政府加快开放期货业
% Q8 h: b# d7 W1 o4 l0 w8 O 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., w! Y1 f! h7 n& Y7 a
The quick pace, which became apparent late last year, is expected to stimulate the country's still-struggling futures industry, analysts and watchers say., |! S/ u7 q# i8 R) _, j9 P$ ?
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.
; m5 [8 ` g. z9 \4 }" N' m4 ~ "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.4 n- C# ^; S& n" @7 s: U
"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.
. Q+ J$ u9 t' C 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.4 Q9 W: X( m+ [9 O, j7 g/ `8 p
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.
5 I' f& q2 J" f4 @8 B- b4 } While domestic futures players are entering overseas turfs, foreign investors are moving in.
6 q8 J8 g4 i1 d China published new rules last August that allow foreign brokers registered in Hong Kong or Macao to form ventures with Chinese partners. |