In a keynote speech at a Hong Kong summit, the China Securities Regulatory Commission outlined the next phase of China’s capital market opening and priorities for deeper cooperation with Hong Kong. The agenda focuses on further easing cross-border investment and financing, widening mainland–Hong Kong market connectivity, and strengthening cross-border supervision and risk monitoring in a more open environment. The CSRC cited five years of measures including the removal of foreign ownership limits for securities, fund management and futures firms, approval of 13 foreign-controlled institutions, and continued refinement of the overseas listing regulatory framework and the Qualified Foreign Investor and Shanghai–Shenzhen–Hong Kong Stock Connect regimes. It pointed to foreign investors holding around CNY 3.4 trillion of A-shares and to product opening such as fund mutual recognition, ETF cross-listing and the opening of 24 designated futures and options contracts to offshore participation. Looking ahead, implementation of a newly launched optimisation plan for the Qualified Foreign Investor regime will focus on streamlined access, more efficient operations, a broader investment scope and enhanced service support, while cooperation with Hong Kong is to include improving the quality and efficiency of overseas listing filings, expanding the range of Stock Connect eligible securities, supporting the inclusion of renminbi-counter trading and REITs in Hong Kong Stock Connect, and backing Hong Kong’s launch of government bond futures to deepen offshore renminbi risk management. The CSRC also flagged deeper supervisory and enforcement cooperation with counterparts including the Hong Kong Securities and Futures Commission, with stronger monitoring of cross-border capital flows, greater information sharing and coordinated policy and response arrangements to prevent cross-border risk transmission, alongside work under the International Organization of Securities Commissions on global capital market governance reforms.
China Securities Regulatory Commission 2025-11-04
China Securities Regulatory Commission sets out next phase of capital market opening including expanded Stock Connect and support for Hong Kong government bond futures
The China Securities Regulatory Commission (CSRC) plans to open China's capital markets and enhance cooperation with Hong Kong by easing cross-border investment, expanding market connectivity, and strengthening supervision. Measures include optimizing the Qualified Foreign Investor regime, expanding Stock Connect securities, and supporting Hong Kong's renminbi initiatives. The CSRC also aims for deeper supervisory cooperation with the Hong Kong Securities and Futures Commission to monitor cross-border capital flows and prevent risk transmission.