The Shanghai Headquarters of the People's Bank of China has made strong efforts to promote financial reform and innovation in the Lingang New Area.

On August 23rd, 2024, the Lingang New Area of the Shanghai Pilot Free Trade Zone celebrated its 5th anniversary. The People’s Bank of China Shanghai Head Office, the Shanghai Branch of the State Administration of Foreign Exchange, the Lingang New Area Management Committee, Financial Institutions within the area, and local enterprises maintain close communication, guiding Financial Institutions to actively innovate characteristic financial products and service models, and support the construction of the Lingang New Area as an emerging financial experimental zone. The first is to expand the use of the RMB in key areas across borders; the second is to support the development of new offshore international trade; the third is to guide small and medium-sized enterprises in hedging against exchange rate risks; the fourth is to focus on enhancing the level of financial services in the shipping industry.