Shanghai's Lin-gang Special Area will broaden its comprehensive reform pilot for offshore trade financial services under a plan released on June 17.

A press conference is held on June 17 to release the plan on Lin-gang's expanded reform pilot for offshore trade financial services. [Photo/WeChat ID: shlgguanweihui]

During the 2025 Lujiazui Forum, Pan Gongsheng, governor of the People's Bank of China (PBOC), announced eight measures to strengthen Shanghai's position as an international financial center. A key initiative is the launch of a comprehensive reform pilot for offshore trade financial services in Lin-gang. 

Over the past year, Lin-gang has steadily advanced the pilot under the guidance of the PBOC's Shanghai Head Office. By combining specialized operating entities with "first-line liberalization and second-line control" management measures, it has significantly improved the convenience of offshore trade settlements while maintaining effective risk control.

Building on this success, the PBOC has approved a comprehensive expansion and upgrade of the pilot program. The initiative will extend beyond offshore trade to encompass all offshore business scenarios, enabling participating enterprises to integrate more deeply into global supply and industrial chains and participate more extensively in international production, sales, and service activities. 

The expansion aligns with Lin-gang's strategic role in coordinating the development of onshore and offshore business. It will also enable Shanghai's offshore financial services to better support China's frontier sectors and high-tech industries.