- The Action Plan for the Development of Offshore Finance in the Shanghai International Financial Centre was signed on 11 June 2026 by six authorities and formally released at the Lujiazui Forum on 17 June 2026.
《上海国际金融中心发展离岸金融行动方案》由六部门于2026年6月11日联合落款，并于2026年6月17日在陆家嘴论坛正式发布，随后联合印发。- The plan does not open a new offshore bank licence: it only commits to “study the feasibility” of establishing offshore banks, so the realistic route is applying for pilot business qualifications under an existing legal entity or branch.
该方案并未开放新的离岸银行牌照，仅提出”研究设立离岸银行等离岸金融机构的可行性”；现实路径是在现有法人主体或分行下申请试点业务资格。- Pudong New Area is the pilot ground, ring-fenced through three mechanisms — physical clustering, entity limitation and account segregation.
浦东新区是试点区域，并通过”物理集聚””主体限定””账户隔离”三种方式实现适度集聚与有效隔离。- Six business lines form the first batch: offshore trade finance, FTZ offshore bonds, offshore reinsurance, treasury-centre fund operations, offshore RMB FX trading and non-resident individual financial services.
首批试点业务共六类：离岸贸易金融服务、自贸离岸债、离岸再保险、财资中心资金运营、离岸人民币外汇交易、非居民个人金融服务。- Business runs through Free Trade (FT) accounts, FTU separate-accounting units with a dedicated quota, and existing OSA accounts, under the “first line liberalised, second line managed, transactions traceable, risk controllable” principle.
业务依托自由贸易账户（FT账户）、设有专项额度的分账核算单元（FTU）以及现有离岸账户（OSA账户）开展，遵循”一线放开、二线管住、交易留痕、风险可控”原则。- Pilot participants must still perform balance-of-payments declaration and tax-related due diligence and reporting on financial accounts, with penetrating supervision aimed at preventing idle fund circulation and regulatory arbitrage.
试点业务仍须履行国际收支申报义务以及金融账户涉税信息尽职调查和信息报送义务；穿透式监管旨在防止资金空转和监管套利。- Implementing rules will come from the competent business authorities, so institutions should track regulatory releases from the second half of 2026 into 2027 rather than assume the plan is directly actionable.
具体细则待业务主管部门出台，机构应在2026年下半年至2027年持续跟踪监管规则发布节奏，而非假设方案可直接落地执行。
Shanghai’s 2026 Offshore Finance Action Plan: Pudong Licensing and Business Openings for Foreign Financial Institutions | 上海2026年离岸金融行动方案：浦东试点的牌照与业务机会
The Document and Its Issuers
Six authorities signed the *Action Plan for the Development of Offshore Finance in the Shanghai International Financial Centre* on 11 June 2026: the People’s Bank of China, the National Development and Reform Commission, the National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the Shanghai Municipal People’s Government. It was released at the Lujiazui Forum on 17 June 2026, then jointly issued.
Three Dated Objectives
- End-2027: initially establish offshore business rules, risk management and resolution, and business-environment systems; explore from a digital frontier; better serve enterprises “going out”.
- End-2030: a relatively mature offshore financial and rule-of-law system serving Chinese enterprises’ international investment and trade, testing onshore reform, and supporting the renminbi’s global asset-allocation and risk-management functions.
- End-2035: a strategic hub for coordinated offshore-onshore development, leading national financial opening and high-quality development.
The Pudong Ring-Fence
The pilot runs in Pudong New Area prudently and in an orderly manner, with clustering and isolation via physical clustering, entity limitation and account segregation. Users are narrow: overseas branches and subsidiaries of Chinese “going-out” enterprises and quality Belt and Road enterprises — non-resident corporate entities — needing payment and settlement, fund exchange, investment and financing, insurance protection and asset management. Shanghai is to set the standards, procedures and supervisory measures for such services and to study the feasibility of establishing offshore banks and other offshore financial institutions.
Accounts, Funds and Digital Infrastructure
Banks may use Free Trade (FT) accounts for qualified entities in offshore trade, leasing, shipping and global treasury management. Separate-accounting units (FTU) in the Shanghai Pilot FTZ may invest in FTZ offshore bonds within a dedicated quota. Cross-border fund management follows “first line liberalised, second line managed, transactions traceable, risk controllable”; existing offshore accounts (OSA) retain their role. Digital renminbi cross-border, offshore and blockchain infrastructure is to be built through the Digital RMB International Operations Centre on a security-controllable basis, with prudent interconnection abroad.
