| Notice of the People's Bank of China, the Ministry of Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government on Issuing the Plan for Further Promoting the Pilot Project of Financial Opening-up and Innovation in China (Shanghai) Pilot Free Trade Zone and Accelerating the Building of Shanghai as an International Financial Center | | 中国人民银行、商务部、银监会、证监会、保监会、外汇局、上海市人民政府关于印发《进一步推进中国（上海）自由贸易试验区金融开放创新试点 加快上海国际金融中心建设方案》的通知 |
| The Plan for Further Promoting the Pilot Project of Financial Opening-up and Innovation in China (Shanghai) Pilot Free Trade Zone and Accelerating the Building of Shanghai as an International Financial Center, as agreed by the State Council, is hereby issued for your conscientious implementation. | | 《进一步推进中国（上海）自由贸易试验区金融开放创新试点 加快上海国际金融中心建设方案》已经国务院同意，现予以印发，请认真贯彻执行。 |
| People's Bank of China | | 中国人民银行 |
| Ministry of Commerce | | 商 务 部 |
| China Banking Regulatory Commission | | 银 监 会 |
| Securities Regulatory Commission | | 证 监 会 |
| China Insurance Regulatory Commission | | 保 监 会 |
| State Administration of Foreign Exchange | | 外 汇 局 |
| Shanghai Municipal People's Government | | 上海市人民政府 |
| October 29, 2015 | | 2015年10月29日 |
| Annex | | 附件 |
| Plan for Further Promoting the Pilot Project of Financial Opening-up and Innovation in China (Shanghai) Pilot Free Trade Zone and Accelerating the Building of Shanghai as an International Financial Center | | 进一步推进中国（上海）自由贸易试验区金融开放创新试点 加快上海国际金融中心建设方案 |
| For the purpose of further implementing the decisions and deployments of the CPC Central Committee and the State Council, further promoting the pilot project of financial opening-up and innovation of China (Shanghai) Pilot Free Trade Zone (“SHFTZ”), and accelerating the building of Shanghai as an international financial center, this Plan is developed. | | 为深入贯彻落实党中央、国务院决策部署，进一步推进中国（上海）自由贸易试验区（以下简称自贸试验区）金融开放创新试点，加快上海国际金融中心建设，制定本方案。 |
| I. General Requirements | | 一、总体要求 |
| The general deployments of the CPC Central Committee and the State Council on financial reform and opening-up and the building of SHFTZ shall be implemented; the strategic requirements of serving the whole country and international exposure and the strategic task of the building of Shanghai as an international financial center shall be closely centered on; by insisting on the starting point of serving the real economy and promoting trade and investment convenience shall be insisted on and under the principles of active and steady, controlling the pace, macro prudence, and controllable risks, the projects shall be promoted once the conditions thereof are ripe; capital account convertibility, cross-border use of RMB, opening-up of the financial service industry, and the building of an internationally oriented financial market shall be promoted in an accelerated manner; financial supervision shall be constantly improved; connection between the pilot project of financial opening-up and innovation in SHFTZ and the building of Shanghai as an international financial center shall be vigorously promoted; new ways shall be explored and new experiences shall be accumulated; and summarization and assessment shall be conducted in a timely manner and reproduction and promotion shall be conducted at appropriate time, to better serve deepened financial reform and expand services of financial opening-up across the country. | | 贯彻落实党中央、国务院关于金融改革开放和自贸试验区建设的总体部署，紧紧围绕服务全国、面向世界的战略要求和上海国际金融中心建设的战略任务，坚持以服务实体经济、促进贸易和投资便利化为出发点，根据积极稳妥、把握节奏、宏观审慎、风险可控原则，成熟一项、推进一项，加快推进资本项目可兑换、人民币跨境使用、金融服务业开放和建设面向国际的金融市场，不断完善金融监管，大力促进自贸试验区金融开放创新试点与上海国际金融中心建设的联动，探索新途径、积累新经验，及时总结评估、适时复制推广，更好地为全国深化金融改革和扩大金融开放服务。 |
| II. Taking the lead in realizing convertibility under RMB capital account | | 二、率先实现人民币资本项目可兑换 |
| Under the principles of overall planning, serving entities, controllable risks, and promotion step by step, pilot projects of convertibility under RMB capital accounts in SHFTZ shall be implemented, to gradually enhance the degree of convertibility under all capital items. | | 按照统筹规划、服务实体、风险可控、分步推进原则，在自贸试验区内进行人民币资本项目可兑换的先行先试，逐步提高资本项下各项目可兑换程度。 |
| 1. Diligently summarizing experience in free trade accounts. All services of integration of domestic and foreign currencies for free trade accounts shall be launched without any efforts spared and the functions of free trade accounts shall be further expanded. Capital in domestic and foreign currencies in free trade accounts shall be managed under the macro-prudential convertibility. | | （一）认真总结自由贸易账户经验。抓紧启动自由贸易账户本外币一体化各项业务，进一步拓展自由贸易账户功能。自由贸易账户内本外币资金按宏观审慎的可兑换原则管理。 |
