BEIJING, May 29 (Xinhua) -- A senior official at the Chinese securities watchdog has called for new achievements in reform and opening-up of the capital market to mark the 40th anniversary of the policy.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission (CSRC), made the remarks Tuesday when addressing a forum on derivatives market in Shanghai.
"The CSRC is stepping up efforts to launch the first product for the Shanghai-London stock connect program by the year end, in what will be the first step for the world's largest emerging market to get connected with the mature international market of the longest history," Fang said.
The stock trading link is a fraction of China's broader opening-up in the capital market, according to Fang.
China launched crude oil futures, the first futures contracts open to overseas investment, in March, and allowed foreign investors to trade in domestic iron ore futures earlier this month.
A total of 234 mainland-listed firms will be included into the stock indices of global index provider MSCI from June.
China will also complete its H-share full circulation trial soon, and anticipate overseas-listed Chinese tech firms to issue shares in mainland markets via China Depositary Receipts.
A month ago, the CSRC published documents allowing foreign investors to own up to 51 percent of shares in securities, funds joint-ventures, and will expand the policy to futures companies.
A fully open Chinese capital market has taken shape, Fang said, promising continued opening-up measures of greater depth and broader scope to serve the country's high-quality development and overall opening-up strategy.
"As wider opening will bring in more foreign investment, China will strive to prevent price bubbles in all types of financial assets including stocks, bonds, loans and derivatives," Fang said.
