This significant and timely book explores a novel market mechanism, Stock Connect, which gives mutual market access to Chinese and international investors, and provides original analyses and fresh insights. This mechanism could become the new normal in future global financial integration. By examining this cross-border scheme from a regulatory perspective via a three-tiered analytical framework (investors, issuers and regulators), this book unearths the profound implications of Stock Connect to local and global financial markets and the legal impediments to its implementation. It covers a broad range of topics in this cross-boundary investment channel, including an overview of four existing connectivity arrangements (Shanghai-Hong Kong, Shenzhen-Hong Kong, Shanghai-London and China-Switzerland), the uniqueness of these connectivity arrangements, investor protection, regulations of connect issuers, regulatory cooperation and enforcement, the impacts on local and global financial markets, the implications for the world market connectivity as well as the challenges and future of Stock Connect. This pioneering study will appeal to a broad range of readers who are interested in the on-going reshaping of international financial systems and China's emerging influence in the international financial order.
This book studies the new economic and financial reforms China is adopting to advance its economy, and the policies behind the Chinese Outbound Direct Investment (ODI). It also aims to illustrate the impact of China's reforms on Chinese Outward Investments, and the Internationalization of the RMB.The book explores the new wave of reforms, especially in the financial sector, together with President Xi Jinping's vision for a shared future for mankind together with his explanation on the 'new Era'. In fact, China is entering a 'New Era' and transforming its economy into a more sophisticated one, upgrading the industrial sector and introducing specific and dedicated reforms in the SOEs (State Owned Enterprises) to render them more efficient and allow them to compete fairly at the international level.The book also focuses on RMB 'internationalization'. It also contains an addendum on trade frictions between China and the US.
Amid the global financial turbulence, the Mutual Market Access (MMA) programme, comprising the Shanghai Connect, the Shenzhen Connect and the Bond Connect, has solidified Hong Kong’s status as a unique financial hub connecting the East and the West and, in this process, has explored a new path for the opening-up of China’s capital market. In the face of economic structural changes across the globe, Hong Kong seeks to look into innovations in financing the new economy, and has built up experiences for reference in the Asian time zone. Hong Kong is gradually establishing a new ecosystem around new-economy enterprises and has made them new targets of investment for both Mainland and overseas investors trading under MMA. This book is the first bilingual title in the market that explains in detail the MMA model between Hong Kong and Mainland China and innovations in new-economy financing, in which experts and research teams who are experienced in these areas discuss in-depth on the key functional drivers of innovations in Hong Kong and the Mainland, including the “MMA”, “new-economy financing” and “global asset allocation”. Elaborating the unique concepts of the MMA model and summarising what HKEX has learned in its reforms in new-economy financing, this book shall come in handy for market participants to make better use of the MMA model and benefit from the latest reforms of Hong Kong’s listing regime. 透過「互聯互通」框架，利用香港上市融資優勢，接軌國際金融市場 市場上首本深入闡述內地與香港「互聯互通」和新經濟融資創新的中、英雙語著作 國際金融環境動蕩，以「滬港通」、「深港通」和「債券通」為代表的互聯互通機制，奠定了香港連接東西的獨特金融樞紐地位，也為中國資本市場的對外開放探索出一條新路徑。 全球經濟結構面臨轉型，香港在新經濟融資創新方面不斷探索，積累了亞洲時區可供參考的經驗，促進香港市場逐步形成圍繞新經濟企業的新生態圈，為參與「互聯互通」的海內外投資者提供了新的標的。 本書是市場上第一本深入闡述香港與內地的互聯互通和新經濟融資創新的中、英雙語著作，由在相關領域具有豐富業務經驗的專業人士和研究力量，圍繞近年來促進香港和內地金融業開放創新的最關鍵動能：「互聯互通」、「新經濟融資」、「全球資產配置」展開深入討論，系統梳理互聯互通的獨特設計理念，總結香港交易所新經濟融資的改革探索經驗，為市場參與者更好地把握「互聯互通」和新上市制度改革帶來的制度紅利，提供系統的專業研究支持。 序——在國際大變局中探索香港的獨特戰略定位 李小加 香港交易所 集團行政總裁 Preface –Exploring Hong Kong’s Unique Strategic Positioning in the Face of International Changes Charles Li Chief Executive, Hong Kong Exchanges and Clearing Limited 第一篇——互聯互通與新經濟融資的新趨勢 Part I – The New Trend of Connectivity and New-Economy Financing 第1章—互聯互通：香港成為連接中國與世界的金融樞紐 Chapter 1 – Mutual Market Access: Hong Kong as a Financial Hub Connecting China and the World 李小加 香港交易所 集團行政總裁 Charles Li Chief Executive, Hong Kong Exchanges and Clearing Limited 第2章—新經濟融資創新與香港的探索 Chapter 2 – Financing Innocation for the New Economy and Hong Kong’s Explorations 陸挺 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Ting Lu Chief China Economist, Global Markets, Nomura International (Hong Kong) Limited 王立升 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Lisheng Wang China Economist, Global Markets, Nomura International (Hong Kong) Limited 王競 野村國際（香港）休閒公司 環球市場部 中國經濟學家 Jing Wang China Economist, Global Markets, Nomura International (Hong Kong) Limited 第3章—互聯互通開啟中國資本市場新紀元 