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Tuesday, August 26, 2014, 17:13

Shenzhen-Hong Kong stock connect 'under way'

By Lin Jing /
 Shenzhen-Hong Kong stock connect 'under way'
This general view shows the exterior of the Shenzhen Stock Exchange (SSE) building in Shenzhen on July 27, 2009. (AFP PHOTO / LAURENT FIEVET)

HONG KONG - A link connecting bourses in Hong Kong and Shenzhen has been submitted for approval, said an official from Shenzhen on Tuesday as reported by Caixin.

"Shenzhen will further cooperate with Hong Kong in financial industry, talent exchange and fund mutual-recognition. The Shenzhen-Hong Kong Stock Connect is also under way," said Xiao Zhijia, deputy director of development of the Shenzhen Municipal Government Financial Services Office.

There are 12,000 enterprises in Qianhai, the special economic zone in Shenzhen intended as a test bed for China's yuan liberalization and financial reforms. The number grows at 70 per day in the past year. About 7,000 of them are in the financial sector, and 500 are from Hong Kong, Xiao said.

Shenzhen has a GDP growth of 8 percent in the first half. Xiao said Shenzhen has become a financial center and he expects more cooperation with Hong Kong in the financial sector.

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