2022.01.11加强两地资本市场合作，促进两地市场协同发展——方星海副主席在2022年第十五届亚洲金融论坛上的发言
尊敬的林郑月娥行政长官、林建岳主席,各位来宾:
大家上午好!很高兴参加第十五届亚洲金融论坛。我谨代表中国证监会,对本次论坛的召开表示热烈祝贺!2021年在特区政府有力领导下,香港经济平稳复苏,金融体系运行稳健,社会保持安定,成绩来之不易。今天我就内地资本市场发展和内地与香港资本市场合作的有关情况,与大家做一交流。
在党中央、国务院的坚强领导下,内地经济保持良好发展态势,资本市场成功应对内外风险挑战,运行稳健,深化改革开放、服务高质量发展取得新成效。股票市场方面,设立北京证券交易所,科创板、创业板试点注册制改革顺利推进,A股总体稳中有升。沪深两市共484家企业IPO,融资5351.5亿元;546家上市公司完成再融资;日均成交额1.06万亿元,市场活跃度和韧性明显增强。年末公募基金规模超25万亿,创历史新高。外资保持稳步流入,全年外资净流入A股市场3846亿元,为过去五年最高水平。期货市场方面,平稳推出生猪期货,一年来运行平稳,成交持仓稳步增加,期货价格对生猪养殖企业的预期引导作用逐步显现。广州期货交易所设立,中证商品指数公司开业运营,期货市场组织和机构体系进一步完善。首批商品期权品种作为特定品种引入境外投资者参与交易,对外开放进一步深化。2021年期货市场日均成交3092.48万手,日均持仓2795.96万手,均创历史新高。期货市场服务实体经济的能力明显提升。交易所债券市场方面,市场运行总体平稳,全年新发行债券约8.7万亿元。总的看,2021年内地资本市场服务实体经济力度和效果明显增强,实现了量质双升。
各位来宾:中国证监会一直高度重视两地资本市场优势互补、协同发展,不断深化内地与香港资本市场全方位、多层次的合作。近年来,两地资本市场的密切合作没有受到疫情和国际环境的影响,在市场、产品、机构、监管等领域的务实合作不断呈现新亮点、取得新突破。市场与产品互联互通方面,双方支持不同投票权架构公司、尚未盈利的生物科技公司和科创板股票先后纳入沪深港通标的,推动ETF互通产品顺利实施。我们支持并协助在香港推出A股指数期货,为国际投资者提供了更为便利的投资内地市场的风险管理工具,增强了香港对国际资本的服务能力和吸引力。内地企业赴港上市方面,证监会一直以来支持符合条件的内地企业赴港上市融资,截至2021年底,在港上市的内地企业已达到1222家,占香港上市公司总数的47%。这为内地企业全球配置资源,实现高质量发展提供了重要助力,也为全球投资者分享中国经济长期稳定发展红利创造了良好的机遇。近期,证监会就境内企业赴境外上市相关制度规则公开征求意见,我们相信,相关规则的推出,将进一步增加内地企业境外上市监管制度的稳定性和可预期性,更好地支持企业依法合规赴境外上市,更有效的保护全球投资者合法权益。机构互设方面,已有9家港资合资证券公司、2家港资合资基金管理公司和1家港资全资期货公司在内地展业,34家内地证券公司、25家内地基金公司和17家内地期货公司在香港展业。监管合作方面,两地证监会定期召开高层和工作层面会议,健全完善了跨境风险防范、跨境衍生品监管等合作机制,在日常监管、执法和信息交换、人员交流等方面合作日益密切顺畅,为两地市场平稳运行提供了有力监管保障。
各位嘉宾、各位朋友:
展望未来,世界百年变局继续演化,国际政治经济环境发生深刻变化,全球经济复苏和可持续增长面临严峻风险挑战。在此背景下,香港作为连接中国内地与国际金融市场的纽带作用进一步加强。中国证监会将继续支持香港巩固和提升国际金融中心地位,进一步推动形成两地资本市场优势互补、协同发展的良好局面。为此,我们热忱欢迎各位嘉宾就如何深化两地资本市场合作提出务实的、有建设性的建议。
预祝本届论坛取得圆满成功,谢谢大家!
Closer Capital Markets Cooperation for Greater Synergy
between the Mainland and Hong Kong
Speech at the 15th Asian Financial Forum 2022
— by Dr. Fang Xinghai, Vice Chairman
of China Securities Regulatory Commission
10 January, 2022
Honorable Chief Executive Mrs. Carrie Lam,
Chairman of HKTDC Dr. Peter Lam,
Distinguished guests, ladies and gentlemen:
Good morning! It is my great pleasure to join you at the 15th Asian Financial Forum. First of all, on behalf of China Securities Regulatory Commission (CSRC), I’d like to extend my warm congratulations on the opening of this year’s forum. Looking back on 2021, under the able leadership of the HKSAR government, Hong Kong has made much hard-won achievements in securing economic recovery, maintaining financial robustness, and preserving social stability. Taking this opportunity, I’d also like to briefly discuss the latest development of the mainland capital markets and our cooperation with Hong Kong.
