The People's Bank of China held a press conference on April 23 to introduce the Action Plan of Shanghai International Financial Center to Further Improve the Facilitation of Cross border Financial Services (hereinafter referred to as the Action Plan). It is reported that with the release of the Action Plan as an opportunity, all parties will optimize cross-border financial service policies, better serve enterprises' cross-border business development, and inject more financial "vitality" into the global development of enterprises. To enhance the competitiveness influence of Shanghai International Financial Center, the People's Bank of China, the General Administration of Financial Supervision, the State Administration of Foreign Exchange and the Shanghai Municipal People's Government jointly issued the Action Plan, which proposed 18 measures from five aspects: improving cross-border settlement efficiency, optimizing exchange rate hedging services, and strengthening financing services. Lu Lei, member of the Party Committee and vice president of the People's Bank of China, said that the Action Plan has two core points: first, to highlight the construction of Shanghai International Financial Center; The second is to focus on improving the convenience of cross-border financial services. Significant progress has been made in the construction of the Shanghai International Financial Center, with a significant acceleration in the pace of RMB financial asset allocation and risk management center construction. Cross border transactions and fund flow convenience have been greatly improved, and the financial ecosystem continues to optimize Lu Lei admitted that there is still a certain gap compared to the goal of becoming a financial powerhouse, and targeted improvements and enhancements are needed. Lu Lei said that taking the launch of the Action Plan as an opportunity, the People's Bank of China will continue to optimize the cross-border financial service policy toolbox to form a financial system more suitable for the export-oriented economy. Wu Wei, member of the Standing Committee of the Shanghai Municipal Party Committee and Executive Vice Mayor, stated that he will fully cooperate with financial regulatory authorities to accelerate the implementation of the Action Plan, ensuring that each measure can be transformed into tangible dividends for enterprises, better serving cross-border business development and injecting more financial "vitality" into the global development of enterprises. Reducing the time and capital costs of cross-border transactions for enterprises, Shanghai is the gateway for Chinese enterprises to "go global". The Action Plan introduces a series of financial support policies to empower Chinese enterprises to "go global". Currently, with the deep adjustment of global industrial and supply chains, more and more Chinese enterprises are seeking new development opportunities by going global. Shanghai is an important window for China's opening up to the outside world, and the Shanghai Pilot Free Trade Zone has the institutional advantage of being a pioneer Wu Wei said in response to a question from a Shanghai Securities News reporter that the Action Plan will play an important role in better serving enterprises' "going global". The Action Plan will help enterprises enhance their global business capabilities. Wu Wei stated that measures such as improving cross-border settlement efficiency and optimizing foreign exchange business management models in the Action Plan will help reduce cross-border transaction time and capital costs for enterprises, enhance the efficiency of enterprise fund management, broaden financing channels, and assist enterprises in expanding their overseas market share; Improving exchange rate hedging services and strengthening insurance protection measures can help enterprises better cope with cross-border business related risks, enhance their confidence and ability to participate in international economic cooperation. Chen Zhiwei, Director of the Foreign Exchange Research Center of the State Administration of Foreign Exchange, introduced that the "Action Plan" also includes policies aimed at serving "going global" enterprises, such as optimizing foreign debt registration management and cross-border guarantee processes, to better meet the needs of syndicated loans in the process of "going global" for enterprises. Improving the 'going global' capability of financial service enterprises requires joint efforts from regulatory authorities, local governments, and financial institutions Wu Wei revealed that Shanghai will hold a conference to promote the "going global" of financial service enterprises in the near future, launching the "Hundred Parks, Thousand Enterprises Send Finance" activity covering 16 districts of the city, organizing financial institutions to go deep into the park buildings, understand the needs of enterprises face-to-face, and provide accurate financial services. The Action Plan will also provide support and protection for enterprises to expand their overseas markets and resist risks. Wu Wei introduced that through the newly launched "exchange rate hedging policy guarantee" business, enterprises can handle RMB and foreign exchange derivative product related business without paying a deposit, which can help enterprises effectively and cost effectively avoid exchange rate risks. As the "insurance of insurance", reinsurance deeply cultivates overseas risk management in special fields, focusing on solving various thorny problems faced by enterprises in the process of "going global". Yin Jiang'ao, Director of the Property and Insurance Supervision Department of the State Administration of Financial Regulation, stated that the State Administration of Financial Regulation has issued three policy documents to support the gathering of business talents from reinsurance institutions in Shanghai in terms of admission, supervision, finance and taxation. Lu Lei stated that while improving the convenience of cross-border financial services, it is necessary to attach great importance to the construction of a risk prevention and control system, actively use technologies such as big data, artificial intelligence, and blockchain to enhance the digitalization level of financial supervision, improve the monitoring, early warning, and response mechanism for cross-border capital flows, strengthen the supply of the rule of law, and create a good environment. (New Society)