Several Opinions on Advancing the Development of Shanghai as a Global Asset Management Center

To further promote the high-quality development of Shanghai's asset management sector, strengthen the dual-engine development of asset management and wealth management, accelerate the internationalization of the Renminbi (RMB), facilitate diversified cross-border asset allocation, enhance Shanghai's capacity for the global allocation and risk management of RMB-denominated assets, and effectively reinforce the competitiveness and international influence of Shanghai as an international financial center, and to strive to achieve a total asset management scale of 55 trillion yuan by 2030, accounting for one-third of the national total, the following Opinions are hereby formulated to further advance the development of Shanghai as a global asset management center.

I. Strengthening Financial Market Development to Consolidate the Foundation for Diversified Asset Allocation

1. Expanding the Supply of Basic Financial Market Instruments

Support the listing and merger and acquisition activities of technology enterprises with strong innovation capabilities, thereby enhancing the technological content and overall quality of equity assets. Expand the issuance of FTZ Offshore Bonds, Yulan Bonds, Panda Bonds, SciTech Innovation Bonds, and other bond instruments to promote the balanced development of the bond market. Support eligible asset management institutions in participating in Real Estate Investment Trusts (REITs) businesses and establish Shanghai as the preferred national market for the issuance and trading of REIT products. Expand the application of supply chain bills, accelerate the development of real estate trusts and equity trusts, and optimize the supply of alternative assets.

2. Improving Risk Management Instruments in the Futures and Derivatives Markets

In accordance with relevant national policy arrangements, accelerate the introduction of liquefied natural gas (LNG) futures and options, advance preparatory research for electricity futures and computing capacity futures, steadily expand the range of shipping index futures products, and develop additional futures products that reflect the development of new quality productive forces. Promote the listing of futures and options based on the STAR 50 Index, the Shenzhen 100 Index, the ChiNext Index, and Chinese Treasury bond options; broaden the range of underlying benchmarks and maturities for standardized interest rate derivatives; and enrich the supply of equity-related and interest rate-related futures and options. Expand the range of currencies and financial products available in the foreign exchange market, explore pilot trading of RMB foreign exchange futures, and diversify exchange rate hedging instruments.

3. Continuously Enhancing the Influence of the "Shanghai Price"

Promote the adoption of settlement prices from China's commodity futures markets by a broader range of overseas exchanges through licensing arrangements, support the international expansion of delivery services, continuously strengthen the international influence of benchmark prices for major commodities and gold, and broaden the application scenarios of the Shanghai Gold Benchmark Price ("Shanghai Gold"). Optimize the mechanism for forming the Shanghai Treasury Bond Key Yield Curve, promote the wider application of the Shanghai Interbank Offered Rate (SHIBOR) and the Interbank Repo Fixing Rate for Deposit-Taking Financial Institutions (FDR), and improve the system of financial pricing benchmarks. Encourage overseas investors to adopt domestic Chinese indices and valuation systems, and to use onshore RMB bond indices as performance benchmarks and tracking indices for bond investment portfolios.

4. Strengthening the Service Functions of the Infrastructure Supporting RMB-Denominated Assets

Building upon the well-established interbank bond registration and custody platform, a central overseas registration and custody institution for RMB-denominated bond assets shall be established. Expand the scope of central counterparty (CCP) clearing services to encompass bond, interest rate, foreign exchange, and credit products, and introduce centralized clearing mechanisms into the commodities and carbon finance markets. Further enhance the resilience of key financial market infrastructures and improve the security, reliability, and resilience of both hardware and software systems to ensure the safety of funds, information security, and business continuity. Actively explore cross-border RMB settlement mechanisms based on emerging technologies such as blockchain, and progressively establish a cross-border financial infrastructure framework for the digital Renminbi (e-CNY).

