政府加快开放期货业! v7 o( m8 O% K( _' a, k& s
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., h, U7 a K# p7 `: z$ \$ A8 E
The quick pace, which became apparent late last year, is expected to stimulate the country's still-struggling futures industry, analysts and watchers say./ N3 h& h4 U9 v# g4 ?
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.7 c/ x* o M8 E
"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.
" s6 j+ B; _& ?: ?' n) r6 g5 M "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.
9 P& |% i( Q9 k$ A9 A$ I7 N 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.5 m* V( `- ^0 {8 g2 V4 U) ?
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 W' V* `; t3 W5 U
While domestic futures players are entering overseas turfs, foreign investors are moving in.
, e! ~ K3 j1 S/ s P7 V& x China published new rules last August that allow foreign brokers registered in Hong Kong or Macao to form ventures with Chinese partners. |