The Hong Kong Special Administrative Region (HKSAR) government is set to play a larger role in opening the Chinese mainland's capital market, Chief Executive John Lee announced on Sunday.
Lee highlighted that by September, the total turnover of northbound transactions through the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connects had exceeded 21 trillion yuan (approximately $2.96 trillion), while southbound trading surpassed 6 trillion Hong Kong dollars (around $0.8 trillion).
To further advance market integration, the HKSAR government will promote RMB internationalization, explore the feasibility of launching offshore RMB sovereign bond futures, and encourage more companies from the Chinese mainland and overseas to go public in Hong Kong.
The announcement was made during the closing ceremony of a parallel session of the Annual Conference of Financial Street Forum 2024 held in Hong Kong. The conference, themed \"Trust and Confidence – Work Together to Promote Financial Openness, Cooperate for Shared Economic Stability and Growth,\" attracted over 500 representatives from 30 countries and regions, with sessions also taking place in Luxembourg and Tokyo alongside main events in Beijing.
Reference(s):
John Lee: HKSAR to play larger role in opening mainland capital market
cgtn.com