II. Establishing a High-Quality Asset Management Institutional System and Enhancing Comprehensive Service Capacity

5. Developing a Diversified Asset Management Institutional System with Distinctive Strengths

Support wealth management subsidiaries of commercial banks in strengthening synergies with their parent banks to enhance diversified investment capabilities and service quality. Support trust companies in leveraging the institutional advantages of the trust system to expand service functions across a broad range of areas, including public welfare and social development. Support securities asset management institutions in adopting diversified investment strategies and strengthening active management capabilities. Support public mutual fund managers in shifting  from a scale-driven model to a return-oriented model by introducing more innovative products, including index funds and variable-fee funds. Support insurance asset management institutions in improving long-term performance evaluation mechanisms and enhancing multi-asset allocation capabilities. Support private equity and venture capital institutions in strengthening investment capabilities focused on specialized market segments and full-cycle value creation, while encouraging private securities investment funds to develop customized investment strategies. Foster and expand a cohort of asset management institutions that consciously practice rational, value-based, and long-term investment principles. Promote greater participation of medium- and long-term capital in the capital markets and cultivate a market ecosystem that encourages "long-term capital for long-term investment."

6. Intensifying Efforts to Attract and Cultivate a Diverse Range of Asset Management Institutions

Strengthen efforts to attract and cultivate leading institutions across specialized segments of the asset management industry, encourage greater collaboration among market participants, and enhance overall asset management capabilities. Support institutions from countries and regions along the Belt and Road in establishing asset management institutions and conducting investment activities in Shanghai. Support foreign-funded asset management institutions in leveraging the strengths of their overseas shareholders to explore differentiated development strategies. Encourage and support qualified foreign-funded asset management institutions in applying for qualifications to engage in securities investment fund custody, serve as lead underwriters in the interbank bond market, and participate in businesses such as Treasury bond futures trading.

7. Enhancing the Capacity of Intermediary and Professional Service Institutions

Support asset management service providers, such as institutions engaged in fund registration, valuation and accounting, fund evaluation, and investment advisory and information services in strengthening their professional capabilities. Support intermediary service providers, including legal service firms, accounting and auditing firms, credit rating agencies, and asset valuation institutions, in aligning with international standards so as to provide high-quality professional services for both the entry of overseas asset management institutions into the Chinese market and the international expansion of domestic asset management institutions. Support commercial banks and securities companies in establishing dedicated custody centers and specialized custody entities to provide custody services, together with value-added services such as performance evaluation, performance attribution analysis, securities lending, and other ancillary services. Explore pilot programs for multi-tier custody arrangements in cross-border financial activities.

III. Diversifying Asset Management Products and Services to Advance the Five Key Areas of Financial Development

8. Promoting Asset Management as a Driver of Scientific and Technological Innovation

Encourage asset management institutions to support the development of new quality productive forces and leverage the catalytic role of state-owned capital and government investment funds. Guide long-term capital, including social security funds, insurance capital, and financial asset investment companies, to participate throughout the entire life cycle of technology enterprises. Focusing on frontier disruptive technological innovation and the cultivation of future industries, encourage asset management institutions to increase investment in scientific and technological innovation. Support the clustering of corporate venture capital (CVC) funds, secondary private equity funds (S Funds), and merger and acquisition (M&A) funds, while providing more streamlined and convenient services for fund establishment.

9. Strengthening the Role of Asset Management in Supporting the Green Transition

Establish a comprehensive standards system for green assets encompassing green bonds, green equity, green funds, and green asset-backed securities, and enhance the capacity for the identification and traceability of green assets. Encourage the development of carbon neutrality funds, transition finance instruments, climate-themed derivatives, and other innovative financial products, and promote the issuance and listing of green Real Estate Investment Trusts (REITs). Deepen the development of high-standard carbon trading platforms, develop asset management products such as carbon asset securitization and carbon funds, and encourage all types of asset management institutions to conduct carbon finance-related business in an orderly manner.

