Since 1978 established the policy of opening to the outside world, the door of China's financial industry has gradually opened, and the journey to the world stage has also begun. In the early days of opening-up, China's real economy was in a predicament of material shortage, and its financial foundation was very weak. The opening of the financial industry in this period was mainly to solve the problem of insufficient domestic capital and foreign exchange.

In this process, China's financial market and related regulatory system were gradually established. In order to unify foreign exchange management, encourage foreign trade and attract foreign investment, China established the State Administration of Foreign Exchange on 1979, and changed the foreign exchange distribution system of unified revenue and expenditure into the foreign exchange retention system, which improved the autonomy of enterprises in using foreign exchange and mobilized their enthusiasm for earning foreign exchange.

The launch of 20 14 Shanghai-Hong Kong Stock Connect marks a new stage of two-way opening of the financial industry. In June 5438+February of the same year, with the promotion of two-way opening, the demand for foreign exchange exchange and risk hedging gradually increased, and the State Administration of Foreign Exchange began to carry out the pilot business of settlement and sale of foreign exchange by securities companies, breaking the monopoly of banks in the foreign exchange market. 2065438+In July 2005, the mutual recognition system of funds between the Mainland and Hong Kong was implemented. In September of the same year, the examination and approval of foreign debt issuance quota was cancelled, and it was changed to filing and registration system management.

Shenzhen-Hong Kong Stock Connect was launched on 20 16, realizing the interconnection of the three major exchanges in Hong Kong, Shenzhen and Shanghai. In 20 17, bonds were launched, and the interconnection and cooperation mechanism between the mainland and Hong Kong bond markets was established. Among them, the northbound bond has started to operate, and the southbound bond is still waiting for the right time. In 20 19, the Huluntong mechanism was established, allowing qualified listed companies to issue depositary receipts in the other market to realize cross-border circulation of products. Substantial progress has also been made in opening up the derivatives market.

The first international futures product was launched in March 2065438+2008. At present, four futures varieties of crude oil, iron ore, PTA and No.20 glue have been opened to the outside world.