On June 13, Chairman Yi Huiman of China Securities Regulatory Commission announced at the Lujiazui Forum nine policy measures to further expand the opening of the capital market to the outside world. In this regard, the responsible person of the CSRC responded to the questions raised by the reporters.
1. Question: What is the background of the introduction of these nine open measures?
Answer: The introduction of these nine opening measures is a concrete measure taken by the CSRC to implement the measures taken by the CPC Central Committee and the State Council to speed up the opening up of the financial industry. Since Chairman Xi Jinping announced a series of policies to expand opening up at the annual meeting of the Boao Forum for Asia in 2018, the CSRC has actively promoted the implementation of various capital market opening initiatives and achieved good results, which has been widely welcomed by the international community. The proportion of foreign shareholdings of joint venture securities companies, fund management companies and futures companies has been greatly relaxed, and the scope of business has been treated as national treatment; the daily quota of Shanghai, Shenzhen and Hong Kong Stock Connect has been greatly increased; and the "Shanghai-London Stock Connect" project between China and the UK is about to start. Reform and opening up is the only way to develop China's capital market in the new era, and an important driving force to promote the common prosperity of the global capital market. After thorough research and demonstration, the CSRC will promote and implement nine measures to further expand the opening of capital market and industry, facilitate the entry of foreign long-term funds into China's capital market, encourage foreign high-quality securities fund futures operators to come to China to exhibit, promote healthy competition in the industry, improve the service level of the industry, and jointly build a standardized, transparent, open, dynamic and resilient industry. The capital market has made positive contributions to better meet the needs of high-quality economic development and the people for high-quality financial services.
2. Question: What are the specific contents of the nine opening-up measures?
A: First, we will promote the revision of QFII/RQFII rules and regulations to further facilitate the participation of foreign institutional investors in China's capital market.
The CSRC is working on revising the rules of QFII and RQFII systems. It will further improve the system of qualified foreign institutional investors, which is open, transparent, easy to operate and risk-controllable, mainly from the following aspects: unifying QFII, RQFII access standards, expanding investment scope, enhancing the convenience of investment operation, and strengthening continuous supervision. At present, the relevant rules have been completed to solicit opinions publicly and will be issued and implemented after the implementation of legal procedures.
Second, in accordance with the principle of consistency between domestic and foreign investment, foreign shareholders of joint venture securities and fund management companies are allowed to achieve "one in and one control".
In order to implement the requirements of the Central Committee of the Party and the State Council for the full implementation of the management system of national treatment plus negative list before admission, the CSRC will allow foreign shareholders to exercise "one-in-one control" over joint venture securities companies and joint venture fund management companies in accordance with the principle of the consistency of domestic and foreign investment, that is, to allow no more than two securities companies (fund management companies) to be participated by an foreign institution and the number of its controlled stock securities companies (fund management companies) shall not exceed one.
Third, in accordance with the principle of consistency between domestic and foreign investment, the net assets requirements of controlling shareholders of comprehensive securities companies should be set reasonably.
Earlier, in order to further strengthen the supervision of stock ownership of securities companies, the CSRC drafted the Regulations on Stock Ownership Management of Securities Companies, and solicited public opinions from March 30 to April 29, 2018. All sectors of the society generally pay attention to the regulation that the net assets of controlling shareholders of comprehensive securities companies should not be less than RMB 100 billion and the total revenue of main business in the last three years should not be less than RMB 100 billion, and put forward good suggestions for revision. The CSRC will absorb and adopt reasonable suggestions from all parties and, on the premise of meeting the requirements of risk management, appropriately reduce the net assets requirements of controlling shareholders of comprehensive securities companies and apply them to both domestic and foreign controlling shareholders. This provision will be promulgated and implemented after the implementation of legal procedures.
Fourthly, we should consider the asset scale and business experience of the parent banks of foreign banks and relax the access restrictions for foreign banks to engage in securities investment fund trusteeship business in China.
At present, foreign banks applying for securities investment fund trusteeship qualification need to have the qualification of settlement participants at the same time, but most foreign banks are difficult to meet the qualification of settlement participants because their net assets do not meet the relevant requirements. Considering that some of the parent banks of foreign banks have excellent qualifications and rich experience in trusteeship, the CSRC will rationally adjust the arrangements for foreign banks to engage in securities investment fund trusteeship business in order to better meet the diversified needs of trusteeship in the market. For high-quality foreign banks, they are allowed to apply for the custody qualification of securities investment funds separately, and the clearing responsibility is assumed by qualified institutions. Accordingly, the CSRC has approved the securities investment fund trusteeship business of Standard Chartered Bank and supported eligible foreign banks to apply for such qualifications in accordance with the law and regulations.
