李小加对其所做的事情进行了高度的概括：所有金融产品本质 上都是一种互换，即用当下的资金，换取未来的现金流或价 值。 作者： 老盈盈 封图：受访者供图 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图 谱。 外国人常称呼李小加为"Mr. Connect（联通先生）"，"联通"这个词几乎贯穿了他整个金融职业生涯。 早年间，李小加在投行任职时，核心就是搭建中国企业与国际资本的桥梁，把"中国货"（内地企业）带到香港市场，吸引"世界的钱"（国际资本）投 入。20世纪90年代，第一批内地企业以H股、红筹股的模式赴港上市，国际资本得以通过香港枢纽进入内地市场，支持内地企业发展。 后来，李小加加入香港交易所（下称"港交所"）任职行政总裁，延续了"联通"的核心思路，不断拓展互联互通的边界。无论是股票、商品，还是清算体 系、投资标准，核心都是要把中国这个巨大的经济体和金融市场，从各个关键维度与世界进行深度绑定，真正实现全方位的互联互通。 4年前，李小加创立滴灌通，这次他"联通"的是全球资本与小微企业，在微观层面打通小微企业的金融供给通道，通过分 ...

经济观察报 记者 老盈盈 编者按：2025年，经济观察报以"我们的四分之一世纪"为年终特刊主题，旨在通过数十位时代亲历者的 故事，共绘一幅属于这段岁月的集体记忆图谱。 外国人常称呼李小加为"Mr. Connect（联通先生）"，"联通"这个词几乎贯穿了他整个金融职业生涯。 早年间，李小加在投行任职时，核心就是搭建中国企业与国际资本的桥梁，把"中国货"（内地企业）带 到香港市场，吸引"世界的钱"（国际资本）投入。20世纪90年代，第一批内地企业以H股、红筹股的模 式赴港上市，国际资本得以通过香港枢纽进入内地市场，支持内地企业发展。 后来，李小加加入香港交易所（下称"港交所"）任职行政总裁，延续了"联通"的核心思路，不断拓展互 联互通的边界。无论是股票、商品，还是清算体系、投资标准，核心都是要把中国这个巨大的经济体和 金融市场，从各个关键维度与世界进行深度绑定，真正实现全方位的互联互通。 4年前，李小加创立滴灌通，这次他"联通"的是全球资本与小微企业，在微观层面打通小微企业的金融 供给通道，通过分散化、标准化设计控制风险，既让金融"水流"抵达末梢经济主体，又避免局部风险扩 散。 12月初，经济观察报记者在位于香港 ...

新华社香港12月22日电（记者王茜）香港交易所22日宣布，2025年香港新股市场融资额位居全球第一， 融资额较去年明显上升，平均每日成交额更创下历史新高。 香港交易所集团行政总裁陈翊庭日前在网志中说，过去十年，我们专注于建立和优化与中国内地资本市 场的互联互通机制。从沪港通、深港通、债券通、互换通到日渐丰富的离岸人民币产品生态系统，我们 与内地独有的互联互通机制吸引了来自全球的流动性和多元化投资者，提升了市场活力，也支持了内地 经济发展，巩固了香港作为全球超级联系人的地位。 截至12月19日，共有106家公司在香港交易所上市，融资总额达到2746亿港元，其中四家公司更跻身 2025年全球十大新股之列。在香港交易所上市的公司通过再融资筹集了660亿美元，彰显香港资本市场 的活力和深度。统计数据显示，现货市场2025年首11个月平均每日成交金额达2307亿港元，较去年同期 上升43%。 陈翊庭表示，未来还要推动亚洲其他市场与中国机遇的互联互通。通过提升平台和区域合作，希望利用 中国优势把亚洲资本与当今最大的机遇连接起来，打造具有全球吸引力的区域流动性池，把亚洲机遇带 到内地投资者面前，同时吸引更多亚洲投资者投资内 ...

Core Viewpoint - Recent tax authority announcements highlight the importance of compliance with overseas income tax reporting, indicating a stricter regulatory environment for cross-border investments [1][2][3] Group 1: Regulatory Changes - Tax authorities in various regions have exposed cases of individuals failing to report overseas income, with amounts ranging from hundreds of thousands to millions [1] - The requirement for residents to report all income, both domestic and foreign, has been a consistent principle in China's tax system since the establishment of the individual income tax law in 1980 [2] - Increased scrutiny on overseas income is attributed to China's deeper involvement in international tax cooperation and the implementation of the Common Reporting Standard (CRS) [2] Group 2: Taxation on Overseas Income - Individuals engaging in overseas stock trading must report their earnings at a 20% tax rate, unlike the tax-exempt status for domestic market transactions [3][4] - The Ministry of Finance and the State Taxation Administration have clarified that various types of overseas income, including labor income and capital gains from stock transfers, must be reported in the following year [3] - Taxpayers are allowed to offset gains and losses from overseas stock trading within the same year, but losses cannot be carried forward to subsequent years [4] Group 3: Compliance and Enforcement - Tax authorities employ a "five-step working method" to guide residents in complying with overseas income reporting, which includes reminders, corrective actions, and potential penalties for non-compliance [5] - Failure to report or inaccurately reporting overseas income can lead to penalties, including back taxes and fines, especially if discovered through international data exchanges [6] - Taxpayers are encouraged to proactively correct any reporting issues to mitigate risks associated with tax compliance [6]

