulatory Bureau of the State Administration for Financial Regulation, stated at the meeting that the experience and achievements of supervision leading the Shanghai banking and insurance industry in supporting the construction of the Shanghai Free Trade Zone are mainly reflected in three aspects:
Firstly, strengthen top-level design and establish a financial regulatory system for free trade zones. As of the end of June 2023, a total of 49 banking and financial institutions within their jurisdiction have established a free trade account accounting system, with a total of 1.06 trillion yuan in free trade account assets.
Secondly, we will focus on reform and innovation, continuously improving the ability of the banking and insurance industries in the free trade zone to serve the real economy. Currently, we have supported a total of 46 innovation pilot projects, involving a total amount of over 110 billion yuan.
Simultaneously releasing spillover effects and continuously promoting the linkage between the Shanghai Free Trade Zone and major national decision-making arrangements. Approves the establishment of branches in the Free Trade Zone by the Arab Bank of Jordan, the First Bank of Abu Dhabi and other "the Belt and Road" joint national banks; To promote the high-quality integrated development of the Yangtze River Delta, as of the end of 2022, banks within Shanghai have provided nearly 300 million yuan in loans to enterprises in the Jiangsu, Zhejiang, and Anhui regions through free trade accounts.
Banks and insurance institutions are also helping to build a new pattern of innovative development in the pilot free trade zone.
Specifically, in terms of improving the quality and efficiency of serving the real economy, taking the deepening of the construction of China's integrated circuit co insurance system as an example, PICC Property and Casualty Insurance Shanghai Branch provides an annual risk protection amount of over 1.1 trillion yuan. The quantitative risk assessment model 2.0 has been applied to some leading integrated circuit enterprises. Taiping Property&Casualty Insurance Shanghai Branch has innovatively launched a comprehensive liability insurance for domestic supply materials, helping the localization process of the chip industry.
In terms of providing high-level services for opening up to the outside world, the Shanghai Branch of Industrial and Commercial Bank of China has established a "Cross border Business Center" based on the Free Trade Zone, and formed an international consortium to land the first green energy transportation ship LNG project loan. Bank of Communications Financial Leasing has introduced a collateral management mechanism for the first time in its financial business in the Shanghai Free Trade Zone, successfully issuing the first national financial institution and ESG Free Trade Zone offshore bonds, further expanding the asset allocation scope of global offshore RMB investors.
These "first orders", "first orders", and "first orders" are not only beautiful answers presented by the Shanghai banking and insurance industry in the ten-year development of the Free Trade Zone, but also footnotes left by the Free Trade Zone's bold experimentation, daring innovation, and independent innovation in the banking and insurance industry.
Wang Xinze stated that in the future, Shanghai's banking and insurance industry will carry out higher-level open pressure tests, injecting new momentum and advantages into the implementation of the strategy to enhance the free trade zone. "We believe that the Shanghai Pilot Free Trade Zone will, as always, open up new roads and new prospects, and strive to write the 'chapter of the free trade zone' of Chinese path to modernization."