Fifth, push forward the reform of "full circulation" of H shares in an all-round way to better serve the development of enterprises.
In order to solve the problem of overseas listing and circulation of stock shares of overseas listed companies (H-share companies), including stock shares held by domestic shareholders before overseas listing, domestic equity issued after overseas listing and unlisted foreign capital shares formed by shares held by domestic shareholders transferred by foreign shareholders, hereinafter referred to as "stock shares"), the issue of overseas listing and circulation is dealt with through the state. With the approval of the State Council, the CSRC launched a pilot "full circulation" of H shares in 2018. About 7.1 billion stock shares held by 27 shareholders of China Aviation Science and Technology, Lenovo Holdings and Weigao Shares were allowed to be converted into H shares and listed and circulated on the Hong Kong Stock Exchange. The pilot project was completed smoothly and achieved good results. On the basis of the pilot project, the CSRC and the relevant parties have carefully studied and evaluated that the "full circulation" of H shares has met the conditions for its full implementation.
At present, the CSRC, together with the relevant parties, is actively carrying out preparatory work for the full circulation of H shares in accordance with the plan approved by the State Council, and will issue relevant work guidelines as soon as possible to guide relevant companies and shareholders to carry out the safe circulation of H shares.
The sixth is to increase the opening of the futures market and expand the scope of specific varieties.
In 2018, crude oil, iron ore and PTA futures were opened to international investors as specific varieties. The market operation was generally stable, and overseas customers participated in an orderly manner. More than a year after the crude oil futures market went public, the proportion of foreign investors' transactions and positions reached 10% and 16% respectively. After the opening of iron ore and PTA futures, the international influence of prices continues to increase. With the gradual opening of the futures market, institutional arrangements such as transaction settlement and risk management have undergone practical tests, laying a good foundation for the subsequent expansion of the scope of openness.
At present, the CSRC is actively researching and promoting the listing of qualified commodity futures and options as specific varieties, while constantly improving the rules and regulations, continuously expanding the high level of the futures market, and further enhancing the international influence of China's commodity prices. The business provides price reference and risk management tools.
The seventh is to open up the restrictions on the private equity products managed by foreign private equity investment fund managers participation in the “Hong Kong Stock Connect” transaction.
In June 2016, the China Securities Regulatory Commission issued relevant policies to allow private equity investment fund management institutions (referred to as “foreign private equity”) with a foreign shareholding ratio of more than 49% to register with the China Securities Investment Fund Association (the “Fund Industry Association”). Up to now, 19 foreign-owned private equity investment funds such as Fidelity, UBS Asset Management, Man Group, Schroder and Bridgewater Investment have been registered in the fund industry association, and 38 fund products have been filed. The scale of funds size is 5.2 billion yuan. At present, the overall private equity of foreign investment is running smoothly.
In order to further expand the opening up of the financial industry, create a good business environment, enrich the types of foreign private equity products, and meet the needs of the industry and the market, the CSRC will follow the principle of consistency between domestic and foreign capital, and open up foreign private equity through the ‘Hong Kong Stock Connect’ investment in the Hong Kong stock market. It also guides the fund industry association to file the fund products which contains ‘Hong Kong Stock Connect’ issued by foreign private equity, and grant foreign private equity as national treatment.
Eight is to study the expansion of the exchange bond market to open to the outside world and expand the channels for foreign institutional investors to enter the exchange bond market.
In recent years, the inter-bank bond market has actively attracted foreign institutional investors to participate in the process of broadening investment channels and simplifying access procedures, achieving remarkable results. In order to expand the opening of the exchange bond market and draw on the open experience of the inter-bank bond market for overseas institutional investors and “Bond Connect”, the CSRC is actively studying ways to expand the access of foreign institutional investors into the exchange bond market to improve investors’ structure, and abundant diversified source of funds.
In the next step, the CSRC will actively communicate and coordinate with relevant ministries and commissions to study the relevant policies and specific implementation plans for foreign institutional investors to enter the exchange bond market.
Nine is to study and formulate the management measures for the exchange of panda bonds, and further facilitate the financing of foreign institutions.
In December 2015, the pilot project of the panda bond in the exchange bond market was launched. As of the end of May 2019, a total of 24 issuers had issued a total of 123.6 billion Panda bonds in the exchange bond market, achieving positive results. By issuing panda bonds directly to raise funds in China, overseas institutions are conducive to enriching domestic debt investment products, boosting the internationalization of the RMB, and promoting regional cooperation in the “The Belt and Road”.
