Shanghai International Financial Center welcomes action plan, including the use of blockchain technology to regulate the development of supply chain finance

PANews reported on April 21 that the People's Bank of China, Financial Regulatory Authority, State Administration of Foreign Exchange, and Shanghai Municipal People's Government jointly issued the "Action Plan for Further Enhancing Cross-border Financial Service Convenience in Shanghai International Financial Center". The plan points out: Support financial institutions in optimizing the authenticity review of electronic documents and information materials for customers using blockchain technology, enhance "precise portrayal" capabilities, and improve cross-border financial service quality for "going global" enterprises. Strengthen CIPS construction, improve system functions, research and promote blockchain technology applications, and provide safe and efficient settlement and clearing services for global trade, shipping, and investment financing denominated in RMB. Regulate supply chain finance development using blockchain technology: Leverage the role of key industry chain lead enterprises, use blockchain and big data technologies to put order, logistics, warehousing, and other key link information on the chain, conduct carbon footprint certification pilots, gradually build a green and low-carbon supply chain system, implement differentiated credit management for supply chain finance, improve the supply chain financial product system, regulate the development of accounts receivable, order financing, and warehouse and inventory pledge financing products, and increase credit support for upstream and downstream enterprises in the industrial chain.