Today's Viewpoint: Strict management of "fake foreign capital" is conducive to the high level of capital market opening to the outside world

Today's Viewpoint: Strict management of "fake foreign capital" is conducive to the high level of capital market opening to the outside world

The heavy documents of cleaning up "fake foreign capital" are officially implemented! The two -way opening of the capital market continues to move towards a higher level.

On June 24, the China Securities Regulatory Commission issued the "Decision on Modifying the" Several Provisions on the Interconnection Mechanism of the Mainland and the Hong Kong Stock Market Transaction "." Trading behavior. It is required to be implemented from July 25, 2022. This means that from the date of the implementation of the new regulations, the Hong Kong brokers in Hong Kong may no longer open a new Shanghai -Shenzhen stock transaction permissions for mainland investors.

Clean up "fake foreign capital" is a necessary move for high -level openness in my country's capital market. It is not only conducive to optimizing the investment environment of the capital market, attracting more "true foreign capital" to accelerate the entry, but also conducive to the steady advancement operation of the interconnection mechanism It is conducive to continuously promoting the breadth and depth of high -level openness in the capital market.

The original intention of the Shanghai -Shenzhen -Stock Stock Connect mechanism was to allow foreign investors to invest in A shares conveniently under the interconnection mechanism through the interconnection mechanism through the Hong Kong broker of China. As of June 26 this year, the cumulative net inflow of Northbound funds has been underwritten of 62.730 billion yuan. With the continuous growth of the transaction amount, the influence of Shanghai -Shenzhen -Hong Kong Stock Connect on the capital markets of the two places is gradually increasing. The Shanghai -Shenzhen -Hong Kong Stock Connect has become an important window for the two -way opening of the capital market.

However, in recent years, some mainland investors have opened a securities account in Hong Kong, China, and traded A shares through Shanghai and Shenzhen Stocks. More than 98%of these investors have opened mainland securities accounts to directly participate in A shares transactions. Although the overall size of such transactions is not large, and the transaction amount accounts for only about 1%in the north direction trading, if such behaviors are not cleaned in time, it will have a negative impact on the A -share market.

On the one hand, disrupting market order and misleading investment decisions. Northern Fund has always been called "smart funds" by the market. It is mainly based on value investment and long -term investment. Many investors use it as an important reference for investment. Investment and transactions will cause mistakes in transaction decision -making and judgment.

On the other hand, increase the risk of cross -border violations. Some domestic funds are suspected of evading supervision in the "vests" of foreign capital. Previously, cases disclosed by the China Securities Regulatory Commission's use of the Shanghai -Shenzhen -Hong Kong Stock Exchange's cross -border manipulation market have also confirmed the impure purpose of some "fake foreign capital". This behavior not only increases the difficulty of supervision, but also is not conducive to the healthy development of Shanghai and Shenzhen.

Therefore, supervision decisively clean up the "fake foreign capital", which is not only timely but also very necessary. With the timely cleanup of "fake foreign capital", the investment environment of "true foreign capital" will be more optimized. At the same time, further strengthening the identity of investors' identity is also an important part of improving cross -border capital monitoring and risk early warning mechanisms. More It is an inevitable requirement for the high -level and two -way opening of the capital market.

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