Shanghai Financial Office Director: there is no timetable for the semi-opening of Hong Kong stocks

"Index ETF initial size of about 3 billion yuan" Shanghai is expected to build in the financial center of a number of projects to cooperate with Hong Kong.　　June 19, Fang Xinghai, director-General of Shanghai Financial office, said in Shanghai that the division of Financial centers in Hong Kong and Shanghai was focused, and that the establishment of an international financial centre would not make Hong Kong marginalized. In cooperation with Hong Kong and Shanghai, Fang Xinghai also analysed the possible ways of the HK Hang Seng Index ETF to enter the stock exchange, and pointed out that Shanghai could legislate to protect consumers in consumer finance legislation, such as credit card, housing mortgage, personal finance, insurance and life insurance sales, and learn from Hong Kong experience.　　25th this month, the Shanghai Municipal Promotion of International Financial Center construction Regulations (draft) will be formally submitted to the Shanghai Municipal People's Congress vote. According to Hong Kong media reports, Fang Xinghai, in the Analysis of Cross-border ETF (Exchange Index Fund) Cooperation, pointed out that the possible form is under the QFII and qdii framework, and may choose a domestic and foreign companies have a qualified fund company to support, and disclosed is known as "the semi-traffic"　　HSI ETFs may not be more than 3 billion yuan in the initial stage, as for future size, it can change with market performance, presenting a "dynamic" process. But when the index ETF landed on the Shanghai Stock Exchange, Mr Fang said there was still no specific timetable. Prior to the 2009 Lujiazui (600663) forum, Liu Jindong, deputy general manager of Shanghai Stock Exchange, has also revealed that ETFs are being studied, including a Hong Kong stock market.　　Liu Jindong analysts believe that the most likely way for Hong Kong ETFs is for a fund company to use the Qdii quota issue fund to buy the Hang Seng index component stocks. As for the relationship between Hong Kong and Shanghai, Fang said that Hong Kong is an international city with an independent monetary system, a financial regulatory system, a judicial system and a decision-making system, and that Hong Kong's relationship with the mainland is similar to that of the London financial centre and the European continent, so that the establishment of the Shanghai Financial Centre will not marginalize Hong Kong. He explained that Shanghai's advantage is the renminbi business, while Hong Kong is a foreign currency business, Hong Kong's position is to become a "foreign currency business-oriented multi-currency market tide, and Shanghai is to create a" renminbi business-oriented multi-currency market tide.　　As a result, Mr Fang suggested that Hong Kong should have a breakthrough in the future in order to focus its efforts on foreign currency business. Mr Fang stressed that Chinese enterprises in the development process of the renminbi and foreign currency demand, which can be provided by the financial center in Shanghai, respectively, enterprises have financing options, the key to the cooperation between Shanghai and Hongkong to see if it is conducive to the development of Chinese enterprises, and promote the overall promotion of China's financial system, China's economic development is good for the financial centres in Shanghai and Hongkong.　　In addition, on the issue of the taxation of talents entering Shanghai, Fang said that although there is not much jurisdiction in the tax rate, the award will be given to outstanding financial professionals, including Hong Kong. According to the report quoted by Fang Xinghai, said, Shanghai International Financial Center Construction has now identified 89 key work, will further develop the financial industry integrated Management,Investment brokerage and fund management companies in Shanghai next stage will be the first to expand business scope, the introduction of crude oil futures and other financial innovation products.