In the next step, the CSRC will work with relevant ministries to study and formulate the Interim Measures for the Administration of Bond Issuance for Overseas Institutions in the Exchange Bond Market to further clarify the scope of overseas issuers, address the application of accounting standards, and provide more sufficient institutional guarantee for the healthy development of Panda bonds in the exchange market..
3. Question: How to implement these 9 measures for opening up?
answer: In the next step, the CSRC will strengthen communication and coordination with relevant departments, accelerate the revision of relevant laws and regulations, and improve the supporting system, and solidly promote the implementation of the above-mentioned opening-up measures. Strengthen communication with overseas financial institutions and institutional investors, and do a good job in policy consultation. Continue to deepen cross-border supervision and law enforcement cooperation with overseas regulatory agencies to jointly crack down on cross-border violations. At the same time, the CSRC will also do a dynamic assessment of policy implementation effectiveness, improve risk monitoring, early warning and response mechanisms, strengthen prudential supervision and risk prevention, maintain the security and stability of the financial system, and promote the long-term stable and healthy development of the capital market.

证监会有关负责人就进一步扩大资本市场对外开放答记者问
6月13日，中国证监会主席易会满在陆家嘴论坛上宣布了进一步扩大资本市场对外开放的9项政策措施。就此，证监会有关负责人回答了记者提出的问题。
一、问：这9项开放措施出台的背景是什么？
答：出台这9项开放措施是证监会贯彻落实党中央、国务院关于加快推进金融业对外开放的具体举措。习近平主席在博鳌亚洲论坛2018年年会上宣布一系列扩大对外开放政策以来，证监会积极推动资本市场各项开放举措落实落地，取得良好效果，受到国际社会普遍欢迎。合资证券公司、基金管理公司和期货公司的外资持股比例大幅放宽，业务范围实行国民待遇；沪深港通每日额度大幅提升；中英“沪伦通”项目启动在即。改革开放是新时代发展中国资本市场的必由之路，是推动全球资本市场共同繁荣的重要动力。经过深入研究论证，证监会将陆续推动落实9项进一步扩大资本市场和行业开放的举措，便利境外长期资金进入中国资本市场，鼓励境外优质证券基金期货经营机构来华展业，促进行业良性竞争，提升行业服务水平，共同为建设规范、透明、开放、有活力、有韧性的资本市场作出积极贡献，更好满足经济高质量发展和人民群众对优质金融服务的需要。
二、问：这9项对外开放措施的具体内容是什么？
答：一是推动修订QFII/RQFII制度规则，进一步便利境外机构投资者参与中国资本市场。
证监会正在着手修订QFII、RQFII制度规则，主要从统一QFII、RQFII准入标准、扩大投资范围、提升投资运作便利性、加强持续监管等方面，进一步健全公开透明、操作便利、风险可控的合格境外机构投资者制度。目前，相关规则已完成公开征求意见，将在履行法定程序后发布实施。
二是按照内外资一致的原则，允许合资证券和基金管理公司的境外股东实现“一参一控”。
为贯彻落实党中央、国务院关于全面实行准入前国民待遇加负面清单管理制度的要求，证监会将按照内外资一致的原则，允许境外股东对合资证券公司及合资基金管理公司实行“一参一控”，即允许一家机构参股证券公司（基金管理公司）的数量不超过2家，其中控股证券公司（基金管理公司）的数量不超过1家。
