“投资者点题 代表委员作答”｜如何进一步深化资本市场互联互通？·2026全国两会特别策划

Core Viewpoint - The article discusses the development and future prospects of the Shanghai-Hong Kong Stock Connect, emphasizing the need for deeper integration between the two markets to support the real economy and technological advancement [1]. Group 1: Historical Development and Achievements - Since the launch of the Shanghai-Hong Kong Stock Connect in 2014, the mechanism has evolved significantly, breaking down barriers between the mainland and Hong Kong capital markets, allowing for efficient two-way flow of funds, assets, and investors [1]. - The mutual market access has introduced substantial foreign long-term capital into the mainland market, enhancing the internationalization and institutionalization of the A-share market, while also providing high-quality mainland assets to the Hong Kong market, reinforcing its status as an international financial center and offshore RMB hub [1]. Group 2: Suggestions for Further Deepening Integration - National Committee members have proposed several recommendations to enhance the mutual market access, including the introduction of a "New Stock Connect" and promoting "A+H" dual listings to facilitate smoother transactions between the two markets [2]. - Zhao Baoki, a member of the National Committee, highlighted the need to expand the coverage of eligible stocks, optimize investor participation mechanisms, and explore pilot programs for the "New Stock Connect" to allow domestic professional investors to participate in Hong Kong IPOs [2]. - Wang Dongsheng suggested allowing Shenzhen-Hong Kong investors to participate in new stock listings in both markets, which would deepen financial cooperation and enhance the inclusivity and adaptability of the domestic capital market [2]. Group 3: Regulatory and Market Structure Improvements - Chen Zhongni proposed the establishment of a green channel for "H shares returning to A shares," simplifying the approval process for companies that meet strict disclosure and governance standards in Hong Kong [3]. - Tan Yueheng emphasized the need to enhance the internationalization of the Hong Kong stock market by creating an "Belt and Road" international board, simplifying listing processes for exceptional enterprises, and allowing non-Chinese companies to list under local accounting standards [3].