Fang Xinghai pointed out that in recent years, high-level institutional opening measures in China's capital market have gradually landed. Among them, the combination of introduction and going out will continuously improve the openness of the industry. The convenience of foreign-funded institutions' exhibition industry in China has been continuously improved, and their business scope and regulatory requirements have achieved national treatment. At the same time, the CSRC actively supports China securities fund futures institutions with certain strength, standardized operation and high management level to go abroad, expand cross-border business scope and enhance their ability to participate in international competition.
In addition, measures such as broadening cross-border investment and financing channels, continuously enriching international product systems, and strengthening bilateral and multilateral exchanges and dialogues have effectively promoted the high-quality development of China's capital market.
Fang Xinghai said that the development of China faces new strategic opportunities. At the same time, China's development has entered a period in which strategic opportunities and risk challenges coexist and uncertain and unpredictable factors increase. The CSRC deeply understands this major judgment, conscientiously implements it in its work, and continues to unswervingly promote the high-level opening of the capital market in the new environment in the face of new difficulties and challenges.
The CSRC will further improve the institutional framework of capital market opening to the outside world, attract more domestic and foreign medium-and long-term funds with the high-quality development of capital market, and welcome high-quality overseas capital market institutions to invest in China convention and exhibition industry.
In recent years, China's securities companies, fund companies, futures companies and other capital market intermediaries have steadily improved their practice ability. More leading international market institutions enter China and interact with domestic institutions in healthy competition, which is conducive to expanding the breadth and depth of the market and improving the service capacity of the industry. China Securities Regulatory Commission will further improve the institutional framework of capital market opening, speed up the implementation of various opening measures, and attract and gather more outstanding international institutions and talents to participate in China's capital market.
At the same time, we will persist in promoting the high-level institutional opening of the capital market. The CSRC will continue to improve the relevant institutional arrangements, further facilitate cross-border investment by domestic and foreign investors, and better support the cross-border financing development of enterprises. We will improve the market interconnection mechanisms such as GDR and CDR issuance, promote the reform of the overseas listing system of enterprises, and support all kinds of enterprises to go overseas in accordance with laws and regulations.
It will also strengthen pragmatic cooperation between the mainland and Hong Kong's capital markets, expand Shanghai-Shenzhen-Hong Kong Stock Connect, include more A-share listed companies, support Hong Kong to launch RMB stock trading counters, and support and cooperate with Hong Kong to launch government bond futures in Hong Kong, so as to realize complementary advantages and coordinated development of the two places.
It is reported that at present, five A-share companies have issued Global Depositary Receipts (GDR) in the UK and seven A-share companies have issued them in Switzerland, with accumulated financing exceeding 8.5 billion US dollars. At present, three companies in A-share are issuing GDR, and 16 companies have announced that they will issue GDR. The overseas issuance of GDR will effectively promote the international operation of A-share listed companies.
It is worth mentioning that Fang Xinghai also revealed that ETF products between China and Singapore will be launched soon.