10. Meeting Residents' Diverse Wealth Management Needs

Anchor wealth management services in the increasingly diversified asset allocation needs of residents and promote the transformation of wealth management from a "sell-side" distribution model to a "buy-side" advisory model. Support asset management institutions in utilizing big data and artificial intelligence to optimize client profiling and enhance investor experience and satisfaction. Promote the integration of investor education throughout the entire wealth management process. Encourage the development of charitable funds and charitable trusts to broaden sustainable channels for philanthropic asset allocation. Support the development of family trust businesses, promote a full life-cycle wealth management model combining trust services with asset allocation, and support the standardized and professional operation of financial institutions and other market participants with family office functions.

11. Enhancing Age-Friendly Wealth Management Services

Encourage all types of asset management institutions to invest in equity, listed shares, bonds, index funds, and other assets related to the silver economy. Expand the range of pension wealth management products and support qualified wealth management subsidiaries of commercial banks in participating in pilot programs for pension wealth management products. Support trust companies in piloting pension service trusts and collaboratively developing an integrated ecosystem that combines voluntary guardianship, pension service trusts, and elderly care service providers. Further enrich the range of individual pension and commercial pension products. Support individuals preparing for retirement in building retirement savings and undertaking long-term wealth planning, while strengthening financial literacy programs for older persons and enhancing the protection of their consumer rights and interests.

12. Strengthening Digital and Intelligent Empowerment in the Asset Management Sector

Support asset management institutions in applying such frontier technologies as artificial intelligence, blockchain, and big data to accelerate the development of intelligent investment research and AI-enabled investment advisory services, thereby enhancing the efficiency and quality of asset management services. Support the establishment of pilot testing platforms for artificial intelligence applications in the asset management sector. Encourage asset management institutions to integrate data resources to provide high-quality data support for precision pricing and intelligent risk management. Explore innovative applications of the digital Renminbi (e-CNY) in securities, investment funds, bank wealth management, and related financial services. Support the development of next-generation asset management service platforms, establish intelligent digital infrastructure for the asset management industry, and promote the transformation and upgrading of asset management business models toward high-quality development driven by risk management and data analytics.

IV. Advancing High-Level Opening-up in Asset Management to Enhance Global Resource Allocation Capacity

13. Facilitating Cross-Border Asset Allocation Channels

In accordance with relevant national policy arrangements, promote the optimization of mechanisms such as Shanghai-Hong Kong Stock Connect, China-Europe Connect, and Bond Connect, and steadily advance the inclusion of products such as Real Estate Investment Trusts (REITs) within the eligible securities under the Shanghai-Hong Kong Stock Connect Scheme. Support the issuance of Hong Kong-recognized mutual funds and promote the cross-listing and mutual recognition of exchange-traded funds (ETFs) with additional overseas markets. Coordinate the further integration and unified external opening of the interbank and exchange-traded bond markets. Introduce additional designated futures and options products, and expand the range of existing products that qualify for participation by overseas investors. Steadily advance institutional opening-up of the gold market and support cooperation between the Shanghai and Hong Kong gold markets.

14. Continuously Improving the Qualified Investor Regime

Promote further optimization of the Qualified Foreign Institutional Investor (QFII) regime and gradually expand the range of futures and options products available to qualified foreign investors. Continue to improve the Qualified Foreign Limited Partner (QFLP) pilot program by refining the one-stop acceptance mechanism for entity establishment and enhancing the facilitation of cross-border investment. Support eligible asset management institutions in utilizing the Qualified Domestic Institutional Investor (QDII) program to meet investors' cross-border investment needs in an orderly manner. Improve the efficiency of quota utilization under the Qualified Domestic Limited Partner (QDLP) pilot program and promote the recycling and reutilization of pilot quotas.

15. Coordinating the Development of Offshore and Cross-Border Asset Management Businesses

Support asset management institutions in developing cross-border asset management products that enable global investors to achieve one-click allocation to onshore assets. Encourage multinational corporate groups to establish institutions in Shanghai with cross-border treasury management functions to centrally manage and deploy global funds. Explore pilot programs for the cross-border transfer of syndicated loan participations, cross-border transfers of credit assets, and cross-border wealth management services. Explore the establishment of an institutional framework for offshore finance and study the introduction of offshore asset management businesses, including offshore bank wealth management products. Advance research on the establishment of the Shanghai International Financial Assets Exchange Platform.

