樑振英 啓動滬港通需港人配合

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.

香港行政長官樑振英(CY Leung)將支持民主的抗議與一個備受矚目的股票交易平臺遭延誤一事直接聯繫起來。這個交易平臺曾被吹噓爲香港金融未來的關鍵。

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”.

樑振英週二發表講話時表示，他將在下週到北京開會期間敦促中央確定“滬港通”的啓動日期，但他補充說，這件事需要香港某些正在“破壞我們的法治環境”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.

“我們在爭取滬港通及香港繼續發展成爲國際和國家的金融中心的同時，亦需要全社會配合，希望儘快恢復我們的社會秩序，”樑振英說。

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.

六個月前最初宣佈的滬港通，將讓全球投資者能夠更自由地投資在中國內地上市的股票，另一方面，中國內地投資者也將首次能夠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.

該計劃朝着將中國金融市場融入全球金融市場邁出了多年來最大的一步，朝着進一步開放資本賬戶也邁出了重要一步。滬港通若能成功投入運行，還可能爲中國股票被納入全球指數鋪平道路，這有可能會吸引數千億美元流入內地市場。

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.

許多市場人士曾預計該項目會在上個月正式啓動。然而，香港交易所(HKEx) 10月26日宣佈，該計劃仍在等待監管部門的批准，尚未確定啓動日期。幾天後，香港監管機構表示，它的工作已經完成。

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.

對於這一明顯的延遲，官方迄今沒有說明任何理由，儘管很多人歸罪於當地的政治。中國官方媒體的報道也將延誤歸咎於“非法抗議活動”。

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

“這感覺像是一個懲罰，”一位資深投資銀行家表示，“我們已經投入了大量資源和時間——我們已準備好實施。”

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.

圍繞這一複雜的交易計劃，還有許多關鍵問題尚未得到解決，比如外資持有中國股票適用的稅率。這些不確定性促使亞洲證券業與金融市場協會(ASIFMA)致函相關監管機構，要求在滬港通正式啓動前給予充分通知。

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.

樑振英的言論成爲首個來自官方的信號，表明滬港通的進展可能受到了學生領導的抗議活動的直接影響。目前抗議活動已進入第二個月。

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.

分析人士警告稱，延遲可能被視爲北京方面對抗議感到不安的象徵，這可能會對香港作爲金融中心的地位產生較長期影響。

“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.

“若滬港通在過了原定的10月啓動日期之後遲遲不能啓動，將再度導致人們擔憂中國政府是否改變了其支持香港金融長期發展的姿態，進而對商業情緒和投資計劃造成打擊，”花旗(Citi)經濟學家在最近一份報告中寫道。