In 2021, the mainland economy sustained strong momentum under the firm leadership of the CPC Central Committee and the State Council. The mainland capital markets have overcome multiple risks and challenges, both internal and external, and remained sound and stable throughout the year. Deepening reform and opening-up has made new breakthroughs, empowering the capital markets to better serve high-quality economic development. On the stock market, Beijing Stock Exchange opened for business. The pilot registration-based IPO regime on the STAR Market and ChiNext rolled out smoothly. A-shares market was overall stable and ended 2021 with a rise. On the two bourses in Shanghai and Shenzhen, 484 companies raised RMB 535.2 billion yuan through their market debuts and 546 companies raised additional capital through secondary offerings; daily trading volume averaged at RMB 1.06 trillion yuan. Both market vitality and resilience improved substantially. By yearend of 2021, asset under management of the mutual fund industry exceeded a historic high of RMB 25 trillion yuan. A-share market saw a net inflow of foreign capital, totaling RMB 384.6 billion yuan, the highest in the past five years. On the futures market, live hog futures was launched for trading. The contracts, with trading volume and open interest growing steadily over the year, have performed well and gradually function as a guide for pork producers. Guangzhou Futures Exchange and China Commodity Indices Co., Ltd went into operation, further strengthening the institutional structure of the mainland futures market. In addition, we introduced the first batch of commodity options as designated products for foreign investors to further widen foreign access. Also in 2021, daily trading volume and open interest on the futures market averaged at 31 million and 28 million, both setting new historic records. The futures market is becoming more adapted to meet the needs of the real economy. On the exchange-traded bond market, the market operation was overall stable, with new bond issuance in the year approximating RMB 8.7 trillion yuan. It is fair to say that, in 2021, the mainland capital markets, through betterment of scale and structure, have made concrete and solid contributions to the real economy.
Distinguished guests,
The CSRC highly values the complementary advantages and synergized development of the two markets, and keeps deepening capital markets cooperation with our Hong Kong counterparts on multiple fronts and areas, unaffected by challenges from the pandemic or the external environment. New breakthroughs and highlights have been seen in our pragmatic cooperation to connect the two markets, offer more products, empower financial institutions, and facilitate regulatory actions. On market and product connectivity, with joint efforts, successive Stock Connect inclusion arrangements were made for shares of companies with weighted voting rights (WVR), eligible pre-revenue bio-tech companies listed in Hong Kong, and eligible A-shares listed on the STAR Market. Products under ETF cross-listing scheme started trading. And both sides reached a consensus on adding ETFs to the Stock Connect schemes. The CSRC also supported the listing of MSCI China A50 Connect Index Futures in Hong Kong, which makes it more convenient for international investors to manage risk exposures and enhances Hong Kong’s ability to attract and serve global capital. On financing by mainland companies in Hong Kong, the CSRC has always supported qualified mainland companies to list and raise capital in Hong Kong. As of the end of 2021, there are a total of 1222 mainland companies listed in Hong Kong, accounting for 47% of all listed companies here. Going public in Hong Kong not only allows mainland companies to access global capital and invigorate better development, but also provides a unique opportunity for international investors to share the dividends of China’s sustained and steady economic growth. Currently, the CSRC is soliciting public opinions on the revised regulatory rules on overseas listings. We believe that the draft rules, when taking effect, will foster a sound and more predictable regulatory environment for overseas listings and better protect the legitimate rights of global investors. On cross-border operation of financial institutions, currently there are 9 joint-venture securities companies and 2 joint-venture fund management companies with Hong Kong funding, and 1 futures company wholly owned by a Hong Kong-based institution operating in the mainland market. Meanwhile, 34 mainland-based securities companies, 25 mainland-based fund managers and 17 mainland-based futures companies have established branches in Hong Kong or acquired or invested in Hong Kong institutions. On regulatory cooperation, the CSRC and the HK SFC have established regular meeting mechanisms on leadership and working levels, through which to have improved institutional arrangement for cross-border risk prevention and cross-border derivatives regulatory cooperation, and fostered close ties in day-to-day regulation, enforcement assistance, information sharing and personnel exchange, setting up effective regulatory guardrails for market stability on both sides.
Distinguished guests, dear friends,
Looking into the future, the world continues to be reshaped by great uncertainties. Profound changes in global political and economic landscapes could further complicate and imperil economic recovery and sustainable development around the world. Against such backdrop, the role of Hong Kong as the mainland’s financial gateway to the world will be further strengthened. The CSRC will continue to support Hong Kong in cementing its status as an international financial hub and will work to create greater synergy for market development on both sides by leveraging respective advantages. We sincerely welcome more concrete and constructive suggestions from you on the ways to deepen capital markets cooperation between the mainland and Hong Kong.
Last but not least, I wish the forum a full success. Thank you!
（来源：中国证监会发布）
