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So good, the Chinese did it twice. This week, regulators gave the go-ahead for Shenzhen-Hong Kong Stock Connect. The scheme, which mirrors one set up for Shanghai in late 2014, will allow overseas investors to buy A shares listed on China’s Shenzhen exchange. Both systems also permit mainland-based investors to buy shares listed in Hong Kong. After the announcement the indices remained flat, but the scheme is still significant.
这件事这么好，以至于中国人做了两次。本周监管机构为“深港通”(Shenzhen-Hong Kong Stock Connect)放行。这一机制与2014年末开通的“沪港通”相仿，它将允许境外投资者买入在中国深交所上市的A股股票。这两个机制还允许中国内地的投资者买入在香港上市的股票。在公布这一消息之后，各股指表现平稳，不过这一机制仍然意义重大。
Shenzhen Connect will add 880 stocks to the list of nearly 600 available in Shanghai, giving access to three-quarters of the mainland-listed universe. The quality is even more noteworthy. Shanghai’s exchange has a far higher presence of stodgy state-owned enterprises; less than one-third of the index consists of privately established companies. Three-quarters of Shenzhen’s index, by contrast, comprises non-SOEs. Many of these are in higher growth “new economy” sectors, such as healthcare and technology, giving overseas investors more ways to express their views on China’s economy.
深港通将为沪市提供的近600只股票列表增添880只，令投资者可以投资中国内地上市企业群体的四分之三。更值得关注的是可投资股票的品质。僵硬的国有企业在沪市的比例高得多，沪指成分股企业中民营企业的比例还不到三分之一。相比之下，深证综指四分之三的成分股由非国企组成。其中许多属于成长速度更快的医疗保健和高科技等“新经济”板块，给予境外投资者更多表达对中国经济看法的途径。
Foreign investors will also become more familiar with China’s retail investors. Goldman Sachs notes that nearly two-thirds of the index by market capitalisation is owned by individuals, compared with one-third of Shanghai. The high retail participation shows in lofty valuations, as well as high turnover relative to the market’s size.
外国投资者还将更加熟悉中国的散户。高盛(Goldman Sachs)指出，深证综指成分股近三分之二的市值由个人持有，而沪市这一比例只有三分之一。散户的高参与度体现于深市的高估值和相对于市场规模的高成交量。
Market strategists believe that the broader access to China A shares granted by Shenzhen Connect makes their inclusion in MSCI regional indices more likely. Perhaps, but work still needs to be done. Foreign investor concerns about voluntary stock suspensions by Chinese companies, as well as the exchanges’ self-appointed right to veto index products that reference A shares — irrespective of where they are listed — are yet to be assuaged.
市场策略师相信，深港通赋予投资者对中国A股的更宽投资渠道，提高了A股被纳入明晟(MSCI)地区指数的可能性。这也许是对的，不过还有许多工作要做。对于中国企业的自发停牌现象，以及两大交易所自封的否决追踪A股股票的指数产品的权力——不管这些股票是在哪里上市，境外投资者的担忧仍未得到缓解。
The likelihood is they will be. With the scrapping of limits on the amount of funds allowed to invest both ways, the scheme sends a more important message. China’s commitment to opening its markets even trumps concerns about a flood of money heading south.
这些担忧有望得到缓解。通过取消两个方向上的投资金额上限，该机制释放了更为重要的信号。中国开放市场的努力，甚至压倒了对资金流向境外的担忧。
