On July 4, Ji Min, head of the Research Bureau of the People's Bank of China, disclosed during the State Council's regular policy briefing that the bank will continue to bolster pilot free trade zones in their alignment with international high-standard economic and trade rules, fostering a higher degree of institutional openness. Key initiatives encompass enhancing financial openness and innovation within the Shanghai Pilot Free Trade Zone, executing eight supportive policies, such as fostering offshore bond issuance in free trade zones, refining free trade account functionalities, and advancing comprehensive reform pilot programs for offshore trade financial services. Furthermore, the Central Bank aims to broaden the reach of the 'Shanghai Experience', underpinning the nationwide expansion of innovative applications for the digital RMB and related electronic payment services, while exploring viable models for financial openness and innovation.