Shang Fulin, head of China's securities market watchdog, said Thursday in Dalian that the amount of Chinese individual investment in the stock market of Hong Kong will be limited in the initial stage and will not have obvious impact on the A-share market of the mainland.
Shang, chairman of China Securities Regulatory Commission (CSRC) , said the commission is making more assessment and improvement on the specific regulations about individual investment in Hong Kong.
He also noted that the commission does not change its policies of supporting domestic companies to go public in Hong Kong's stock market.
Shang made the remarks when addressing a seminar on China's capital market at the Inaugural Annual Meeting of the New Champions hosted by the World Economic Forum in northeast China's coastal city of Dalian.
According to a circular issued by the State Administration of Foreign Exchange (SAFE) last month, Chinese citizens will be allowed to invest directly in overseas securities markets, and the investment in Hong Kong is part of the trial run of the project.
Before launching of the pilot project, Chinese citizens had already been able to invest in overseas stock markets through qualified domestic investment institutions (QDIIs). Direct individual investment were disallowed.
The pilot project will be implemented for investors from the Binhai New Area of Tianjin in the trial phase.
Experts say the project will channel more domestic capital into overseas markets and relieve the pressure of China's huge forex reserves, which had already reached 1.33 trillion U.S. dollars by the end of June.
Source: Xinhua
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