Shanghai Clearing House: Pioneering New Milestones in Financial Infrastructure with "Qingsuantong"
The Shanghai Clearing House has emerged as a critical pillar of China's financial infrastructure, achieving a milestone in 2024 with its flagship "Qingsuantong" (ClearingNet) platform surpassing RMB 1 trillion in annual transaction volume. This achievement underscores the platform's growing influence in supporting the real economy and facilitating cross-border financial integration.
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Expanding Horizons: A Breakthrough Year for Qingsuantong
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Since its launch in March 2021 under the guidance of the People's Bank of China (PBoC), Qingsuantong has strategically focused on addressing critical pain points for enterprises and local governments. By the end of 2024, it had onboarded eight spot trading platforms and 23 warehousing institutions, serving over 12,000 entities across industries such as chemicals, metals, oil and gas, agriculture, renewable energy, and carbon trading.
This year alone, the platform expanded its partnerships to include the Zhejiang Seaport Commodity Exchange, Guangzhou Carbon Emission Trading Center, and Hainan International Energy Exchange. The introduction of Bank of China (Hong Kong) as its first offshore banking partner further cemented its international standing. Annual clearing volumes reached a record RMB 1 trillion, representing an impressive 70% year-on-year growth.
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Alleviating Costs for SMEs: Fee Waivers Extended
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In a move to directly benefit small and medium-sized enterprises (SMEs), Shanghai Clearing House announced an extension of its Qingsuantong fee waiver until December 2025. Since the platform's inception, this policy has saved enterprises over RMB 30 million. By integrating cost-effective interbank payment functionalities, Qingsuantong continues to reduce operational costs for businesses, providing critical support to China's economic resilience.
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Innovations in Cross-Border RMB Settlement
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A standout achievement of 2024 was the introduction of cross-border RMB clearing services through Qingsuantong. This initiative debuted in the Hainan Free Trade Port, enabling the nation's first digitalized cross-border commodity spot trade for non-residents. The seamless integration of the RMB Cross-Border Payment System (CIPS) within Qingsuantong's existing framework has created a secure, efficient, and transparent payment environment for global commodity trades.
Among its highlights, Qingsuantong facilitated RMB 9.675 billion in cross-border transactions during its initial phase. The inclusion of Bank of China (Hong Kong) as a clearing member for international transactions reflects the platform's capacity to bridge domestic and international financial ecosystems.
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A Commitment to Innovation and Scalability
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Qingsuantong has also played a pivotal role in Shanghai's digital RMB pilot program, receiving accolades for its innovative use of blockchain technology in supply chain financing. These advancements have streamlined account opening processes, optimized settlement efficiency, and expanded services to emerging sectors like carbon trading.
The platform's ability to replicate and scale its standardized business model ensures its adaptability to new use cases, aligning with Shanghai's ambition to enhance its role as an international financial hub.
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Looking Ahead
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As Shanghai Clearing House sets its sights on 2025, the institution plans to deepen Qingsuantong's impact by extending its coverage to new regions and industries. Upcoming priorities include enhancing digital RMB clearing services, advancing supply chain finance solutions, and fostering cross-border financial connectivity.
This trajectory not only reflects Qingsuantong's evolution into a global financial innovation but also highlights its critical role in supporting the high-quality development of the real economy. Its success demonstrates how leveraging financial infrastructure can catalyze growth, drive international collaboration, and solidify Shanghai's leadership in global finance.
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