Six Pilot Business Lines
The rule is “mature in one category, implement one category”.
- Offshore trade finance. Expand the Lin-gang reform pilot; global traders may set up specialised offshore trading companies (payment, settlement, financing); “Cross-border Link” and “Offshore Link” integrate global customs and logistics data; commodity trading comes first.
- FTZ offshore bonds. Apply “both ends outside China”, benchmarked internationally, with a dedicated quota for FTU investment.
- Offshore reinsurance. Specialised reinsurers may invest pooled international inward-reinsurance funds overseas and settle claims, under a facilitation pilot for overseas investment of inward cross-border reinsurance income.
- Treasury centres. A multinational treasury centre pilot in Shanghai; fund-operation policies follow “first line liberalised, second line managed” so centres can pool overseas funds, with municipal incentives.
- Offshore renminbi trading. Qualified commercial banks may run offshore RMB foreign exchange trading in the Shanghai Pilot FTZ; the China Foreign Exchange Trade System upgrades offshore FX services and promotes direct renminbi/non-USD trading.
- Non-resident individual services. Supported in the Oriental Hub International Business Cooperation Zone and similar areas: streamlined account opening and cards, offshore wealth management, global asset allocation.
Later stages cover offshore credit models, offshore financial asset transfers, offshore asset management and family trusts and family offices. Pilots must still perform balance-of-payments declaration and tax-related due diligence and reporting on financial accounts; category rules await the competent authorities.
Licence or Business Qualification?
The commitment is only to “study the feasibility of establishing offshore banks and other offshore financial institutions”. No new offshore bank licence is open for application. The realistic route is to apply for pilot business qualifications under an existing legal-person entity or branch — a foreign bank subsidiary or branch, a licensed insurer or reinsurer, a securities or asset-management entity — running business through FT accounts and FTU units.
Legal Basis and Supervision
The PBOC, the National Financial Regulatory Administration, the CSRC and SAFE are to formulate offshore financial rules in accordance with law, layered and categorised. Shanghai may use its Pudong New Area legislative authorisation for supporting rules and improve arbitration rules for offshore finance; temporary adjustment or suspension of laws or administrative regulations needs authorisation by the National People’s Congress or its Standing Committee, or the State Council.
Supervision is institutional, conduct, functional, penetrating and continuous. Monitoring is strengthened to prevent idle fund circulation and regulatory arbitrage, with coordinated management of abnormal flows, internationally accepted measures in extreme risk scenarios, a risk monitoring and resolution mechanism, and “single-point” unified reporting of regulatory information. Shanghai reports periodically to the central financial management departments, copying the NDRC and Ministry of Finance, and the plan stresses mutual learning with Hong Kong, China.
The Regulator’s June 2026 Additions
The regulator’s June 2026 account adds detail: it jointly issued the Action Plan as the comprehensive guiding document, backs commercial banks in Pudong New Area FTZ offshore bond business on a lawful, compliant and risk-controllable basis, and will release supervisory provisions for that business. AIA Insurance Asset Management Co., Ltd. and Aegon Insurance Asset Management Co., Ltd. are approved in Shanghai; qualified foreign banks may apply for treasury bond futures and other pilots; a financial leasing innovation pilot runs in Lin-gang (new-energy equipment, power batteries, intelligent manufacturing, machine tools); and measures supporting the Shanghai International Reinsurance Centre were issued with the municipal government.
Preparation, Timing and Boundaries
Beneficiaries: foreign banks, brokers, insurers and reinsurers; multinational treasury centres; commodity traders; offshore asset managers and family offices.
- Entity and premises: how physical clustering applies to Pudong, Lin-gang or the Oriental Hub International Business Cooperation Zone.
- Accounts: FT accounts, FTU units or existing OSA accounts.
- Quota: for FTZ offshore bonds the dedicated quota binds; allocation awaits detailed rules.
- Controls: internal control and anti-money-laundering capability sized to non-resident counterparties; balance-of-payments and CRS-style tax reporting ready from day one.
- Timing: track rule releases from the second half of 2026 through 2027.
