2026 Lujiazui Forum: He Lifeng Announces China Will Establish Foreign-Related Countermeasures Clause

The opening ceremony and plenary session of the 2026 Lujiazui Forum was held this morning at the Shanghai Pudong Shangri-La Hotel. Chinese Vice Premier He Lifeng stated during his speech that China 'does not provoke but is not afraid of provocation' in international trade, and announced that China will legislate to establish blocking and countermeasure clauses against unilateral sanctions and extraterritorial jurisdiction imposed by certain countries and organizations.

The 2026 Lujiazui Forum is being held on May 17–18 at the Shanghai Pudong Shangri-La Hotel, with the theme 'Financial Development and Cooperation under the Global Governance Initiative: New Vision, New Challenges, and New Opportunities'.

At the opening plenary on the 17th, He Lifeng emphasized that ongoing geopolitical conflicts have led to a fragmented international rules system. 'Unilateralism, protectionism, and the law of the jungle have no future,' he said, adding that mutual respect, peaceful coexistence, and win-win cooperation based on international rules and multilateralism are the right path forward.

He stressed that China consistently advocates resolving disputes through dialogue and consultation. In international trade and economic-financial exchanges, China 'does not provoke, but is not afraid of provocation.' In the face of unjustified suppression and containment, China will not compromise or retreat, and will legally safeguard national sovereignty, security, and development interests.

Regarding improper unilateral sanctions and extraterritorial jurisdiction imposed on China by certain countries and organizations, He said that China's Ministry of Commerce and Ministry of Justice are already implementing legal blocking measures. He added that China is continuously improving its financial legal system. The draft Financial Law has already undergone public consultation, with explicit provisions on blocking and countering improper extraterritorial sanctions in the financial sector. Going forward, China will promote the improvement of foundational foreign-related financial legislation, including the establishment of blocking and countermeasure clauses in relevant laws.

On financial risk mitigation, He noted that after more than three years of sustained efforts, risks related to local government debt, local small and medium financial institutions, and the real estate sector have been effectively alleviated. 'The number of high-risk local small and medium financial institutions has decreased by 70% compared to 2022,' he said. By establishing and leveraging the Urban Real Estate Financing Coordination Mechanism, over RMB 8.1 trillion (approximately NT$35 trillion) in financing has been provided for real estate projects, and the 'housing delivery assurance' campaign has been fully completed.

Regarding Shanghai, He stated that China will support Shanghai in piloting offshore financial development; accelerate the construction of a global RMB asset allocation and risk management center; and support Shanghai in enhancing the convenience of cross-border trade and investment.

The 'Action Plan for the Development of Offshore Finance in the Shanghai International Financial Center' was released at the opening ceremony, initiating offshore financial pilot programs in Pudong New Area, supporting Pudong in developing RMB offshore transactions, cross-border trade settlement, and overseas financing services. (Editor: Chen Kai-yu)