任志刚：香港作为内地资金融通的平台

Joseph Yam：Hong Kong as a platform for Mainland fund intermediation

香港金融管理局总裁任志刚撰文指出，目前已有相当数目的内地企业在香港集资，相信让内地投资者买卖在本港上市的内地股票的构思并非不无可能：内地企业决定前来香港招股，其中部分原因当然与香港交易所的推广工作有关，而更重要的是内地支持香港巩固其国际金融中心地位的政策。要明白这些机会的出现是由于内地资本市场发展有欠完善而这种情况不会一直保持不变假如香港未能尽快提供渠道，使内地投资者可以买卖内地企业在香港发行的股票与债券，那么香港作为内地资金融通平台的地位便会动摇。要建立这个渠道并不容易，因为涉及货币兑换及资金管制等事宜，但并非不可能做到。

Joseph Yam, Chief of the Hong Kong Monetary Authority, pointed out that with many Mainland enterprises already raising funds in Hong Kong, the idea of allowing Mainland investors to trade Mainland stocks floated here one day may not be far-fetched. The situation is due to the underdevelopment of the capital markets on the Mainland, which will change. He perceives a risk for the sustainabillty of Hong Kong＇s role as the platform for Mainland financial intermediation if a channel is not found quickly to allow Mainland investors access to the shares and bonds issued by Mainland enterprises in Hong Kong.