Bloomberg：Tianjin's Hong Kong Stock Plan Will Proceed, Cui Says (Update1)
天津市政府：已为港股直通车做好准备 料适当时候开通By Zhao Yidi and Luo Jun
Nov. 29 (Bloomberg) -- Tianjin's vice mayor said the government will implement an Aug. 20 plan for the city's citizens to buy and sell stocks in Hong Kong, the first time individual Chinese investors are allowed to trade equities abroad.
The so-called ``through-train'' plan, delayed because of ``issues with timing and conditions,'' will have no problems in implementation, Vice Mayor Cui Jindu said at an investment forum today in Beijing. The pilot program will be extended to other Chinese cities ``over the long term,'' he said.
China's currency regulator said on Aug. 20 that citizens with Bank of China Ltd. accounts in Tianjin would be allowed to buy Hong Kong equities, in a plan aimed at draining excess cash from the economy. The program was delayed after objections by the securities and banking watchdogs, three officials at the banking regulator said on Sept. 5, citing potential risks.
The program wasn't scrapped and will be expanded to a ``multi-bank and multi-city'' scale, former central bank adviser Li Yang said today at the same conference. Li, research head of finance at the Chinese Academy of Social Sciences, didn't elaborate.
The Chinese government, which is committed to letting Chinese investors buy in Hong Kong, must ``guarantee financial stability,'' Hong Kong's Chief Executive Donald Tsang said in Beijing on Nov. 23, after meeting Chinese officials including deputy central bank governor Wu Xiaoling.
Hong Kong's Hang Seng Index rose as much as 4.7 percent today, the biggest intraday rise in 11 days, after Cui's comment. The index plunged 5 percent on Nov. 5, the steepest fall since the Sept. 11, 2001, terrorist attacks, after Chinese Premier Wen Jiabao said his government may delay the program.
The government needs to study the risks, increase knowledge among Chinese investors and prepare regulations to protect the stock markets in Hong Kong and at home before launching the program, Wen said on Nov. 3 during a trip to Uzbekistan. expanded to a ``multi-bank and multi-city'' scale:L
The pilot program will be extended to other Chinese cities ``over the long term,'' he said. :victory: 类似于翻译了国内的那篇报道
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