Experts in the Mainland and Hong Kong Capital Markets and Integlector Deepen Experts Suggestions Integrate Integration as soon as possible.

2Jul

Wen | Meng Ke

July 1, 2022 is the 25th anniversary of the return of Hong Kong to the motherland. Over the past 25 years, the interconnection of the capital markets of the two places has not only accelerated the in -depth integration of the Mainland and the Hong Kong capital market, but also ensured the healthy and stable development of the capital markets of the two places. Data from Oriental Fortune Choice shows that since the opening of the Shanghai -Shenzhen -Hong Kong Stock Connect, as of July 1 this year, the cumulative net purchase amount in northbound funds was 1.7 trillion yuan, and the cumulative net purchase amount in the southbound funds was 2.06 trillion yuan. Chen Li, chief economist of Chuancai Securities, said in an interview with the Securities Daily that the interconnection has promoted the two -way opening of the capital market between the two places. Attraction has improved liquidity, and further promotes the multi -level and diversified development of financial markets in the two places. At the same time, it also provides a variety of financial support for listed companies to meet the company's different types of financing needs and promote the high -quality development of enterprises. Optimized market structures and Shenzhen -Hong Kong Connect were opened in 2014 and 2016, respectively. Zhou Maohua, a macro researcher at the Everbright Bank Financial Market Department, said in an interview with the Securities Daily that since the operation of the interconnection mechanism, it has promoted the optimization of market structures in the two places and injected more long -term institutional investors in the A -share market, enriched and optimized A shares investor structure. In addition, the interconnection mechanism has also promoted the accelerated improvement of market systems and laws in the two places, and promoting cross -border regulatory law enforcement and risk prevention capabilities. "For investors, interconnection has increased the investment channels of domestic and overseas investors, simplifying the procedures for entering the market, and improving the convenience of investors to invest in the capital markets of the two places." Chen Li said. Judging from the adjustment of the Shanghai -Shenzhen -Hong Kong Stock Connect bidding, since this year, the Shanghai Stock Connect has been included in 40 stocks, and the Shenzhen Stock Connect is newly included in 76 stocks. From the perspective of the industry, the proportion of biomedicine, computers, and chemical industries has 15, 14, and 11 respectively. In Zhou Maohua's view, the newly included stock technology attributes have been significantly improved, which is in line with the development direction of national strategic emerging industries and has a broad prospect. The connotation has continued to enrich in recent years, and the regulatory authorities have continued to improve the Shanghai -Shenzhen -Hong Kong -connected mechanism. For example, on June 24, the CSRC issued the "Announcement on the Integrated Arrangement of Transaction Open Fund Integrated Fund", which clarified that the interconnection and interoperability mechanism of the mainland and Hong Kong stock markets expanded to the transaction open -type fund. On the same day, the Securities and Futures Commission issued the "Decision on Amending the" Several Provisions on the Interconnection Mechanism of the Mainland and the Hong Kong Stock Market Transaction ", which clarified that the Shanghai Stock Connect and Shenzhen Stock Connect investors did not include mainland investors, regulating mainland investors' return transactions, right "Fake foreign capital" strictly supervised. On July 1, the Ministry of Finance, the State Administration of Taxation, and the Securities and Futures Commission jointly issued an announcement on the increasing tax policy issues after the interconnection mechanism of the Mainland and the Hong Kong stock market transaction interoperability. After the interconnection mechanism with the Hong Kong stock market transaction, the current mainland and Hong Kong funds are applied to the relevant tax policies of the Mainland and Hong Kong funds. "At this stage, there is still a problem with the relatively high threshold for entering the market and the variety of transaction varieties. Whether it is Shanghai, Shenzhen, Hong Kong or ETF, it is still only part of the trading varieties of the two markets. In this context, it is recommended to continue to promote the reform of the interconnection system and incorporate more transaction varieties and transaction methods as soon as possible to improve the international competitiveness of the capital markets of the two places.

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