CSRC Vice Chairman Li Chao: Fully support Hong Kong in consolidating and enhancing its status as an international financial center.

On November 3, at the Global Financial Leaders' Investment Summit, Li Chao, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated that consolidating and enhancing Hong Kong's status as an international financial center is a major national strategy and an inevitable requirement for accelerating the building of a financial powerhouse. He was pleased to see that Hong Kong has released its first five-year plan in history, actively integrating into the country's overall development and proposing a series of pragmatic measures. The CSRC will earnestly implement the central government's arrangements, follow the "five synergies" new cooperation model proposed by CSRC Chairman Wu Qing in Hong Kong in August this year, solidly advance practical cooperation between the mainland and Hong Kong capital markets, deepen two-way opening-up, and fully support Hong Kong in consolidating and enhancing its status as an international financial center. First, further enhance cross-border investment and financing facilitation. Li Chao said: "We will accelerate the inclusion of RMB stock trading counters in Stock Connect, implement the optimization plan for the qualified foreign investor system, and provide a more convenient and efficient institutional environment. We support domestic enterprises with needs to expand their international footprint in listing in Hong Kong, so as to better promote the two markets in jointly serving the development of new quality productive forces." Second, further deepen all-round opening-up of markets, products, and institutions. Li Chao stated that we will coordinate the high-level opening-up of the bond and futures markets, strengthen cooperation between the two markets, develop more indices linked to Chinese assets and ETF products aligned with China's modern industrial system, and better meet international investors' needs for diversified asset allocation and risk management. We support quality mainland institutions in using Hong Kong as a "bridgehead" to go global and accelerate the building of first-class investment banks and investment institutions. Third, further strengthen cross-border regulatory collaboration. Li Chao stated that the CSRC will better balance opening-up and security, deepen cross-border regulatory collaboration with relevant regulatory authorities, strengthen monitoring and identification of cross-border capital flow risks, enhance the effectiveness of penetrating supervision and risk prevention, crack down in accordance with the law on illegal business activities such as cross-border operations conducted in violation of regulations, and deepen information sharing and regulatory coordination in emerging business areas such as real-world asset tokenization. Fourth, further deepen participation in global financial governance reform. Li Chao said: "We will work closely with Hong Kong's financial regulators, deeply participate in the formulation of relevant international rules for global capital markets and research in frontier areas, and contribute more Chinese wisdom and Chinese solutions to global financial governance." Li Chao pointed out that at present, China's economy shows a sound development trend of new momentum and improved structure, and the safety value, resilience value, and innovation value of China's capital market are continuously attracting attention and recognition from all parties. He said: "We firmly believe that the mainland and Hong Kong capital markets will become even more vibrant in coordinated development. Taking this opportunity, we also warmly welcome more international investors and financial institutions to invest and do business in China, actively participate in the development of the mainland and Hong Kong capital markets, and better share the fruits of China's high-quality economic development."