Chapter 3 – Stock Connect Ushers in a New Era for China’s Capital Market 洪灝 交銀國際控股有限公司 研究部主管兼董事總經理 Hau Hong Head of Research and Managing Director, BOCOM International Holdings Company Limited 第二篇——新經濟公司的上市制度改革和融資創新 Part II–The Listing Reform and Financing Innovation for New-Economy Companies 第4章—香港聯交所的新股上市流程和重點 Chapter 4 – Initial Public Offering (IPO) and Listing Process on the SEHK with Highlights 香港交易所 首席中國經濟學家辦公室及環球上市服務部 Chief China Economist’s Office and Global Issuer Services, Hong Kong Exchanges and Clearing Limited 第5章—香港的新股上市制度改革與突破 Chapter 5 – Reform and Breakthrough of Hong Kong’s Listing Regime 香港交易所 首席中國經濟學家辦公室及環球上市服務部 Chief China Economist’s Office and Global Issuer Services, Hong Kong Exchanges and Clearing Limited 第6章—雙重股權架構的香港實踐 Chapter 6 – The Practice of Dual-Class Share Structure in Hong Kong 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第7章—同股不同權：對投資者是好？是壞？ Weighted Voting Rights: Angel or Evil to Investors? 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第8章—海外債市支持新經濟公司發展 Chapter 8 – Overseas Bond Markets Support the Development of Chinese New-Economy Enterprises 邱志明 花旗環球金融亞洲有限公司 資本市場部董事總經理、亞洲債務發行部聯席主管 Adrian Khoo Managing Director, Capital Markets Origination and Co-Head of Asia Debt Origination, Citigroup Global Markets Asia Limited 蔣國榮 花旗環球金融亞洲有限公司 董事總經理、中國企業與投資銀行部主席兼主管 Jiang Guorong Managing Director, Chairman and Head of China Corporate and Investment Banking, Citigroup Global Markets Asia Limited 方寶榮 花旗環球金融亞洲有限公司 中國投資銀行部董事總經理 Katherine Fang, Managing Director, China Investment Banking, Citigroup Global Markets Asia Limited 茅駿翔 花旗環球金融亞洲有限公司 資本市場部董事總經理 Mao Junxiang, David Managing Director, Capital Markets Origination, Citigroup Global Markets Asia Limited 第9章—新經濟公司的海外併購與融資安排 Chapter 9 – New-Economy Companies’ Overseas Mergers and Acquisitions and Financing 吳衛軍 德勤中國 副主席兼金融服務業領導合夥人 David Wu Vice President and Financial Services Industry Leader, Deloitte China 許思濤 德勤中國 首席經濟學家兼德勤研究負責人及合夥人 Sitao Xu Chief Economist, Head of Deloitte Research and Partner, Deloitte China 余雲 德勤中國 風險諮詢兼司庫服務合夥人 Yun Yu Risk Advisory and Treasury Service Partner, Deloitte China 周穎 德勤中國 稅務服務兼全球基礎設施業務中心合夥人 Nina Zhou Tax Service and Global Infrastructure Services Centre Partner, Deloitte China 第三篇——互聯互通成為海內外資產跨境配置的新平台 Part III – The Connectivity Platform for Onshore and Offshore Cross-Border Asset Allocation 第10章—MSCI納入中國A股的歷程和影響 Chpater 10 – China A Shares inclusion into MSCI Indices: The Journey and Impact 魏震 MSCI中國研究主管 第11章—滬深港互聯互通上市公司可提供的「一帶一路」投資機遇 Chapter 11 – “Belt and Road” Investment Opportunities Offered by Stock Connect Companies 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第12章—投資亞洲生物科技市場的指標：中華交易服務香港生物科技指數 Chapter 12 – Investment Benchmark for Asia’s Biotechnology Sector: CES HK Biotechnology Index 香港交易所 首席中國經濟學家辦公室及中華交易服務有限公司 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited and China Exchanges Services Company Limited 第13章—內地及香港證券市場對大手交易需求漸殷 Chapter 13 – Rising Demand for the Block Trading in the Mainland and in Hong Kong Securities Markets 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第14章—香港ETF市場作為通向環球投資的用戶 Chapter 14 – Hong Kong’s ETF Market as a Door to Global Investment 香港交易所 首席中國經濟學家辦公室 Chief China Economist’s Office, Hong Kong Exchanges and Clearing Limited 第15章—關於發展香港ETF市場和跨境資產配置的政策建議 Chapter 15 – Policy Suggestions for the Development of the Hong Kong ETF Market and Cross-Border Asset Allocation 丁晨 南方東英資產管理有限公司 總裁 Chen Ding, Chief Executive Officer, Chief Executive Officer, CSOP Asset Management Limited 後記——把握全球金融格局變化的大趨勢，促進互聯互通和新經濟融資創新 Afterword – Promoting Mutual Market Access and Innovation in New-Economy Financing by Riding on the Change in Global Financial Landscape 巴曙松教授 香港交易所 首席中國經濟學家 中國銀行業協會 首席經濟學家 Professor Ba Shusong Chief China Economist, Hong Kong exchanges and Clearing Limited Chief Economist, China Banking Association
This proceedings book, together with the conference, looks forward to spark inspirations and promote collaborations. International Conference on Economic Management and Green Development (ICEMGD) is an annual conference aiming at bringing together researchers from the fields of economics, business management, public administration, and green development for the sharing of research methods and theoretical breakthroughs. The proceedings consist of papers accepted by the 6th ICEMGD, which are carefully selected and reviewed by professional reviewers from corresponding research fields and the editing committee of the conference. The papers have a diverse range of topics situated at the intersecting field of economic management, public administration, and green development. ICEMGD is working to provide a platform for international participants from fields like macro- and microeconomics, international economics, finance, agricultural economics, health economics, business management and marketing strategies, regional development studies, social governance, and sustainable development. The proceedings will be of interest to researchers, academics, professionals, and policy makers in the field of economic management, public administration, and development studies.
