Recently, the Hong Kong Branch of the Bank of China achieved a milestone by successfully issuing the world's first offshore bond in the Shanghai Free Trade Zone, with a total value of 500 million yuan. This issuance drew the participation of numerous overseas institutional investors, highlighting its international appeal. During the 2025 Lujiazui Forum, the People's Bank of China unveiled plans to further enhance the free trade offshore bond market, aiming to expand financing avenues for enterprises embarking on "globalization" and high-quality enterprises along the "Belt and Road" Initiative. The Shanghai Clearing House emphasized that this issuance not only introduces a novel product type to the offshore bond market but also signifies a significant advancement in the development of Shanghai as an international financial center. As a pivotal accomplishment in the financial reform of the Shanghai Free Trade Zone, the innovation and expansion of the free trade offshore bond market are poised to cater to evolving market demands, foster financial sector innovation within the free trade zone, and accelerate the internationalization of the Chinese yuan.