As part of the Luzijaczu Forum 2026, six Chinese government bodies, including the People's Bank of China (PBOC), jointly presented the 'Action Plan for Developing Offshore Financing in the Shanghai International Financial Center.' This plan aims to make Shanghai the first city in China to establish an offshore financial system commensurate with its status as an international financial center.
This document is the first comprehensive policy framework defining how Shanghai will build its offshore financial system, marking a transition from conceptual design to deeper implementation of offshore financing reforms.
Foreign financial institutions have traditionally played a key role in the development of China's offshore financing. In recent years, they have actively participated in shaping the Shanghai International Financial Center, expanding their presence in cross-border investments and financing, global treasury operations, and hedging cross-border risks, while demonstrating strong competencies and impressive experience.
The new policy was positively received by foreign financial institutions. At a recent seminar on Shanghai's new offshore financing initiative and the business climate for foreign financial institutions, organized by the Offshore Finance Research Institute of the China Economic Forum with support from International Financial News, representatives from organizations such as Standard Chartered, BNP Paribas, Mizuho Bank, Fubon Bank, J.P. Morgan Asset Management, Allianz, AIA Life, Tokio Marine & Nichido Fire Insurance, and Nomura Orient International Securities shared views on practical steps to optimize the business environment and explored new approaches to promoting the development of the Shanghai International Financial Center.
Participants from foreign financial institutions agreed that the period from 2025 to 2030 is a critical window for transforming the offshore financing landscape in the Asia-Pacific region, and that Shanghai is well-positioned to accelerate the development of its offshore system. Based on their presence in Shanghai, they stated their intention to increase investment in talent, systems, and global resources. In the short term, plans include expanding four established areas of activity: offshore trading, offshore bonds within the Shanghai Free Trade Zone, offshore reinsurance, and global treasury management. In the long term, they intend to strengthen capabilities in offshore derivatives, integrated application of e-CNY in offshore markets, integrated inter-sectoral offshore service technologies, as well as in talent and client resource development.
Officials from the Lingang Special Area in the China (Shanghai) Pilot Free Trade Zone also presented rules for implementing pilot programs covering offshore trading, offshore reinsurance, and offshore leasing. They provided information on supporting policy measures and explained reforms aimed at optimizing regulatory conditions for cross-border business, including simplified supervision of cross-border operations and further liberalization of cross-border activities at the international border, which offers foreign financial institutions clearer pathways to expand their offshore operations.
Drawing on their many years of experience operating in Shanghai, representatives of foreign financial institutions also put forward policy recommendations. Discussions focused on launching pilot programs in Shanghai for well-developed and compliant offshore enterprises already operating in Hong Kong, abolishing or revising outdated provisions incompatible with institutional opening, modernizing the functionality of offshore account systems, and reducing operational costs for smaller financial institutions.
Shuai Shi, Deputy Secretary-General of the Shanghai Financial Association, noted that improving the business environment for foreign financial institutions remains one of the association's key priorities. He stated that the association will use its role as a bridge between regulators and market participants by creating a long-term communication mechanism for foreign financial institutions operating in Shanghai and strengthening coordination among stakeholders to better support their continued growth in the city and China, thereby contributing to the high-quality development of the Shanghai International Financial Center.
Despite growth in Asian markets, the Indian stock market continued to fall on the fourth trading day of the week. Markets were tense due to mutual threats between Donald Trump and Iran, as well as Houthi attacks in the Red Sea, in addition to problems in the Strait of Hormuz.
At the opening of trading, the BSE Sensex index fell by more than 300 points compared to the previous close. Similarly, the NSE Nifty index opened with a drop of about 100 points relative to Wednesday's close. Furthermore, 24 out of 30 stocks in the BSE Largecap segment traded in the red.
During Thursday's trading, the BSE Sensex opened at 76,515, which was below the previous closing level of 76,755, and soon dropped to 76,344. The NSE Nifty showed similar dynamics, opening at 23,904 compared to the previous close of 23,996, before falling to 23,876.
In the initial stage of trading, a decline was observed across all categories. Shares of large companies such as IndiGo, HDFC Bank, SBI, and Bajaj Finance in the BSE Largecap segment fell by more than 1%. In the Midcap segment, shares of Hindustan Petroleum, GMR Airport, Phoenix Ltd, and Persistent showed a decline of about 2%.
The primary reason cited for the ongoing decline in the stock market is the continuing war in the Middle East. On one hand, US President Donald Trump continues to exchange threats, while Iran warns of retaliation. Additionally, global tension was high due to the closure of the Strait of Hormuz, and attacks in the Red Sea triggered a sharp rise in oil prices. The price of Brent Crude exceeded $95, which further increases the risk of inflation globally, causing concern in the stock market.
Apple's recent price hike could seriously impact the sales of new laptops. This will force consumers to opt for the basic Neo model or used devices running Apple Silicon instead of more expensive MacBook models.
At the beginning of this month, prices rose across almost the entire Apple product line, with the exception of, at least for now, the iPhone. The laptop lineup has been particularly affected. For instance, the 13-inch MacBook Air, which cost R19,999 before the increase, is now priced at R26,499, representing a rise of over 32%.
Meanwhile, the most affordable Apple laptop model and the 2026 newcomer, the MacBook Neo, was launched at R11,999 but has already increased to R13,999. This is an increase of R2,000, or 16.67%. As a result, the base MacBook Air model is now nearly twice as expensive as the MacBook Neo.
Naturally, budget-conscious buyers are more likely to choose the Neo over the Air, despite the performance limitations of the base model. Although the Neo still competes with Windows counterparts in its price segment, the more expensive Apple devices have become unaffordable for many users who require high performance. The requirement for consumers to spend over R25,000 on a machine for intensive tasks is a difficult proposition in the current economic climate.
If the MacBook Neo fails to sustain sales, a significant drop in sales across other Apple laptop lines is expected. The price increase not only deters new buyers but also completely changes consumer behavior. Since new MacBooks are reaching almost exorbitant prices, more people are turning to the secondary market.
Fortunately for buyers (and unfortunately for Apple's profits), every Mac model released since the advent of Apple Silicon in 2020 is a very powerful device. Thanks to the large number of high-performance M1, M2, and M3 options available at reasonable prices, consumers will not hesitate to purchase used models, forcing Apple to confront the harsh reality of its own pricing decisions.
Apple plans to expand access to its products, including iPhone, MacBook, and iPad, to a larger number of users by launching a new program. According to media reports, the company is preparing to launch a program called Apple Upgrade.
According to a Bloomberg report, the new mechanism will allow users to acquire devices such as iPhone, MacBook, iPad, and Apple Watch on a subscription basis. Within this system, customers will pay a certain amount monthly for the use of the product, which differs from purchasing the device. Thus, users can use gadgets without buying them outright and have the option to upgrade their devices over time.
According to the report, the Apple Upgrade program is scheduled to start on July 28, with financial support provided by Klarna. Initially, the project will be launched in the US and will be available both in Apple's official stores and online stores.
The program's mechanism is similar to car rentals in the US. The rental periods will vary for different Apple products, and the device must be returned after the term ends. During the rental period, users can upgrade the device by paying additional funds. For example, iPhone and Apple Watch are offered a 24-month term, while MacBook has a 36-month term.
To participate in the Apple Upgrade program, users must undergo a verification process that includes checking documents and the user's financial status, possibly including a credit rating check. It is important to note that the program will not include AppleCare, and some products, such as entry-level iPhone and iPad models, may be excluded from participation.