| 2. Regulating the conditions for opening and use of free trade accounts and strictly implementing the real-name bank account system. Economic subjects shall be supported in carrying out foreign trade investment activities through free trade accounts; banks, securities and insurance financial institutions shall be encouraged and supported to utilize free trade accounts and others to carry out financial innovation business; securities and futures exchanges and clearing institutions shall be allowed to study reform and innovation measures by centering on the system of free trade accounts and fully utilizing electronic information flow and capital flow between free trade accounts. | | （二）规范自由贸易账户开立和使用条件，严格落实银行账户实名制。支持经济主体可通过自由贸易账户开展涉外贸易投资活动，鼓励和支持银行、证券、保险类金融机构利用自由贸易账户等开展金融创新业务，允许证券、期货交易所和结算机构围绕自由贸易账户体系，充分利用自由贸易账户间的电子信息流和资金流，研究改革创新举措。 |
| 3. Research shall be made to launch pilot projects of overseas investment by qualified domestic individual investors and timely introduce relevant detailed rules on implementation. Qualified individuals shall be allowed to make overseas industrial investment, real estate investment and financial investment. | | （三）研究启动合格境内个人投资者境外投资试点，适时出台相关实施细则，允许符合条件的个人开展境外实业投资、不动产投资和金融类投资。 |
| 4. Relevant measures shall be developed without any efforts spared. Qualified institutions and individuals shall be allowed or expanded to invest in domestic and overseas securities and futures markets. The management way of cross-border capital flow of investment in domestic securities and futures markets shall be clarified as soon as possible. Research and exploration shall be made to support the opening of the capital market through free trade accounts and others, and pilot projects shall be launched at appropriate time. | | （四）抓紧制定有关办法，允许或扩大符合条件的机构和个人在境内外证券期货市场投资，尽快明确在境内证券期货市场投资的跨境资金流动管理方式，研究探索通过自由贸易账户等支持资本市场开放，适时启动试点。 |
| 5. An overseas financing and capital flow management system under the macro prudence management framework in SHFTZ shall be established and improved; comprehensive considerations shall be given to the currencies of assets and liabilities, deadlines, and other matching information, as well as needs of external debt management and monetary policy regulation; overseas financing scale and investment fields shall be regulated rationally, and the overseas financing structure shall be optimized, to prevent overseas financing risks. | | （五）建立健全自贸试验区内宏观审慎管理框架下的境外融资和资本流动管理体系，综合考虑资产负债币种、期限等匹配情况以及外债管理和货币政策调控需要，合理调控境外融资规模和投向，优化境外融资结构，防范境外融资风险。 |
| 6. The foreign exchange management system shall be innovated on and explorations shall be made to carry out pilot projects of convertibility within the limits in SHFTZ. By centering on the goal of building SHFTZ and building Shanghai as an international financial center, the foreign exchange management system shall be further innovated on. Cross-border capital flow restrictions shall be relaxed and the balanced foreign exchange management system shall be improved. Overall plans and research shall be made to further increase the limits of individual convertibility. Under the principle of subject supervision, convertibility within the limit of non-financial enterprises shall be achieved in SHFTZ.The conversion limits of domestic and foreign currencies shall be gradually increased and the lead shall be taken in achieving convertibility. | | （六）创新外汇管理体制，探索在自贸试验区内开展限额内可兑换试点。围绕自贸试验区和上海国际金融中心建设目标，进一步创新外汇管理体制。放宽跨境资本流动限制，健全外汇资金均衡管理体制。统筹研究进一步扩大个人可兑换限额。根据主体监管原则，在自贸试验区内实现非金融企业限额内可兑换。逐步扩大本外币兑换限额，率先实现可兑换。 |
| III. Further expanding cross-border use of RMB | | 三、进一步扩大人民币跨境使用 |
| The scope of cross-border use of RMB shall be expanded; equal attention shall be paid to trade, industrial investment, and financial investment; and “going out” of capital and RMB shall be promoted. | | 扩大人民币境外使用范围，推进贸易、实业投资与金融投资三者并重，推动资本和人民币“走出去”。 |
| 7. Relevant systems and rules shall be improved; and overseas parent companies or subsidiaries of enterprises in SHFTZ shall be supported in issuing RMB bonds within in the territory and using the funds raised within and outside the territory as required. | | （七）完善相关制度规则，支持自贸试验区内企业的境外母公司或子公司在境内发行人民币债券，募集资金根据需要在境内外使用。 |
8. On the basis of establishing and improving relevant management systems, individual industrial and commercial households in SHFTZ shall provide cross-border financial support in RMB to their overseas business entities according to the market needs.
．．．．．． | | （八）在建立健全相关管理制度的基础上，根据市场需要启动自贸试验区个体工商户向其在境外经营主体提供跨境人民币资金支持。
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