政府加快开放期货业
2 [ ?, Q. h' e: j 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.$ v p9 }9 E+ V& d
The quick pace, which became apparent late last year, is expected to stimulate the country's still-struggling futures industry, analysts and watchers say. h0 D& S. \$ U- a1 Q/ v! d9 E2 D
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.
6 [! t( J) F) Q/ ~# R% u& t "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.
, A2 i: ?* q2 D; ]5 e: w "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.
+ g) j4 ~$ s# I& e; 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." F B4 t ^% R+ c% L% z5 E" ~
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.
4 F5 D. |8 j* u: H" N' K+ e While domestic futures players are entering overseas turfs, foreign investors are moving in.+ k5 o- ]/ m. W0 d8 Z! X
China published new rules last August that allow foreign brokers registered in Hong Kong or Macao to form ventures with Chinese partners. |