梁振英 启动沪港通需港人配合

Hong Kong chief executive CY Leung has drawn a direct link between pro-democracy protests and the delay to a high-profile equities trading platform that had been billed as key to the territory’s financial future.

香港行政长官梁振英(CY Leung)将支持民主的抗议与一个备受瞩目的股票交易平台遭延误一事直接联系起来。这个交易平台曾被吹嘘为香港金融未来的关键。

Speaking on Tuesday, Mr Leung said he would press Beijing for a launch date for the so-called stock connect during an official visit next week, but added that “co-operation” was needed from those in Hong Kong who are “threatening the rule of law”.

梁振英周二发表讲话时表示，他将在下周到北京开会期间敦促中央确定“沪港通”的启动日期，但他补充说，这件事需要香港某些正在“破坏我们的法治环境”的人“配合”。

“As we fight for stock connect, and as Hong Kong continues to develop as an international and national financial centre, we need the entire society to co-operate, and I hope that we can restore our social order as soon as possible,” Mr Leung said.

“我们在争取沪港通及香港继续发展成为国际和国家的金融中心的同时，亦需要全社会配合，希望尽快恢复我们的社会秩序，”梁振英说。

The stock connect was first announced six months ago, and will allow global investors far freer access to companies listed in the mainland. In return, Chinese investors will be able to trade in Hong Kong-listed shares for the first time.

六个月前最初宣布的沪港通，将让全球投资者能够更自由地投资在中国内地上市的股票，另一方面，中国内地投资者也将首次能够交易在香港上市的股票。

The scheme marks the most significant development towards integrating China’s financial markets with the rest of the world in many years, and is an important step towards a more open capital account. A successful launch could also pave the way for Chinese equities to be added to global indices, potentially drawing hundreds of billions of dollars into mainland markets.

该计划朝着将中国金融市场融入全球金融市场迈出了多年来最大的一步，朝着进一步开放资本账户也迈出了重要一步。沪港通若能成功投入运行，还可能为中国股票被纳入全球指数铺平道路，这有可能会吸引数千亿美元流入内地市场。

Many market participants had been expecting the project to launch formally last month. However, the Hong Kong stock exchange announced on October 26 that the scheme was still awaiting regulatory approval and that no launch date had been set. Days later, Hong Kong regulators said that its work has been completed.

许多市场人士曾预计该项目会在上个月正式启动。然而，香港交易所(HKEx) 10月26日宣布，该计划仍在等待监管部门的批准，尚未确定启动日期。几天后，香港监管机构表示，它的工作已经完成。

No official reason has yet been given for the apparent delay, though many have blamed local politics. Chinese state media reports have also pointed the finger at “illegal protests” for the hold-up.

对于这一明显的延迟，官方迄今没有说明任何理由，尽管很多人归罪于当地的政治。中国官方媒体的报道也将延误归咎于“非法抗议活动”。

“It feels like a punishment,” said one senior investment banker. “We have spent a fortune in resources and time – we are ready to go.”

“这感觉像是一个惩罚，”一位资深投资银行家表示，“我们已经投入了大量资源和时间——我们已准备好实施。”

A number of key issues around the complex trading scheme have yet to be resolved – such as the tax rate due on foreign holdings of Chinese stocks. Those uncertainties prompted Asia’s financial markets industry body, Asifma, to write to regulators to plea for sufficient notice ahead of the formal launch.

围绕这一复杂的交易计划，还有许多关键问题尚未得到解决，比如外资持有中国股票适用的税率。这些不确定性促使亚洲证券业与金融市场协会(ASIFMA)致函相关监管机构，要求在沪港通正式启动前给予充分通知。

Mr Leung’s comments provide the first official indication that progress of the stock trading link may have been directly affected by the student-led protests, now into their second month.

梁振英的言论成为首个来自官方的信号，表明沪港通的进展可能受到了学生领导的抗议活动的直接影响。目前抗议活动已进入第二个月。

Analysts have warned that the delay could be viewed as a symbol of Beijing’s disquiet over the protests, with potential longer-term effects on Hong Kong’s place as a financial centre.

分析人士警告称，延迟可能被视为北京方面对抗议感到不安的象征，这可能会对香港作为金融中心的地位产生较长期影响。

“Any prolonged delay of the stock connect programme beyond the planned October start will again reignite worries on whether the Chinese government has changed its stance in supporting Hong Kong financial developments in the long run, taking a toll on business sentiment and investment plans,” wrote Citi economists in a recent report.

“若沪港通在过了原定的10月启动日期之后迟迟不能启动，将再度导致人们担忧中国政府是否改变了其支持香港金融长期发展的姿态，进而对商业情绪和投资计划造成打击，”花旗(Citi)经济学家在最近一份报告中写道。