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Date: 12/FEB/2001
China is playing an increasingly important role in the global
capital market
*********************************************************************************
| With its increasing economic size and prospering
stock market, China is playing an increasingly important role in the global capital
market, Andrew Sheng, chairman of Hong Kong's Securities and Futures Commission (SFC) said
Thursday. Sheng made the remarks at a conference on HK-listed mainland
companies hosted by the Hong Kong Exchange and Clearing Limited (HKEx).
The capital value of the Chinese mainland's stock market ranked 11th in the
world by the end of 2000. Combined with HK's stock market value, China's stock market
capitalization ranked sixth worldwide. Mainland firms accounted for 74 percent of the
total funds raised through the HKEx in 2000, according to SFC.
Sheng pointed out that the development of the mainland has greatly benefited
Hong Kong, while the latter has become an important financing center for the mainland,
thanks to its tested institutions and legal system, world-class professionals, rich
experience and its status as an international financial center.
Sheng noted that China's capital market now runs on two rails, one is the
international rail represented by HK, and the other the domestic rail represented by the
Shanghai and Shenzhen stock exchanges. The two rails will be connected when the Renminbi
yuan becomes freely convertible, he added. |
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