Rui Tang, Deputy General Manager of Shenzhen Stock Exchange: Promote high-level opening up and enhance the influence of A-share pricing

On December 5, Rui Tang, deputy general manager of the Shenzhen Stock Exchange, stated at the 17th China (Shenzhen) International Futures Conference that as a key task of comprehensively deepening the reform of the capital market, accelerating the high-level opening of the capital market is to enhance China’s pricing influence an important channel.

In recent years, the Shenzhen Stock Exchange has focused on the overall goal of “creating a standardized, transparent, open, dynamic and resilient capital market”, and has implemented the policy of “building a system, non-intervention, and zero tolerance” and “four awes and one force”. It is required to conscientiously implement the various reform tasks of the China Securities Regulatory Commission in opening up to the outside world, coordinate development and security, and continue to enhance the influence of A-share pricing with deep reform thinking and open cooperation methodologies.

On the one hand, the Shenzhen Stock Exchange continues to promote high-level opening to the outside world and promote the interconnection of capital markets.

Rui Tang believes that advancing the interconnection of capital markets is conducive to promoting the global allocation of resource elements and the efficient operation of the economic and financial system.

The Shenzhen Stock Exchange is a product of China's reform and opening up. It has always adhered to opening up and continuously expanded its opening. It has signed a memorandum of understanding with 52 exchanges and market institutions around the world, continues to strengthen cross-border cooperation, and actively attracts more international institutional investors to participate in the Shenzhen Stock Exchange market. As of the end of October this year, foreign investors accounted for 5% of the market capitalization of Shenzhen Stock Exchange, and this year's turnover accounted for 8%.

On the other hand, the Shenzhen Stock Exchange promotes the coordinated development of the Shenzhen and Hong Kong capital markets and improves the types of cross-border investment and financing products. Rui Tang said that the Shenzhen Stock Exchange leveraged its advantages of "connecting Hong Kong and facing the world" to provide cross-border information display services for the first batch of offshore RMB local government bonds (issued by the Shenzhen government), and help the integration of financial services in the Guangdong-Hong Kong-Macao Greater Bay Area;

After the launch of HSTECHF and MSCI China A50 Interconnection Index Futures in the Hong Kong market, the Shenzhen Stock Exchange launched five ETF products linked to the corresponding indexes, which further enriched the Shenzhen Stock Exchange’s cross-border ETF product system and promoted the interconnection between the Mainland and Hong Kong. The two-wheel drive pattern of matching futures and spot.

"The sustained growth of China's economy and the huge development potential of the capital market provide rare opportunities for global investors." Institutional arrangements for overseas investment and financing, improve the level of connection between domestic and foreign rules and infrastructure interconnection, and continuously enrich the channels and products of cross-border investment.

Improve and expand the Shenzhen-Hong Kong Stock Connect mechanism, optimize the way for foreign institutional investors to participate in the exchange bond market, expand ETF interconnection channels, enrich the stock option product system, promote the research and development of Shenzhen stock index futures, and provide international investors with more diversified investment options and risk management tools to promote the establishment of a larger, broader, and deeper opening-up pattern, and continue to enhance China’s pricing influence.

深交所副总经理唐瑞：推进高水平开放 提升A股定价影响力

12月5日，深交所副总经理唐瑞在第17届中国（深圳）国际期货大会上表示，作为全面深化资本市场改革的重点任务，加快推进资本市场高水平开放是提升中国定价影响力的一个重要渠道。近年来，深交所围绕“打造一个规范、透明、开放、有活力、有韧性的资本市场”的总目标，践行“建制度、不干预、零容忍”方针和“四个敬畏、一个合力”要求，认真贯彻落实中国证监会对外开放各项改革任务，统筹发展与安全，用深化改革的思维和开放合作的方法论，持续提升A股定价影响力。

一方面，深交所持续推动高水平对外开放，促进资本市场互联互通。唐瑞认为，推进资本市场互联互通，有利于促进资源要素全球配置和经济金融体系高效运转。深交所是中国改革开放的产物，始终坚持对外开放并不断扩大开放，已与全球52家交易所、市场机构签订谅解备忘录，持续加强跨境合作，积极吸引更多国际机构投资者参与深交所市场。截至今年10月底，境外投资者持股占深市流通市值的5%，今年以来成交占比为8%。

另一方面，深交所推动深港资本市场协同发展，完善跨境投融资产品种类。唐瑞表示，深交所发挥“连接香港、面向国际”优势，为（深圳市政府发行的）首批离岸人民币地方政府债券提供跨境信息展示服务，助力粤港澳大湾区金融服务一体化；在香港市场推出恒生科技指数期货和MSCI中国A50互联互通指数期货后，深交所推出了5只挂钩相应指数的ETF产品，进一步丰富了深市跨境ETF产品体系，推进内地与香港互联互通，形成期货与现货相互配套、双轮驱动的格局。

“中国经济的持续增长和资本市场的巨大发展潜力，为全球投资者提供了难得的机遇。”唐瑞表示，深交所将立足湾区、面向全球，持续推动资本市场制度性双向开放，完善跨境投融资制度安排，提升境内外规则衔接、基础设施互联互通水平，不断丰富跨境投资的渠道和产品，完善和拓展深港通机制，优化境外机构投资者参与交易所债券市场方式，拓展ETF互联互通渠道，丰富股票期权产品体系，推进深市股指期货研发，为国际投资者提供更加多元化的投资选择和风险管理工具，推动构建更大范围、更宽领域、更深层次的对外开放格局，持续提升中国定价影响力。（徐蔚）