三是按照内外资一致的原则，合理设置综合类证券公司控股股东的净资产要求。
前期，为进一步加强证券公司股权监管，证监会起草了《证券公司股权管理规定》，并于2018年3月30日至4月29日向社会公开征求意见。社会各方普遍关注“综合类证券公司控股股东应当净资产不低于人民币1000亿元，最近3年主营业务收入累计不低于人民币1000亿元”等规定，并提出了很好的修改建议。证监会将吸收采纳各方的合理建议，在满足风险管控要求的前提下，适当降低综合类证券公司控股股东的净资产要求，并对内外资控股股东一体适用。该规定将在履行法定程序后发布实施。
四是适当考虑外资银行母行的资产规模和业务经验，放宽外资银行在华从事证券投资基金托管业务的准入限制。
目前，外资银行申请证券投资基金托管资格，需同时具备结算参与人资格，但多数外资银行因净资产未达相关要求，难以符合结算参与人资格条件。考虑到部分外资银行母行资质优良、托管经验丰富，为更好满足市场多样化的托管需求，证监会将合理调整外资银行从事证券投资基金托管业务相关安排。对于优质外资银行，允许其单独申请证券投资基金托管资格，结算职责由具备资质的机构承担。据此，证监会已批准渣打银行证券投资基金托管业务，并支持符合条件的外资银行依法合规申请该类资格。
五是全面推开H股“全流通”改革，更好服务企业发展。
为解决境外上市公司（H股公司）存量股份（包括境外上市前境内股东持有的存量股份、境外上市后境内增发的内资股以及外资股东受让境内股东所持股份形成的未上市外资股，以下简称“存量股份”）境外上市流通问题，经国务院批准，证监会于2018年开展了H股“全流通”试点，中航科工、联想控股、威高股份等三家公司27名股东持有的约71亿股存量股份获准转为H股，并在香港联合交易所上市流通。试点平稳完成，取得了良好效果。在试点基础上，证监会和有关方面经认真研究和评估，认为H股“全流通”已具备全面推开的条件。
目前，证监会正和有关方面一起，按照国务院批准的方案，积极开展全面推开H股“全流通”的各项准备工作，并将尽快发布相关工作指引，指导相关公司和股东稳妥开展H股“全流通”。
六是加大期货市场开放力度，扩大特定品种的范围。
2018年，原油、铁矿石、PTA期货陆续作为特定品种向国际投资者开放，市场运行总体平稳，境外客户有序参与，功能发挥初步显现。原油期货上市一年多来，境外投资者交易和持仓占比分别达到10%和16%。铁矿石、PTA期货开放后，价格的国际影响力不断提升。随着期货市场逐步开放，交易结算、风险控制等制度安排经历了实践检验，为后续扩大开放范围奠定了良好基础。
目前，证监会正在积极研究推动将具备条件的商品期货和期权列为特定品种，同时不断完善规则制度，持续扩大期货市场高水平对外开放，进一步提升我国商品价格的国际影响力，为我国企业跨境经营提供价格参考和风险管理工具。
七是放开外资私募证券投资基金管理人管理的私募产品参与“港股通”交易的限制。
2016年6月，证监会发布相关政策，允许外资持股比例超过49%的私募证券投资基金管理机构（简称“外资私募”）在中国证券投资基金业协会（简称“基金业协会”）登记备案。截止目前，已有富达利泰、瑞银资管、英仕曼、施罗德、桥水投资等19家外商独资私募证券投资基金在基金业协会登记，备案38只基金产品，管理基金规模52亿元。目前，外资私募整体运行平稳。
为进一步扩大金融业对外开放，打造良好的外资营商环境，丰富外资私募产品类型，满足行业和市场需求，证监会将按照内外资一致的原则，开放外资私募通过“港股通”投资香港股市，并指导基金业协会备案外资私募发行的投资标的中包含“港股通”的基金产品，给予外资私募国民待遇。
八是研究扩大交易所债券市场对外开放，拓展境外机构投资者进入交易所债券市场的渠道。
近年来，银行间债券市场通过拓宽投资渠道、简化准入程序等措施，积极吸引境外机构投资者参与，取得明显成效。为扩大交易所债券市场对外开放，借鉴银行间债券市场对境外机构投资者开放和“债券通”等开放经验，证监会正在积极研究扩展境外机构投资者进入交易所债券市场的渠道，以完善投资者结构，丰富多元化的资金来源。
下一步，证监会将积极与相关部委沟通协调，研究明确境外机构投资者进入交易所债券市场的有关政策和具体落实方案。
九是研究制定交易所熊猫债管理办法，进一步便利境外机构发债融资。
2015年12月，交易所债券市场熊猫债试点工作启动。截至2019年5月底，共有24家发行人在交易所债券市场合计发行1236亿元熊猫债，取得积极成效。境外机构通过发行熊猫债直接在我国境内募集资金，有利于丰富境内债权投资品种，助推人民币国际化进程，促进“一带一路”区域合作。
下一步，证监会将联合相关部委研究制定《交易所债券市场境外机构债券发行管理暂行办法》，以进一步明确境外发行主体范围，解决会计准则适用等问题，为交易所市场熊猫债健康发展提供更充分的制度保障。
三、问：后续如何落实这9项对外开放措施？
答：下一步，证监会将加强与有关部门的沟通协调，加快推进修订相关法规和完善配套制度等工作，扎实推进上述对外开放措施的落实落地。加强与境外金融机构和机构投资者的沟通，做好有关政策咨询。继续深化与境外监管机构的跨境监管与执法合作，共同打击跨境违法违规行为。同时，证监会还将做好有关政策实施效果的动态评估工作，完善风险监测、预警和应对机制，加强审慎监管和风险防范，维护金融体系安全稳定，促进资本市场长期稳定健康发展。