TechFlow, April 21 — According to official information, the People's Bank of China, the National Financial Regulatory Administration, the State Administration of Foreign Exchange, and the Shanghai Municipal Government jointly issued the "Action Plan for Further Enhancing Cross-border Financial Service Convenience in the Shanghai International Financial Center."
The plan includes: utilizing blockchain technology to standardize and promote supply chain finance. Leveraging the role of leading enterprises in key industrial chains, it aims to put critical operational data—such as orders, logistics, and warehousing—on blockchain via technologies like blockchain and big data. It will launch pilot carbon footprint certification initiatives, gradually build a green and low-carbon supply chain system, implement differentiated credit management in supply chain finance, and improve the supply chain financial product system. The plan calls for standardized development of financing products such as accounts receivable financing, order-based financing, warehouse receipt financing, and inventory pledge financing, increasing credit support for enterprises upstream and downstream along industrial chains. It supports banks in Shanghai in using supply chain finance to better serve enterprises from the Yangtze River Delta and beyond that are expanding overseas. Financial institutions are encouraged to leverage implemented applications such as "Hanghai Digital Chain" (Hangmao Shulian), using electronic documents stored and cross-verified on blockchain to assist in trade settlement, trade finance, and cross-border insurance (cargo insurance, vessel insurance, etc.). The plan supports Shanghai Clearing House in expanding the participant base and clearing products under the bulk commodity "Clearing Pass," promoting the implementation of cross-border RMB clearing and settlement services, and encouraging financial institutions to steadily expand supply chain finance application scenarios into areas such as carbon emission rights.