The topics studied in this Special Issue include a wide range of areas in finance, economics, tourism, management, marketing, and education. The topics in finance include stock market, volatility and excess returns, REIT, warrant and options, herding behavior and trading strategy, supply finance, and corporate finance. The topics in economics including economic growth, income poverty, and political economics.
China’s financial regulatory system is crucial to the global economy, but is little understood. This book surveys and explicates the current status, the development, and planned reform of the Chinese financial supervision and regulatory system in a systematic way. From the shadow banking system to commercial banking, securities and the foreign exchange regime, the authors shed light on the different moving parts of the system; meanwhile, they show how reforms have changed the system in recent years, whether in free-trade zones, the Shanghai-Hong Kong stock market connection, or in the registration mechanisms required for new IPOs. The editors and authors are from the Chinese Academy of Social Sciences, the China Banking Regulatory Committee, the China Securities Regulatory Committee and other leading academic and policy organizations.
With the rapid development and drastic change of the world economy, "Digital Finance", "Internet Finance", "Science and Technology Finance" have become new hotspots, which also represent the future trend of economy development in the era of big data. Enterprises are facing more uncertainty, opportunities coexist with challenges. There are more possibilities for economic development and enterprise management to accelerate the integration of cutting-edge research results, to deepen hot topics discussion and to promote opinion exchanges among academic and business circles. The Sixth International Conference on Economic and Business Management (FEBM2021) was successfully held online on October 16-17, 2021, and aimed to provide a platform for researchers, engineers, academics as well as industry professionals from all over the world to present their latest research findings and development activities in economic and business management. These proceedings include 51 accepted articles selected from 94 submissions.
One of the most important features of China’s economic emergence has been the role of foreign investment and foreign companies. The importance goes well beyond the USD 1.6 trillion in foreign direct investment that China has received since it started opening its economy. Using the tools of economic impact analysis, the author estimates that around one-third of China’s GDP in recent years has been generated by the investments, operations, and supply chains of foreign invested companies. In addition, foreign companies have developed industries, created suppliers and distributors, introduced modern technologies, improved business practices, modernized management training, improved sustainability performance, and helped shape China’s legal and regulatory systems. These impacts have helped China become the world’s second largest economy, its leading exporter, and one of its leading destinations for inward investment. The book provides a powerful analysis of China’s policies toward foreign investment that can inform policy makers around the world, while giving foreign companies tools to demonstrate their contributions to host countries and showing the tremendous power of foreign investment to help transform economies.
At the upcoming 20th Party Congress, which opens Sunday in China, Xi Jinping is expected to be confirmed as the country's Secretary General for an unprecedented third term. At a time of international instability caused by the Covid pandemic and the war in Ukraine, as well as rising competition between international superpowers, the Chinese leadership is called to increase the country's international standing, while ensuring economic growth at the domestic level. However, achieving these goals will not be without challenges. This Report analyses China's hard road to international prestige and development. Which prospects for China's economic growth? Which obstacles to its rise at the global level? To which extent can the Party steer the country's direction?
This book attempts to establish an inter-disciplinary discourse evaluation framework to analyze multi-dimensional discursive features along 4 dimensions in Chinese and American banks’ CSR reports: sentiment, readability, CSR keyword, and visualization. It analyzes Chinese and American banks’ different discursively constructed CSR images via the employment of various discursive features in CSR reports within their different contexts. Lastly, it examines the effects of Chinese and American banks’ discursively constructed CSR images on capital markets, with an inter-disciplinary approach of linguistics, management, and economics. Theoretically, this book contributes to the development of institutional identity’s cross-disciplinary research. Additionally, it reveals the problem-solving function of discourse. This sheds light on theoretical research into both corporate governance and business discourse. Practically, this book contributes to the improvement of Chinese banks’ awareness in CSR disclosure and the establishment of Chinese banks’ international images. Since more and more Chinese companies in different sectors are choosing overseas listings, findings in this book also have practical implications for their information disclosure, international images construction, and corporate value enhancement through corporate narratives, such as annual reports and IPO prospectuses.