Boundaries: “both ends outside China” limits FTZ offshore bond scope and onshore use of proceeds; penetrating supervision and anti-arbitrage monitoring target structures built mainly for regulatory or tax advantage; and reserved measures for extreme risk scenarios are a remote but real tail risk. See also our articles on QFLP expansion, foreign bank licensing, financial sector opening and fintech licences. —
上海2026年离岸金融行动方案：浦东试点的牌照与业务机会
文件与印发单位
《上海国际金融中心发展离岸金融行动方案》是六部门联合文件，印发单位为中国人民银行、国家发展改革委、金融监管总局、中国证监会、国家外汇局、上海市人民政府。落款日期为2026年6月11日，2026年6月17日在陆家嘴论坛正式发布，随后联合印发。
其意义并不在于”一夜之间开放了某类牌照”——它并没有；而在于中国首次就在境内建设离岸金融体系给出分阶段的国家层面路线图，并明确以浦东新区为先行先试的试验场。
三个时间节点目标
- 到2027年末：初步建立适应离岸金融业务的业务规则、风险管理和处置、营商环境等制度体系，立足数字化前沿开展离岸金融业务探索，更好服务企业”走出去”。
- 到2030年末：逐步形成相对成熟的离岸金融制度和法治体系，为我国企业国际投资和贸易持续开展提供安全可靠的金融服务，为在岸金融体系改革开展测试，有力支持打造人民币资产全球配置功能和风险管理功能。
- 到2035年末：成为离岸、在岸高水平统筹协调发展的战略枢纽，引领国家金融高水平开放和高质量发展。
浦东的隔离式试点
方案提出在浦东新区稳妥有序开展离岸金融试点，通过“物理集聚””主体限定””账户隔离”三种方式，探索离岸金融的适度集聚和有效隔离。
服务对象被明确限定：我国”走出去”企业的海外分（子）公司，以及共建”一带一路”国家和地区优质企业等境外企业主体。其在支付结算、资金汇兑、投资融资、保险保障、资产管理等方面的多元化需求，构成目标市场。
方案鼓励上海市制定企业获得离岸金融服务的标准、流程和监管办法；并提出——这是牌照团队最应标注的一句——研究设立离岸银行等离岸金融机构的可行性。
账户体系、跨境资金与数字化基础设施
支持银行业金融机构依托自由贸易账户（FT账户），为符合条件的企业主体开展离岸贸易、离岸租赁、离岸航运、全球财资管理等特定离岸业务提供金融服务。支持上海自贸试验区分账核算单元（FTU）在专项额度内投资自贸离岸债。按照“一线放开、二线管住、交易留痕、风险可控”原则优化离岸金融跨境资金管理，并发挥好现有离岸账户（OSA账户）的作用。
依托数字人民币国际运营中心，在安全可控前提下建设和运营数字人民币跨境、离岸和区块链基础设施，稳妥推进与境外金融基础设施的互联互通。
首批六类试点业务
按“成熟一类、实施一类”原则小切口稳步探索。
- 离岸贸易金融服务。 支持临港新片区离岸贸易金融服务综合改革试点扩围；支持全球优质贸易商设立离岸贸易专业公司，为其提供资金支付、结算、融资等服务；支持”跨境通””离岸通”等平台整合全球海关、物流等数据；优先发展基于大宗商品交易等具备一定基础的离岸贸易金融服务。
- 自贸离岸债。 遵循“两头在外”原则，对标国际良好实践；设置分账核算单元投资自贸离岸债的专项额度。
- 离岸再保险。 支持符合条件的再保险专营机构将归集的国际分入资金依法依规办理再保险保费境外投资及赔款收付结算，开展跨境再保险分入业务收入境外投资便利化试点。
- 财资中心。 支持上海市开展跨国公司财资中心试点，鼓励跨国公司设立国际财资中心；按”一线放开、二线管住”原则制定配套资金运营管理政策，支持财资中心归集海外资金；鼓励上海市给予配套扶持。
