'一国两制'背景下的香港与内地证券监管合作体制 (The Prospect and Evolution of Securities Regulatory Cooperation between Hong Kong and Mainland China Under the ‘One Country, Two Systems’ Arrangement)
比较法研究 (Journal of Comparative Law), 2017(5), 12-25
14 Pages Posted: 16 Feb 2018 Last revised: 24 Jun 2018
Date Written: October 1, 2017
Chinese Abstract: 2017年是香港回归二十周年，在“一国两制”的框架下，香港与内地证券市场之间的交流和融合日益增加和深入，如何建立高效且可行的证券监管合作体制已成为新时期两地证券监管工作的一个重要问题。从历史发展看，两地监管合作可以分为四个阶段，包括香港回归前的早期合作，香港回归后的过渡时期，《CEPA协议》实施后的证券监管合作，和“沪港通”之后的监管合作。虽然两地金融市场高速融合，已颇具“一国”属性，但监管体系却更多体现出“两制”的特征，导致目前两地证券监管合作中存在不少难点与盲区，合作机制较为抽象化，缺乏具体的制度安排与操作指引等。两地监管者应当积极探索如何更好利用“一国两制”的制度资源，建立更为密切的监管合作机制，从而更加有效地保护投资者和促进两地资本市场的持续健康发展。
English Abstract: The year of 2017 marks the 20th anniversary of the handover of Hong Kong to the PRC. Under the framework of “one country, two systems”, the securities markets in Hong Kong and mainland have become increasingly integrated and thus it is an important issue of how to set up an efficient mechanism for cross-border regulatory cooperation. From a historical perspective, there are four phases in the development of the securities regulatory cooperation between Hong Kong and mainland, including the pre-handover phase, the transitional post-handover phase, the post-CEPA phase, and the phase after Shanghai-Hong Kong Stock Connect. Although the markets in Hong Kong and mainland are increasingly integrated into one common market, the regulatory systems of them still operate separately, resulting in many problems and difficulties in the regulatory cooperation. The institutional advantage of the “one country, two systems’ should be better utilized to establish a closer securities regulatory cooperative regime between Hong Kong and mainland, thereby enhancing the efficacy of investor protection and the healthy development of the securities markets in Hong Kong and mainland.
Note: Downloadable document is in Chinese.
Keywords: Securities Markets Integration; Cross-Border Regulatory Cooperation; Hong Kong; Mainland China; ‘One Country, Two Systems’
JEL Classification: K22
Suggested Citation: Suggested Citation