Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), attended the listing ceremony for RMB-denominated government bond futures in Hong Kong on August 3. In his address, he stated that under the "One Country, Two Systems" principle, Hong Kong's social stability has been maintained, its economic development momentum is strong, and its financial markets are thriving. The Hong Kong Stock Exchange (HKEX) has ranked among the top globally for IPO fundraising for two consecutive years, bond issuance has reached new highs, and Hong Kong has become the world's largest cross-border wealth management center. The CSRC firmly implements central government decisions, prioritizing support for Hong Kong's status as an international financial center. By leveraging the "Five Hong Kong-Benefit Measures" and other policies, the CSRC is deepening cooperation with Hong Kong counterparts across markets, institutions, and products to inject new vitality and momentum into capital market development.

The full text of his speech is as follows: Distinguished guests, colleagues, ladies, and gentlemen, good morning. In the peak of summer, I am delighted to join you in Hong Kong to witness the listing of RMB government bond futures on the HKEX. This is another significant milestone in deepening practical cooperation between mainland and Hong Kong capital markets, serving the national economic and financial development agenda. On behalf of the CSRC, I extend my warmest congratulations. I also take this opportunity to express sincere gratitude to friends from all sectors who have long supported the development of both markets.

Why this launch matters

Government bond futures are among the most representative interest rate derivatives in international financial markets, playing an increasingly vital role in modern financial systems. Currently, international investors hold 3.2 trillion yuan in Chinese bonds, and the demand for interest rate risk management is growing. Three months ago, Qualified Foreign Investors (QFI) began participating in onshore government bond futures trading. Through close collaboration between the CSRC, the People's Bank of China, and Hong Kong authorities, extensive preparatory work on rule-making, market organization, technical implementation, and risk control has been completed. Today, the five-year RMB government bond futures are officially launched in Hong Kong, at just the right time. The coordinated opening of onshore and offshore markets not only provides international investors with efficient interest rate risk management tools, helping them hold Chinese bonds with greater confidence, but also promotes close linkage between onshore and offshore bond spot, futures, and derivatives markets, improving the resilience and effectiveness of the bond yield curve. In the long term, the introduction of this key product will further enrich the use cases for offshore RMB, strengthen Hong Kong's role as a global offshore RMB hub, and enhance the quality and efficiency of financial services supporting the real economy.

Hong Kong's strong market performance

In recent years, under the "One Country, Two Systems" principle, Hong Kong has maintained social stability, robust economic recovery, and vibrant financial markets. The HKEX's IPO fundraising has ranked among the top globally for two consecutive years, bond issuance has hit new records, and Hong Kong has become the world's largest cross-border wealth management center. The CSRC resolutely implements central government decisions, prioritizing support for Hong Kong's international financial center status. By launching and implementing the "Five Hong Kong-Benefit Measures" and other policies, the CSRC is deepening practical cooperation with Hong Kong counterparts across markets, institutions, and products, injecting new vitality and momentum into capital market development.

Supporting mainland companies' Hong Kong listings

We have significantly optimized the overseas listing filing process, enhancing standardization and transparency, and actively support eligible mainland companies to list in Hong Kong. Since 2024, over 270 mainland companies have completed filings for Hong Kong listings, raising over 650 billion Hong Kong dollars. Currently, mainland companies account for 80% of the market value and 90% of trading volume on Hong Kong's stock market. A batch of leading and emerging companies in sectors such as new energy, new consumption, biomedicine, and artificial intelligence have listed in Hong Kong, optimizing the market structure and enhancing its appeal to global capital. Correspondingly, companies and investors have seized development opportunities and shared in the outcomes.

Deepening cross-border connectivity

As the first "capital bridge" connecting the two markets, the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connects have operated smoothly for over a decade. The scope of eligible securities and product types has expanded, with the coverage rate of dual-listed stock market values now exceeding 90%. This has not only improved market activity but also promoted the integration of capital, technology, and information between the two regions. Currently, we are working with Hong Kong authorities to accelerate preparations for including RMB stock trading counters and REITs in the Stock Connect. We believe this bridge will become even wider, more stable, and more efficient.

