The chairman of the China Securities Regulatory Commission, Yi Huiman, announced on Thursday that the Shanghai Stock Exchange had officially opened its stock market. He also said that in the near future, the SFC will launch nine new measures to open up to the outside world, including further facilitating the participation of foreign institutional investors in China's capital market and expanding the opening up of the exchange bond market.
He pointed out at the Lujiazui Forum that we should firmly promote the opening up of capital markets, promote the revision of QFII/RQFII (Qualified Overseas Institutional Investors/RMB Qualified Overseas Institutional Investors) rules and regulations, and further facilitate the participation of foreign institutional investors in China's capital market.
He also said that foreign shareholders of joint venture securities and fund management companies would be allowed to achieve "one participation and one control" in accordance with the principle of consistency between domestic and foreign investment. Rationally set up the qualification requirements of controlling shareholders, especially the net assets requirements of comprehensive securities companies. Due consideration should be given to the asset size and business experience of parent banks of foreign banks, and the access restrictions for foreign banks to engage in securities investment fund trusteeship business in China should be relaxed. We will comprehensively push forward the reform of "full circulation" of H shares.
In addition, we will continue to open up the futures market and expand the scope of specific futures. The restrictions on private equity products managed by foreign private equity fund managers to participate in "Hong Kong Stock Exchange" transactions will be relaxed. We will study and expand the opening up of the exchange bond market and expand channels for foreign institutional investors to enter the exchange bond market. We will study and formulate measures for managing Panda Bonds on exchanges to facilitate the issuance of bonds and financing by overseas institutions.
Yi Huiman also said that in the process of opening up, we will continue to improve risk monitoring and early warning mechanism, do a good job in preventing and responding to imported risks, effectively maintain the normal order of cross-border investment and financing activities, and keep the bottom line of non-systemic financial risks.
"In recent years, although the uncertainty of the capital market is increasing due to certain events, we are fully confident, capable and have sufficient tool reserves to meet the challenges of various complex situations," he said.
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