The China Securities Regulatory Commission reiterated the nation’s commitment to opening of capital markets to foreign investors, underlining the dangers of a «zero-sum» game.
«Opening up and cooperation is the inevitable trend in the integrated development of global capital markets,» said CSRC chairman Yi Huiman during a recent conference organized by the World Federation of Exchanges.
Yi spoke about China’s continued opening of its capital markets to foreign investors and ongoing studies about expanding the scope of the stock connect schemes between the mainland and Hong Kong as well as improving the Shanghai-London stock connect scheme, according to a published speech.
He also said the CSRC will also conduct «pragmatic» cooperation in areas such as supervision of overseas-listed Chinese companies, cross-border auditing and law enforcement.
«Zero-Sum»
According to Yi, global financial centers should focus on the vacillation of cross-border financing «rather than become the platforms and tools governments use to sanction other countries», though he did not mention the U.S. or other countries.
Governments should abandon the «zero-sum» game mentality as the benefits and damages of booms and busts are shared by both companies and investors, he added.
Yi’s speech follows comments made by CSRC vice chairman Fang Xinghai in another published speech, pledging to open Chinese markets like yuan-denominated ‘panda bonds’, improve domestic listing rules for overseas entities and safeguard Hong Kong’s status as a global financial center.
