政府加快开放期货业
2 @% L; A1 _& D9 Y# m Although the futures industry is the only financial sector that has no set timetable for opening-up under China's WTO commitment, there are signs that the government is already moving fast on this front.
$ o% Z5 R4 L2 y" ~8 ^ The quick pace, which became apparent late last year, is expected to stimulate the country's still-struggling futures industry, analysts and watchers say.
2 Y7 f' W4 `# m: E; q/ Z/ h( r Under Supplement II of CEPA (Mainland and Hong Kong Closer Economic Partnership Agreement), a pact signed in 2004 to boost the economic co-operation between Hong Kong and the Chinese mainland, qualified domestic futures brokerage will be allowed to set up their subsidiaries in Hong Kong beginning from this year.
1 q5 H5 M7 B* k( C$ Q "Domestic futures industry's enthusiasm for branching out in Hong Kong is obviously strong," said Chen Xiaodi, a researcher with China International Futures Co Ltd, China's futures house bellwether. t* G$ e5 b8 j$ E0 y
"It could broaden their investment channels as they could engage in business that is currently unavailable in domestic market such as trading of financial derivatives," Chen said.$ R2 P# ], N' P# [& A! Q4 l
The foray into Hong Kong, analysts say, would also provide an investment conduit for domestic investors and a platform for domestic enterprises that have business needs, such as resource-extensive sectors.; O" {6 e, Q6 w
Currently, only 31 domestic enterprises are authorized to trade futures overseas for arbitrage, but many more are said to be interested in getting a licence. Analysts say this potential customer pool may become the primary target for domestic futures firms after they set up their subsidiaries in Hong Kong.
, `7 S5 j% v Z# R' ~ While domestic futures players are entering overseas turfs, foreign investors are moving in.
. f+ Y1 M, j; ~# e2 ~+ O" q China published new rules last August that allow foreign brokers registered in Hong Kong or Macao to form ventures with Chinese partners. |