Stock Connect boosts HK's attractiveness: Paul Chan

Financial Secretary Paul Chan said on Sunday that a cross-border investment programme linking Shanghai, Shenzhen and Hong Kong has boosted the SAR's attractiveness in global markets. Writing on his weekly blog, Chan said the number of eligible stocks now stands at more than 3,300 – up from about 800 when Stock Connect was launched 10 years ago. He said daily transactions by mainland investors buying local stocks average about HK$38 billion, or almost 17 percent of total turnover. For overseas investors buying and selling mainland stocks through Hong Kong, the average daily amount is 123 billion renminbi, or 6.7 percent of turnover. He said the local stock market has a total market value of HK$35 trillion, which is a 40 percent increase from 10 years ago. Meanwhile, Chan said the government is fostering links with the Global South and aims to attract high quality companies to list in the city and roll out cross-border investment products. Chan said this will allow Hong Kong to better make use of its function as a testing ground for the internationalisation of the renminbi. He added that the third Global Financial Leaders' Investment Summit to be held this week will involve a few hundred senior members of staff from international financial institutions, and will allow participants to get an accurate understanding of the mainland's economic development and the financial opportunities it offers.