中经记者 郝亚娟 夏欣 上海、北京报道 1月10日—11日，2026中国首席经济学家论坛年会在上海成功举办。此次会议由中国首席经济学家论坛 组委会主办，广州开发区控股集团有限公司联合主办，上海市虹口区金融服务中心、上海首席经济学家 金融发展中心、粤开证券股份有限公司、上海古宇经济信息咨询联合承办，广开首席产业研究院、上海 虹口北外滩国际金融学会、森松国际控股协办，汇添富基金、华福证券、汇正财经提供支持。 上海市委金融办副主任陶昌盛在致辞中介绍，"十四五"期间上海国际金融中心建设成效显著，科创板引 入做市商制度、债券市场"科技板"设立、30年期国债期货等产品推出，债券通"南向通"、利率"互换 通"落地，跨境人民币结算量持续扩大，金融服务实体经济、对外开放水平与发展生态均实现提质。面 向"十五五"，上海正制定国际金融中心建设专项规划，将推进金融高水平开放、发展跨境与离岸金融、 建设国际再保险中心，加大对科技创新、绿色转型等重点领域的金融支持，强化金融法治与监管协同， 为中外资金融机构展业搭建更好平台，期待论坛专家贡献前瞻性思路，助力金融高质量发展。 虹口区副区长陈帅在致辞中表示，作为上海国际金融中心建设的核心承载 ...

智通财经APP获悉，1月10日-11日，由中国首席经济学家论坛组委会主办，广州开发区控股集团有限公司联合主办，上海市虹口区金融服务中心、上海首席 经济学家金融发展中心、粤开证券股份有限公司、上海古宇经济信息咨询联合承办，广开首席产业研究院、上海虹口北外滩国际金融学会、森松国际控股协 办，汇添富基金、华福证券、汇正财经提供支持的"2026中国首席经济学家论坛年会"，在位于上海虹口北外滩的W酒店成功举办。 本次年会为期两天，全国政协常委、民建中央原副主席周汉民，上海市委金融办副主任陶昌盛，虹口区副区长陈帅，中国资本市场学会秘书长魏刚，中国首 席经济学家论坛理事长连平，中国首席经济学家论坛研究院院长盛松成，以及来自各金融机构和企业的高管、各位首席经济学家出席本次论坛年会。论坛同 步还开设有"产融协同赋新能・生态共建启未来" 平行分论坛。 2026年作为"十五五"规划开局后的关键推进年，全球经济格局深度调整，中国经济正处于结构转型与高质量发展的关键阶段。本次年会以聚焦全球政经变 革、解码中国经济转型路径为核心，吸引超50位国内外顶尖金融机构首席经济学家及行业专家齐聚一堂，围绕金融结构转型、宏观经济调控、收入分配优 化 ...

Core Insights - The "Southbound Bond Connect" has marked its fourth anniversary, enhancing the connectivity and integration of financial markets between mainland China and Hong Kong, while providing new opportunities for mainland investors to access global markets [1][4] - The launch of "Southbound Bond Connect" is seen as a significant milestone in achieving mutual access between the north and south of China's bond markets, solidifying Hong Kong's position in bond financing [1][4] Market Performance - As of the end of August 2023, there are 971 bonds under the "Southbound Bond Connect" with a total balance of 574.21 billion yuan, reflecting a year-on-year increase of 21% in custodial balance [4] - The continuous policy support from the People's Bank of China and the Hong Kong Monetary Authority has been crucial for the growth of the "Southbound Bond Connect" [4] Investment Opportunities - The "Southbound Bond Connect" allows mainland investors to diversify their portfolios by investing in various currencies, including Hong Kong dollars, Renminbi, and other foreign currencies [5] - The expansion of the "Southbound Bond Connect" to include more non-bank financial institutions is expected to enhance liquidity and activity in the Hong Kong bond market [7] Institutional Development - Participation in the "Southbound Bond Connect" is viewed as a way for domestic institutions to enhance their international operational capabilities and improve investment decision-making and risk management [6] - The recent optimization measures announced by the People's Bank of China aim to facilitate easier access for mainland investors to multi-currency bonds and extend settlement times [7] Future Outlook - The offshore Renminbi bond market is expected to continue to grow, with the cost of "dim sum bonds" remaining lower than that of US dollar bonds, making them more attractive for issuers [8] - The increasing demand from domestic investors for overseas asset allocation, combined with supportive policies and improved infrastructure, is gradually revealing the market potential of the "Southbound Bond Connect" [8]

Core Insights - The "Southbound Bond Connect" has marked its fourth anniversary, enhancing the connectivity and integration of financial markets between mainland China and Hong Kong, while providing new opportunities for mainland investors to access global markets [1][2]. Group 1: Market Performance and Growth - As of the end of August 2023, the "Southbound Bond Connect" has 971 bonds with a total balance of 574.21 billion yuan, reflecting a year-on-year increase of 21% in custodial balance [2]. - The demand for diversified overseas bond assets among investors and supportive policies from regulatory bodies have been crucial for the growth of the "Southbound Bond Connect" [2]. Group 2: Institutional Impact and Opportunities - The "Southbound Bond Connect" offers mainland investors a wider range of investment channels and supports the growth of Hong Kong's offshore RMB bond market, enhancing the international recognition of RMB financing [3]. - Participation in the "Southbound Bond Connect" is seen as an opportunity for domestic institutions to improve their international operational capabilities and risk management skills [3][4]. Group 3: Policy Enhancements and Future Prospects - Recent policy measures have optimized the "Southbound Bond Connect," including facilitating the purchase of multi-currency bonds and extending settlement times [4]. - The expansion of eligible domestic investors to include various non-bank financial institutions is expected to enhance liquidity and activity in the Hong Kong bond market [4]. Group 4: Market Dynamics and Challenges - The increasing demand for overseas asset allocation among domestic investors is a key driver for the "Southbound Bond Connect," alongside ongoing policy support and infrastructure improvements [6]. - There is a need for more risk mitigation tools and international cooperation to address cross-border risks and enhance the development of regulatory standards [6].

Core Viewpoint - The expansion of the Bond Connect "Southbound" channel will facilitate the investment of domestic investors in offshore bond markets, allowing more non-bank institutions such as funds, brokerages, insurance, and wealth management firms to participate. This measure will take effect on August 25, 2025 [1][3]. Group 1: Expansion of Southbound Bond Connect - The Southbound Bond Connect previously targeted 41 bank-type financial institutions and qualified domestic institutional investors (QDII and RQDII) for offshore bond investments. The expansion will now include four types of non-bank institutions [3][6]. - The expansion is expected to enhance global asset allocation channels for non-bank institutions, improving investment flexibility and potential returns. It will also stimulate innovation in financial products and business development [3][4]. - The annual quota for the Southbound Bond Connect, currently set at 500 billion RMB, may be increased as more institutions participate, leading to higher demand for offshore bond assets and increased activity in the Hong Kong bond market [6][7]. Group 2: Market Impact and Future Expectations - The expansion is anticipated to inject new liquidity into the Hong Kong bond market and deepen the interconnection between domestic and foreign markets, potentially driving further policy and infrastructure optimization [3][7]. - The issuance of dim sum bonds (RMB-denominated bonds issued in Hong Kong) is projected to reach 94.4 billion USD in 2024, indicating a growing market for RMB-denominated assets [8]. - There are expectations for the introduction of a "Swap Connect" to help domestic investors manage interest rate risks associated with offshore bonds, as the current market environment presents significant interest rate volatility [10].