Promoting institutional and product cooperation

We actively support mainland institutions in using Hong Kong as a launchpad to "go global," participate in international competition, and enhance global resource allocation capabilities. Currently, 103 mainland securities, fund, and futures companies have established branches in Hong Kong, with business scope steadily expanding, showcasing unique professional service capabilities. Meanwhile, with the introduction of MSCI A50 Index futures in Hong Kong, and deepening arrangements for ETF cross-listing and mutual fund recognition between the mainland and Hong Kong, the cross-border product system continues to enrich, strongly supporting Hong Kong's role as an international asset management and wealth management center. Overall, Hong Kong's capital market has achieved remarkable results in recent years, with its international competitiveness and influence significantly enhanced, attracting widespread attention and favor from global investors. These achievements are the result of strong support from the central government, proactive leadership from the SAR government, and close collaboration between regulatory bodies and market participants. Practice has proven that Hong Kong, backed by the motherland and connected to the world, leveraging the mainland's vast market, complete industrial ecosystem, and its own internationalized rules and infrastructure, possesses unparalleled development confidence and unique advantages. We are fully confident in Hong Kong's future prosperity and development.

Five key policy measures

Distinguished guests, colleagues, the world is undergoing rapid changes not seen in a century, with increasing global economic instability, uncertainty, and unpredictability. At the same time, a new round of technological revolution and industrial transformation is accelerating, reshaping the global economy and human production and life. We face both severe risks and challenges, as well as rare opportunities and hopes. At this critical historical juncture, the state has formulated and implemented the "15th Five-Year Plan," making strategic arrangements for high-quality economic development and accelerating the building of a financial powerhouse. The development plan for the financial and capital markets over the next five years is being intensively formulated. The SAR government is also drafting its first five-year plan. Actively aligning with national strategies, integrating into, and serving the national development agenda is a shared responsibility for both capital markets, requiring us to work together. Today, we will further introduce policy measures to deepen two-way practical cooperation and support the development of Hong Kong's capital market.

First, focusing on "functional synergy" to better support cross-border financing for enterprises. We will continue to support mainland companies expanding their international presence in listing in Hong Kong, support high-quality Hong Kong-listed companies in listing on the mainland, and jointly enhance the quality and efficiency of serving new productive forces. At the same time, we will actively support eligible Hong Kong enterprises in issuing bonds on the mainland, using diversified capital market tools to achieve innovative development.

Second, focusing on "product synergy" to facilitate global investors' allocation of Chinese assets. We will support cooperation between the two regions' index companies to launch more indexes based on Chinese assets, promote industry institutions to introduce more ETF products based on the two markets and oriented toward China's modern industrial system, optimize the ETF product registration mechanism, and jointly enhance the international influence of Chinese indexes and assets. At the same time, we will deepen cooperation between the two futures markets, support Hong Kong in launching more RMB-denominated and settled futures products, and build a more diversified asset ecosystem.

Third, focusing on "ecosystem synergy" to provide greater space for institutional cooperation and talent exchange. Hong Kong has always been a "bridgehead" for mainland financial institutions to go global. We will support more high-quality securities and fund companies in establishing operations in Hong Kong and going global, building first-class investment banks and investment institutions, and providing more efficient and tailored financial services for the globalization of Chinese enterprises and investors. We will study expanding the scope of mutual recognition of professional qualifications for securities and futures professionals between the two regions, facilitating the employment and practice of outstanding professionals in both places.

Fourth, focusing on "regulatory synergy" to jointly maintain the stable operation of both markets. Financial security is the foundation for the prosperity and development of the financial industry and markets. We will further strengthen regulatory cooperation with Hong Kong regulatory authorities, deepen cooperation in areas such as issuance and listing, intermediaries, and regulatory enforcement, while continuously improving risk monitoring and information-sharing mechanisms, strengthening cross-border capital flow risk monitoring and coordinated response, and preventing systemic risks.

Fifth, focusing on "governance synergy" to contribute more Chinese wisdom to global financial development. We will strengthen cooperation with Hong Kong regulatory agencies under bilateral and multilateral mechanisms, promote pilot programs for sustainable information disclosure by listed companies in both regions, deepen experience exchange and policy coordination on cutting-edge innovation areas such as artificial intelligence and blockchain, promote the improvement and mutual recognition of international rules and standards, and enhance China's participation and influence in global financial governance.

Distinguished guests, colleagues, ladies and gentlemen, looking ahead to the "15th Five-Year Plan" period, under the strong leadership of the central government and the firm guarantee of "One Country, Two Systems," Hong Kong's future will be even brighter, and its capital market will become even more vibrant and dynamic. We will continue to consistently support Hong Kong in consolidating and enhancing its status as an international financial center. We also look forward to joining hands with Hong Kong's financial regulatory and market counterparts to jointly promote high-quality development through deepened cooperation between the two capital markets, contributing greater strength to Chinese-style modernization and the building of a financial powerhouse. Finally, I wish the RMB government bond futures in Hong Kong a smooth and successful journey. Thank you all.