the conference pointed out that in 2025, under the sound leadership of the party committee of the pboc, shch stayed committed to xi jinping thought on socialism with chinese characteristics for a new era. responsibilities for party governance were further consolidated, the political ecosystem improved markedly and showed a positive upward trend, a stronger atmosphere of unity and collaboration took shape, the corporate governance system became more standardized and efficient, the market monitoring and risk management system continued to be refined, the competitiveness of centralised clearing businesses was boosted at an accelerated pace, bond issuance and custody businesses achieved growth in both volume and quality, new breakthroughs were made in international development, positive progress was attained in information technology, and work related to trade unions, the communist youth league and internal management saw improved quality and efficiency. new strides were taken in supporting the pboc in performing its duties and advancing the construction of shanghai as an international financial center. in 2025, the scale of centralised clearing businesses reached 819 trillion yuan, including 272 trillion yuan in central counterparty (ccp) clearing businesses, up 13.6% and 29% yearonyear respectively. by the end of 2025, the scale of bond custody stood at 50 trillion yuan, a yearonyear increase of 12.6%.
the conference emphasized that facing new situations, tasks and requirements, all staff of shch must strengthen strategic confidence and shoulder the mission of a financial market infrastructure by striving for excellence in three “further improvements”. first, further enhance awareness of the bigger picture and holistic thinking, and fully grasp the overarching theme of “preventing risks, strengthening regulation and promoting highquality development”. second, deepen understanding, maintain resolve, and fully comprehend the situational requirements of the “four greater priorities”. third, pursue innovation and forge ahead with determination to fully practice the selfawareness of acting per the “four initiatives”.
the conference required that in 2026, all staff of shch should fully implement the spirits of the 20th cpc national congress, all previous plenary sessions of the 20th cpc central committee, the central economic work conference and the national financial system work conference, earnestly carry out work arrangements of the party committee of the pboc, and target building a safe and efficient financial market infrastructure. with party building as the guide and consolidation and upgrading as the main line, shch will focus on core businesses, foster a strong sense of risk prevention and bottom line thinking, and promote steady progress and quality and efficiency improvement of all annual work with greater drive, enthusiasm, solidarity, diligence, pragmatism, professionalism and accountability. it will forge ahead step by step toward three longterm visionary goals, and make greater new contributions to supporting the pboc in fulfilling its duties and advancing shanghai’s development into an international financial center.
first, consistently strengthen political guidance, unswervingly institutionalize longterm work style improvement, accelerate the cultivation of a high caliber team of talents, enhance rigid institutional constraints, sustain a sound political ecosystem with integrity, and further advance comprehensive and strict party self-governance.
second, coordinate development and security, empower operations through digital intelligence to reinforce the early warning network for market monitoring, pursue excellence to tighten the safety valve for business risks, ensure independent controllability to safeguard the lifeline of system security, and build a safety and wellbeing network for employees. it will resolutely guard against systemic financial risks with higher standards.
third, balance quality and quantity, prioritize quality while pursuing both, innovate and expand foreign exchange clearing products and services, upgrade domestic currency centralised clearing services, strengthen coordination between clearing and custody pillars, steadily develop bulk commodity clearing and carbon finance businesses, and boost high quality business development with stronger accountability.
fourth, integrate domestic and overseas businesses, consolidate and expand crossborder hub connectivity on the premise of security, improve and expand yulan issuance model and free trade zone offshore bonds, optimize the “swap connect direct clearing” mechanism, deepen international exchanges, and steadily advance the internationalization strategy.
fifth, align immediate needs with longterm goals, continuously enhance service awareness and quality, explore standarddriven development, conduct forwardlooking highquality research, fully manage financial affairs, and consolidate the foundation for sustainable highquality corporate development with more pragmatic measures.
the four greater priorities refer to higher requirements for serving the bigger picture, greater responsibility for driving development, stronger resolve to tackle tough challenges, and stricter accountability for dereliction of duty.
the four initiatives mean taking the lead in learning, working, forging ahead, and maintaining integrity.
the three longterm visionary goals are to build an overall registration and custody institution for offshore rmb bond assets, a major central counterparty for offshore rmb financial product transactions, and a key centralised clearing institution for nationwide otc commodity transactions.