Core Points - Recent tax authority announcements highlight the importance of compliance with overseas income tax reporting, indicating a shift towards stricter regulation in this area [1][2] - The requirement for individuals to report overseas income is not new, as it has been a consistent principle in China's tax system since the establishment of the individual income tax law in 1980 [2][3] - The increase in scrutiny over overseas income reporting is attributed to China's enhanced participation in international tax cooperation and automatic exchange of financial account information [2][6] Tax Reporting Requirements - Individuals must report overseas income, including earnings from foreign employment, interest, dividends, and capital gains from the sale of overseas stocks, in the year following the income's receipt [3][4] - The applicable tax rate for overseas stock trading income is 20%, contrasting with the exemption for domestic stock trading [3][5] - Taxpayers are allowed to offset gains and losses from overseas stock transactions within the same year, but losses cannot be carried forward to subsequent years [4][5] Compliance and Enforcement - The tax authorities employ a "five-step working method" to guide and regulate overseas income reporting, which includes reminders, corrective actions, and potential penalties for non-compliance [6][7] - Individuals who fail to report or inaccurately report overseas income may face penalties, including back taxes and late fees, and could be subject to further investigation if non-compliance persists [7]

Core Insights - The Hong Kong Stock Exchange is focusing on enhancing its fixed income and currency markets, with a series of initiatives planned for the next six months to attract issuers and investors [1][4][2] Group 1: Market Development - The Hong Kong Securities and Futures Commission (SFC) aims to promote government bond issuance to lead market development and expand the investor base, including family offices and corporate treasury centers [1][4] - The total trading volume of collective investment schemes reached a historical high, with sales surging by 76% to HKD 22.4 trillion, while the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [2][4] Group 2: Liquidity and Infrastructure - The SFC has identified four pillars for the fixed income and currency market: promoting issuance, increasing liquidity, expanding offshore RMB business, and new generation infrastructure [4][6] - Plans to enhance liquidity include implementing an over-the-counter fixed income and currency derivatives system and developing a central counterparty for repurchase transactions [4][6] Group 3: Geopolitical and Economic Trends - The global economic growth model is changing, with a shift towards active management funds as investors seek alpha returns amid slowing growth and declining traditional asset yields [1][7] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation worries, with 83% of respondents expressing concern about geopolitical risks [9] Group 4: Cross-Border Cooperation - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are working together to optimize the Stock Connect mechanism, enhancing cross-border investment opportunities [11][14] - Since its inception, the Stock Connect has seen significant growth in trading volumes, with foreign capital through the Northbound channel reaching a cumulative total of CNY 90.1 trillion by September 2025 [13][14]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) is set to advance key initiatives in the next six months to promote the development of the fixed income and currency markets in Hong Kong [1][5] - The global economic growth model is changing, with a shift from beta to alpha returns, leading to increased interest in actively managed funds and alternative assets [1][9] - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are collaborating to enhance the Shanghai-Hong Kong Stock Connect mechanism, aiming to improve the competitiveness and influence of both financial centers [1][12][16] Group 1: Fixed Income and Currency Market Development - The SFC's focus includes promoting issuance through government bonds, expanding the investor base, and enhancing liquidity in the fixed income market [1][3][5] - Collective investment schemes have reached a record trading volume of 22.4 trillion HKD, with a 76% increase, and the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [3][5] - The SFC identified four pillars for the fixed income and currency market: promoting issuance, increasing liquidity, expanding offshore RMB business, and new generation infrastructure [5][7] Group 2: Global Economic Trends and Investment Strategies - The global debt levels are unsustainable, leading to a redefinition of traditional safe assets, with gold and Bitcoin prices rising due to concerns over fiat currency purchasing power [9][11] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation as the main focus for investors [11] - The shift in global economic growth from expansion to rebalancing emphasizes the importance of technology competition, particularly in artificial intelligence [11] Group 3: Shanghai-Hong Kong Stock Connect - The Shanghai-Hong Kong Stock Connect has evolved since its inception, with significant enhancements such as the removal of total quota limits and the inclusion of various stock types [12][15] - As of September 2025, the cumulative trading volume through the Stock Connect reached 90.1 trillion CNY for northbound trading and 37.5 trillion CNY for southbound trading [15][16] - The SSE aims to continue optimizing the Stock Connect mechanism to facilitate cross-border investment and enhance market collaboration [12][16]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) is set to advance key initiatives in the next six months to promote the development of the fixed income and money markets in Hong Kong [1][4] - The global economic growth model is changing, with a shift towards active management and alternative assets as traditional asset returns decline [1][7] - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are collaborating to optimize the Stock Connect mechanism, enhancing the competitiveness of both markets [1][10] Group 1: Market Development Initiatives - The SFC plans to lead market development through government bond issuance and promote Hong Kong's advantages to targeted issuers and investors [1][4] - The total trading volume of collective investment schemes reached a historical high, with sales surging by 76% to HKD 22.4 trillion, and the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [2][4] - The SFC aims to enhance liquidity by implementing an over-the-counter fixed income and derivatives framework and developing a central counterparty for repurchase transactions [4][6] Group 2: Strategic Insights - The global debt growth is unsustainable, leading to a redefinition of traditional safe assets, with gold and Bitcoin prices rising due to concerns over fiat currency purchasing power [7][9] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation worries, with 83% of respondents expressing concern over geopolitical risks [9] - Hong Kong is positioned as a "super connector" and "super value creator," leveraging its status as an international financial center to facilitate cooperation in technology and data exchange [9] Group 3: Stock Connect Mechanism - The Stock Connect mechanism has evolved since its inception, with significant enhancements including the removal of total quota limits and the inclusion of various stock types [10][12] - As of September 2025, foreign capital through the Stock Connect has reached a cumulative transaction total of CNY 90.1 trillion, with daily trading volumes increasing significantly [12][13] - The SSE plans to continue optimizing the Stock Connect mechanism to better serve domestic and foreign investors, fostering a collaborative market environment [10][13]

