Shanghai's action plan on cross-border financial services bears fruit

ltiple fronts, exemplified by a new service platform for new offshore international trade background verification piloted in Pudong New Area.

New offshore international trade refers to a special trade model where goods are transported overseas while financial settlements occur domestically. Because of the separated flow of finance, goods and orders, the background verification progress is extremely complicated.

Utilizing the "Offshore Pass" platform, the new application is able to retract data, including those related to customs clearance, international shipping, and offloading at ports.

With the data, banks can easily and efficiently complete verification online.

On the day of operation, multiple banks, including the Bank of China and the Industrial and Commercial Bank of China, used the platform.

The ICBC Shanghai branch authenticated the background information for two enterprises in the field of piano and accessories as well as chemicals treating the fur.

The enterprises have been impressed by the speed of the process. It previously took one to two days to prepare the documents for verification, but now it takes just 20 minutes.

The initiative reflects the advancement of the action plan. Encompassing 18 detailed policies, it supports Shanghai in building into a highland for cross-border trade, investment, and financing through convenient measures.

In 2024, the total cross-border renminbi receipts and payments in Shanghai reached 29.8 trillion yuan ($4.1 trillion), accounting for half of the nation’s total and marking a year-on-year increase of 30 percent.

Other programs are also underway. The China Export & Credit Insurance Corporation (Sinosure) Shanghai Branch has enhanced its export credit insurance policy services through data connectivity.

Leveraging the vast data resources in Shanghai, the branch recently introduced the "Trust Shanghai" policy package, which allows for instant policy enjoyment without application.

Simultaneously, the branch has integrated five major functions — underwriting, claims, financing, credit rating, and policy settlement — into the package and recommend it to corporate legal entities and management through mobile devices.

Foreign trade enterprises can now receive all policies through one-time authorization, hastening the establishment of a robust "defense wall" as they venture into the international market.

The Bank of China Shanghai branch has introduced a "white list" for foreign trade and foreign-funded enterprises, which allows for round-the-clock services for wire transfers.

Additionally, during the recent 2025 Lujiazui Forum, the Cross-Border Interbank Payment System, or CIPS, was launched aligning with the international standards.

Through digitalization and institutional innovation, Shanghai is proactively improving cross-border financial services, lowering costs for transactions and ultimately enabling more enterprises to engage in international competition and cooperation.