Financial Regulatory Bureau: Supporting commercial banks to participate in the offshore bond business in Pudong New Area to promote the development of offshore financial services in Shanghai.

On June 17, the China Banking and Insurance Regulatory Commission promoted the implementation of measures related to the "Action Plan to Support the Construction of the Shanghai International Financial Center." Among them, it was mentioned that they support the construction of an offshore financial system that matches the Shanghai International Financial Center. The China Banking and Insurance Regulatory Commission, together with the People's Bank of China, the National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal Government, jointly issued the "Action Plan for the Development of Offshore Finance in Shanghai International Financial Center" to serve as a comprehensive guiding document to support the development of offshore finance in Shanghai. They support commercial banks to participate in the free trade offshore bond business in Pudong New Area under the premise of complying with the law and controlling risks. They plan to release regulatory provisions for the free trade offshore bond business in Pudong New Area in the near future to better support the healthy development of the free trade offshore bond market in Pudong New Area. Source: China Banking and Insurance Regulatory Commission website, translated by TranslateMe.