Core Insights - The Shanghai-Hong Kong Stock Connect, launched on November 17, 2014, has established a new model for cross-border securities investment and explored new paths for high-level financial openness [1][2] Group 1: Development of Shanghai-Hong Kong Stock Connect - The Stock Connect mechanism has been continuously optimized since its inception, with trading varieties gradually increasing and trading mechanisms improving [1] - Key milestones include the removal of total quota limits in 2016, quadrupling of daily quotas in 2018, inclusion of different voting rights structures in 2019, addition of STAR Market stocks in 2021, and inclusion of ETF products in 2022 [1] - By September 2023, foreign capital through the Shanghai Stock Connect had a cumulative transaction amount of 90.1 trillion yuan, with daily average trading increasing from 4.7 billion yuan in the first month to 145.6 billion yuan [1] Group 2: Future Outlook and Strategic Initiatives - The China Securities Regulatory Commission released five measures for capital market cooperation with Hong Kong in April last year, and a collaborative development action plan was signed in June this year [2] - The next decade will focus on optimizing the Stock Connect mechanism, enhancing the competitiveness and influence of both Shanghai and Hong Kong as international financial centers [2] - The initiative aims to create an open, inclusive, and efficient market ecosystem, inviting more foreign investors to participate in the domestic market [2]

Core Viewpoint - The HKEX China Opportunities Forum highlights the strong recovery of the Hong Kong market and its role as a "super connector" between the East and West, promoting two-way capital flow between China and the world [1]. Group 1: Financial Cooperation - The Shanghai and Hong Kong markets play a crucial role in financial reform and opening up, achieving significant results through complementary advantages and win-win cooperation [3]. - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" on June 18 focuses on infrastructure connectivity, co-building financial product service systems, and offshore financial strategies, proposing 38 specific measures for deeper financial cooperation [3][4]. Group 2: Market Connectivity - The scale of the Shanghai-Hong Kong Stock Connect continues to expand, with a cumulative transaction amount nearing 127.6 trillion yuan as of September 2025 [3]. - The bond investment mechanism is being improved, allowing for settlement in multiple currencies for "Northbound" transactions, while the "Southbound" scope has been expanded to include brokers, funds, insurance, and wealth management products [3]. Group 3: Future Development - Shanghai aims to enhance support for enterprises aligned with the Hong Kong Stock Exchange's positioning, encouraging them to connect with international capital markets and consider listings in both Shanghai and Hong Kong [4]. - The city will continue to contribute to the construction of a strong financial nation and international financial governance [5].