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

2022-01-10 19:50:45 - 中国证监会网站

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!

CloserCapitalMarketsCooperationforGreaterSynergy

betweentheMainlandandHongKong

Speechatthe15thAsianFinancialForum2022

—byDr.FangXinghai,ViceChairman

ofChinaSecuritiesRegulatoryCommission

10January,2022

HonorableChiefExecutiveMrs.CarrieLam,

ChairmanofHKTDCDr.PeterLam,

Distinguishedguests,ladiesandgentlemen:

Goodmorning!Itismygreatpleasureto joinyouatthe15thAsianFinancialForum.Firstofall,onbehalfofChinaSecuritiesRegulatoryCommission(CSRC),I’dliketoextendmywarmcongratulationsontheopeningofthisyear’sforum.Lookingbackon2021,undertheableleadershipoftheHKSARgovernment,HongKonghasmademuchhard-wonachievementsinsecuringeconomicrecovery,maintainingfinancialrobustness,andpreservingsocialstability.Takingthisopportunity,I’dalsoliketobrieflydiscussthelatestdevelopmentofthemainlandcapitalmarketsandourcooperationwithHongKong.

In2021,themainlandeconomysustainedstrongmomentumunderthefirmleadershipoftheCPCCentralCommitteeandtheStateCouncil.Themainlandcapitalmarketshaveovercomemultiplerisksandchallenges,bothinternalandexternal,andremainedsoundandstablethroughouttheyear.Deepeningreformandopening-uphasmadenewbreakthroughs,empoweringthecapitalmarketstobetterservehigh-qualityeconomicdevelopment. Onthestockmarket,BeijingStockExchangeopenedforbusiness.Thepilotregistration-basedIPOregimeontheSTARMarketandChiNextrolledoutsmoothly.A-sharesmarketwasoverallstableandended2021witharise.OnthetwoboursesinShanghaiandShenzhen,484companiesraisedRMB535.2billionyuanthroughtheirmarketdebutsand546companiesraisedadditionalcapitalthroughsecondaryofferings;dailytradingvolumeaveragedatRMB1.06trillionyuan.Bothmarketvitalityandresilienceimprovedsubstantially.Byyearendof2021,assetundermanagementofthemutualfundindustryexceededahistorichighofRMB25trillionyuan.A-sharemarketsawanetinflowofforeigncapital,totalingRMB384.6billionyuan,thehighestinthepastfiveyears. Onthefuturesmarket,livehogfutureswaslaunchedfortrading.Thecontracts,withtradingvolumeandopeninterestgrowingsteadilyovertheyear,haveperformedwellandgraduallyfunctionasaguideforporkproducers.GuangzhouFuturesExchangeandChinaCommodityIndicesCo.,Ltdwentintooperation,furtherstrengtheningtheinstitutionalstructureofthemainlandfuturesmarket.Inaddition,weintroducedthefirstbatchofcommodityoptionsasdesignatedproductsforforeigninvestorstofurtherwidenforeignaccess.Alsoin2021,dailytradingvolumeandopeninterestonthefuturesmarketaveragedat31millionand28million,bothsettingnewhistoricrecords.Thefuturesmarketisbecomingmoreadaptedtomeettheneedsoftherealeconomy. Ontheexchange-tradedbondmarket,themarketoperationwasoverallstable,withnewbondissuanceintheyearapproximatingRMB8.7trillionyuan.Itisfairtosaythat,in2021,themainlandcapitalmarkets,throughbettermentofscaleandstructure,havemadeconcreteandsolidcontributionstotherealeconomy.

Distinguishedguests,

TheCSRChighlyvaluesthecomplementaryadvantagesandsynergizeddevelopmentofthetwomarkets,andkeepsdeepeningcapitalmarketscooperationwithourHongKongcounterpartsonmultiplefrontsandareas,unaffectedbychallengesfromthepandemicortheexternalenvironment.Newbreakthroughsandhighlightshavebeenseeninourpragmaticcooperationtoconnectthetwomarkets,offermoreproducts,empowerfinancialinstitutions,andfacilitateregulatoryactions. Onmarketandproductconnectivity,withjointefforts,successiveStockConnectinclusionarrangementsweremadeforsharesofcompanieswithweightedvotingrights(WVR),eligiblepre-revenuebio-techcompanieslistedinHongKong,andeligibleA-shareslistedontheSTARMarket.ProductsunderETFcross-listingschemestartedtrading.AndbothsidesreachedaconsensusonaddingETFstotheStockConnectschemes.TheCSRCalsosupportedthelistingofMSCIChinaA50ConnectIndexFuturesinHongKong,whichmakesitmoreconvenientforinternationalinvestorstomanageriskexposuresandenhancesHongKong’sabilitytoattractandserveglobalcapital. OnfinancingbymainlandcompaniesinHongKong,theCSRChasalwayssupportedqualifiedmainlandcompaniestolistandraisecapitalinHongKong.Asoftheendof2021,thereareatotalof1222mainlandcompanieslistedinHongKong,accountingfor47%ofalllistedcompanieshere.GoingpublicinHongKongnotonlyallowsmainlandcompaniestoaccessglobalcapitalandinvigoratebetterdevelopment,butalsoprovidesauniqueopportunityforinternationalinvestorstosharethedividendsofChina’ssustainedandsteadyeconomicgrowth.Currently,theCSRCissolicitingpublicopinionsontherevisedregulatoryrulesonoverseaslistings.Webelievethatthedraftrules,whentakingeffect,willfosterasoundandmorepredictableregulatoryenvironmentforoverseaslistingsandbetterprotectthelegitimaterightsofglobalinvestors. Oncross-borderoperationoffinancialinstitutions,currentlythereare9joint-venturesecuritiescompaniesand2joint-venturefundmanagementcompanieswithHongKongfunding,and1futurescompanywhollyownedbyaHongKong-basedinstitutionoperatinginthemainlandmarket.Meanwhile,34mainland-basedsecuritiescompanies,25mainland-basedfundmanagersand17mainland-basedfuturescompanieshaveestablishedbranchesinHongKongoracquiredorinvestedinHongKonginstitutions. Onregulatorycooperation,theCSRCandtheHKSFChaveestablishedregularmeetingmechanismsonleadershipandworkinglevels,throughwhichtohaveimprovedinstitutionalarrangementforcross-borderriskpreventionandcross-borderderivativesregulatorycooperation,andfosteredclosetiesinday-to-dayregulation,enforcementassistance,informationsharingandpersonnelexchange,settingupeffectiveregulatoryguardrailsformarketstabilityonbothsides.

Distinguishedguests,dearfriends,

Lookingintothefuture,theworldcontinuestobereshapedbygreatuncertainties.Profoundchangesinglobalpoliticalandeconomiclandscapescouldfurthercomplicateandimperileconomicrecoveryandsustainabledevelopmentaroundtheworld.Againstsuchbackdrop,theroleofHongKongasthemainland’sfinancialgatewaytotheworldwillbefurtherstrengthened.TheCSRCwillcontinuetosupportHongKongincementingitsstatusasaninternationalfinancialhubandwillworktocreategreatersynergyformarketdevelopmentonbothsidesbyleveragingrespectiveadvantages.WesincerelywelcomemoreconcreteandconstructivesuggestionsfromyouonthewaystodeepencapitalmarketscooperationbetweenthemainlandandHongKong.

Lastbutnotleast,Iwishtheforumafullsuccess.Thankyou!