V. Fostering a Robust Asset Management Ecosystem and Creating a Sound Operating Environment

16. Strengthening the Rule of Law in the Asset Management Sector

Strengthen the legal framework supporting the development of Shanghai as a global asset management center. Support the effective coordination between arbitration and litigation in asset management disputes, and facilitate improvements to the coordination mechanisms governing pre-arbitration interim measures, interim measures during arbitration, and judicial preservation measures. Support the publication of authoritative Chinese- and English-language judicial cases in the asset management field with international influence. Support the integration of arbitration and mediation conducted by China (Shanghai) Securities and Futures Arbitration Centre, Shanghai International Economic and Trade Arbitration Commission, and investor protection institutions; strengthen the arbitral and judicial confirmation of mediated settlement agreements; and establish an efficient and diversified dispute resolution framework.

17. Enhancing Risk Monitoring and Early Warning Capabilities

Continue to improve the financial risk monitoring and early warning system and support its application in the asset management sector. Progressively establish effective monitoring of cross-market, cross-sectoral, and cross-border risks, and improve a comprehensive, end-to-end risk management framework. Strengthen inter-agency coordination on market access, regulatory information sharing, and joint action on key regulatory matters, and apply consistent regulatory standards to comparable financial activities. Further develop the financial market trade repository to enhance the transparency of financial markets.

18. Strengthening Consumer Protection and Risk Resolution Capacity

Crack down resolutely on illegal and criminal acts such as financial fraud committed by impersonating asset management institutions, thereby safeguarding the legitimate rights and interests of consumers and compliant asset management institutions. Strengthen coordination between central and local financial regulators by establishing and improving mechanisms for risk assessment, information sharing, notification and consultation on major matters, and joint inspections. Explore mechanisms jointly established by central and local authorities for risk-sharing and compensation.

19. Enhancing the Influence of Asset Management Organizations

Promote the development of asset management industry associations, self-regulatory organizations, and other professional organizations in the asset management sector, strengthen cooperation and coordination among such organizations, and enhance their capacity to serve the industry. Develop these organizations into important platforms for international services in asset management, cross-sectoral exchange and collaboration, regulatory dialogue, and financial technology empowerment. Strengthen professional and technical exchanges with other global asset management centers and intensify international outreach to promote Shanghai as a global asset management center. Organize high-quality flagship forums on asset management, and regularly publish the Shanghai Global Asset Management Centre Development Report and the Guide to Investing in Shanghai for Overseas Asset Management Institutions. Foster a strong professional culture within the asset management industry.

20. Attracting and Cultivating Asset Management Talents

Facilitate household registration, work permits, permanent residency, and housing arrangements for urgently needed talents in the asset management sector. Support eligible asset management professionals in applying for municipal talent programs and cultivate an international, leading, and multidisciplinary asset management talent pool. Advance the development of interdisciplinary professionals in artificial intelligence and asset management and cultivate urgently needed talents in key areas.

21. Strengthening Comprehensive Support Services for the Asset Management Sector

Provide guidance and support for asset management institutions in conducting cross-border data transfers through the use of the negative list for cross-border data transfers and related operational guidelines, and, in accordance with applicable laws and regulations, explore the formulation of additional negative lists covering data transfers in financial sectors and application scenarios. Strengthen the development of the asset management clusters comprising "One City, One Belt, One Bay, and One Area". Support Lujiazui Financial City in deepening the Global Asset Management Partnership Program; support the Bund Financial Cluster in building a global innovation ecosystem for asset management; promote the North Bund as a hub integrating cultural industries and wealth management; develop Suhewan into a global center for wealth management; enhance the cross-border asset management functions of the Lin-gang Special Area; and improve the service and administrative capacities of all districts.

These Opinions shall be effective as of June 1, 2026.