- 人民币离岸交易。 支持符合条件的商业银行开展上海自贸试验区离岸人民币外汇交易业务；支持外汇交易中心提升离岸外汇交易服务能力，推动人民币对非美货币直接交易发展。
- 非居民个人金融服务。 支持在东方枢纽国际商务合作区等区域为非居民个人提供金融服务，优化账户开立和办卡流程；稳步拓展面向非居民个人的离岸财富管理、全球资产配置等服务。
条件成熟后适时全面探索：优化离岸信贷业务模式，研究离岸金融资产转让业务可行性，发展离岸资产管理业务，研究稳妥有序发展家族信托、家族办公室等业务，打造离岸财富管理高地。
合规义务写得很明确：试点业务需履行国际收支申报义务以及金融账户涉税信息尽职调查和信息报送义务。具体类别的试点业务由业务主管部门出台细则予以明确。
是牌照，还是业务资质？
这是最容易被误读的一点。在方案层面，表述仅为”研究设立离岸银行等离岸金融机构的可行性”。目前并未开放新的离岸银行牌照申请。
现实路径是在现有法人主体或分行下申请试点业务资格——外资法人银行、外国银行分行、持牌保险或再保险机构、证券与资管主体——并依托 FT 账户与 FTU 分账核算单元展业。若按”近期可获批离岸银行牌照”作规划，则该假设并无文件依据。
法律依据与监管
中国人民银行、金融监管总局、中国证监会、国家外汇局等中央金融管理部门研究依法制定离岸金融业务制度和规则，分层分类逐步建立健全指导性规定；上海市可运用浦东新区法规立法授权研究制定配套规则，并完善与离岸金融发展相适应的仲裁规则；凡涉及暂时调整或暂停实施现行法律或行政法规的，按法定程序经全国人大及其常委会或国务院授权后实施。
监管方面要求强化机构监管、行为监管、功能监管、穿透式监管、持续监管；加强资金交易监测预警，防止资金空转和监管套利，对异常资金流动实施协同管理；极端特定风险场景下依法实施国际通用风险管理措施；建立离岸金融风险监测和处置机制，监管信息报送实施“一点化”统一申报。上海市人民政府定期向中央金融管理部门报送离岸金融业务开展情况，抄送国家发展改革委、财政部等。
方案同时强调，注重做好与中国香港离岸金融发展的互学互鉴，实现两个国际金融中心的协同联动发展。
金融监管总局2026年6月的配套动向
按金融监管总局2026年6月口径，该局会同上述部门联合印发行动方案，作为支持上海离岸金融发展的综合指导文件。支持商业银行在依法合规、风险可控前提下参与浦东新区自贸离岸债业务，并拟发布浦东新区自贸离岸债业务监管规定。支持符合条件的金融机构落户上海，已批准设立友邦保险资产管理有限公司、荷全保险资产管理有限公司。支持外资金融机构深耕发展，包括支持符合条件的外资银行申请国债期货等金融业务试点。依托临港新片区开展金融租赁业务创新试点，聚焦新能源设备、动力电池、智能制造、工业母机等领域。并与上海市联合出台进一步支持上海国际再保险中心建设的若干措施。
落地准备、时间窗与边界
谁能受益：外资银行、券商、保险与再保险机构；跨国公司财资中心；全球大宗商品贸易商；离岸资管与家族办公室。
- 主体与场所：确认物理集聚要求如何适用于浦东、临港新片区或东方枢纽国际商务合作区。
- 账户架构：在 FT 账户、FTU 分账核算单元与现有 OSA 账户之间选择，并测算各自与拟开展业务的匹配关系。
- 专项额度：对自贸离岸债投资而言，专项额度是硬约束；分配机制有待主管部门出台细则。
- 内控与申报：建设与境外交易对手规模相匹配的内控与反洗钱能力，并确保自首日起即可完成国际收支申报与 CRS 类金融账户涉税信息报送。
- 时间窗：在2026年下半年至2027年持续跟踪监管规则发布节奏，并据此安排内部审批。
边界有三条：“两头在外”原则限定了自贸离岸债业务范围，并约束募集资金的在岸使用；穿透式监管与反套利监测意味着主要为获取监管或税务优势而设计的架构将受到重点审视；方案还保留在极端特定风险场景下依法实施国际通用风险管理措施的权力——在任何长周期业务测算中，这都是真实存在的尾部风险，尽管概率较低。就并行的准入路径，可参阅本站关于 QFLP 试点扩围、外资银行牌照申设、金融业开放总览与金融科技牌照的文章。
Sources