（原标题：证监会宣布优化合格境外投资者制度，欢迎国际长期资本投资中国） 21世纪经济报道 记者 崔文静 实习生 张长荣 在11月4日举行的2025年国际金融领袖投资峰会上，中国证监会副主席李明发表主旨讲话，向全球金融 领袖传递了中国资本市场深化制度型开放的明确信号与坚定决心。 面对国际投资者的广泛关注，李明系统阐述了中国证监会将以"防风险、强监管、促高质量发展"为核 心，推出一系列有力度的开放新举措。 李明透露，合格境外投资者制度优化方案已于上周正式推出，这一政策将从准入管理、投资效率、范围 拓宽及服务支持等多维度，为境外投资者营造更为优化、高效的环境。 他承诺，中国证监会将致力于增强政策的稳定性、透明度和可预期性，并持续加强与国际投资者的常态 化沟通，推动各项措施能够快速落地、见到实效。 其次，内地与香港资本市场的务实合作将进一步深化。 李明指出，双方将在提升境外上市备案质效、扩大沪深港通标的范围上持续发力，并推动将人民币股票 交易柜台、REITs等产品纳入港股通。 同时，中国证监会也积极支持香港推出国债期货，丰富离岸人民币风险管理工具。 他强调，这些安排旨在坚定支持香港巩固国际金融中心地位，最终构建在岸与 ...

描绘开放新蓝图：便利化、深合作、强监管 在勾勒资本市场开放新蓝图时，李明重点强调了三个方面的系统规划。 在11月4日举行的2025年国际金融领袖投资峰会上，中国证监会副主席李明发表主旨讲话，向全球金融 领袖传递了中国资本市场深化制度型开放的明确信号与坚定决心。 面对国际投资者的广泛关注，李明系统阐述了中国证监会将以"防风险、强监管、促高质量发展"为核 心，推出一系列有力度的开放新举措。 首要举措是提升跨境投融资的便利化水平。 李明透露，合格境外投资者制度优化方案已于上周正式推出，这一政策将从准入管理、投资效率、范围 拓宽及服务支持等多维度，为境外投资者营造更为优化、高效的环境。 他承诺，中国证监会将致力于增强政策的稳定性、透明度和可预期性，并持续加强与国际投资者的常态 化沟通，推动各项措施能够快速落地、见到实效。 其次，内地与香港资本市场的务实合作将进一步深化。 李明指出，双方将在提升境外上市备案质效、扩大沪深港通标的范围上持续发力，并推动将人民币股票 交易柜台、REITs等产品纳入港股通。 面向未来发出倡议：发现价值、贡献智慧、维护稳定 他强调，这些安排旨在坚定支持香港巩固国际金融中心地位，最终构建在岸与离 ...

11月4日，中国证监会副主席李明出席第四届国际金融领袖投资峰会并发表致辞。 香港成为内地资本市场联接全球的重要桥梁纽带 李明表示，中国资本市场因改革而生、因开放而兴。无论国际形势如何变幻，中国资本市场始终坚定不 移扩大对外开放，以协同发展、合作共赢的"定数"应对外部环境的"变数"。"十四五"期间，面对错综复 杂的国际形势，中国证监会认真落实党中央、国务院的决策部署，坚持市场化、法治化、国际化的方 向，从市场准入到规则对接，步稳蹄疾推出了一批牵引性强、含金量高的标志性开放举措，取得了积极 成效。 五年来，行业准入全面放开。全面取消证券基金期货机构外资持股比例限制，外资机构的经营范围和监 管要求实现国民待遇，更大力度支持外资金融机构来华投资展业。新增核准13家外资控股证券基金期货 公司，外资控股证券基金期货公司的数量呈现较大增长。 五年来，市场互联互通持续深化。完善企业境外上市的监管制度，支持企业用好两个市场、两种资源， 269家企业实现境外上市。持续优化完善合格境外投资者制度和沪深港通机制，扩大投资范围，为境外 投资者参与A股市场创造更多的便利条件。境外投资者持有A股市值已达3.4万亿元，成为市场的重要参 与力 ...

证监会副主席李明 在第四届国际金融领袖投资峰会上致辞。 全文如下： 尊敬的李家超行政长官，尊敬的徐启方副主任、周霁主任，陈茂波司长，余伟文总裁、梁凤仪总裁，各位 嘉宾，女士们、先生们： 大家上午好！ 非常高兴来到香港参加第四届峰会。我谨代表中国证监会，对峰会的召开表示热烈的祝贺！当前，世界百 年变局加速演进，全球经贸秩序和金融体系面临的不确定、不稳定因素增多，本届峰会以"驾驭变局 砥砺 前行"为主题，具有很强的现实意义。刚才，何立峰副总理发表重要致辞，对于我们准确把握国际经济金 融大势，全面落实"十五五"规划建议关于扩大开放的战略部署，推动内地与香港资本市场的协同发展不断 向更高水平、更深层次迈进，具有重要的指导意义，我们将会同相关方面认真抓好落实。 中国资本市场因改革而生、因开放而兴。无论国际形势如何变幻，中国资本市场始终坚定不移扩大对外开 放，以协同发展、合作共赢的"定数"应对外部环境的"变数"。"十四五"期间，面对错综复杂的国际形 势，中国证监会认真落实党中央、国务院的决策部署，坚持市场化法治化国际化的方向，从市场准入到规 则对接，步稳蹄疾推出了一批牵引性强、含金量高的标志性开放举措，取得了积极成效。 ...

非常高兴来到香港参加第四届峰会。我谨代表中国证监会，对峰会的召开表示热烈的祝贺！当前，世界 百年变局加速演进，全球经贸秩序和金融体系面临的不确定、不稳定因素增多，本届峰会以"驾驭变局 砥砺前行"为主题，具有很强的现实意义。刚才，何立峰副总理发表重要致辞，对于我们准确把握国际 经济金融大势，全面落实"十五五"规划建议关于扩大开放的战略部署，推动内地与香港资本市场的协同 发展不断向更高水平、更深层次迈进，具有重要的指导意义，我们将会同相关方面认真抓好落实。 中国资本市场因改革而生、因开放而兴。无论国际形势如何变幻，中国资本市场始终坚定不移扩大对外 开放，以协同发展、合作共赢的"定数"应对外部环境的"变数"。"十四五"期间，面对错综复杂的国际形 势，中国证监会认真落实党中央、国务院的决策部署，坚持市场化法治化国际化的方向，从市场准入到 规则对接，步稳蹄疾推出了一批牵引性强、含金量高的标志性开放举措，取得了积极成效。 李明在第四届国际金融领袖投资峰会上的致辞 尊敬的李家超行政长官，尊敬的徐启方副主任、周霁主任，陈茂波司长，余伟文总裁、梁凤仪总裁，各 位嘉宾，女士们、先生们： 大家上午好！ ——五年来，行业准入全面放开 ...

5年来，市场互联互通持续深化。他说，完善企业境外上市监管制度，支持企业用好"两个市场、两种资 源"，269家企业实现境外上市；持续优化完善合格境外投资者制度和沪深港通机制，扩大投资范围，为 境外投资者参与A股市场创造更多便利条件，境外投资者持有A股市值已达3.4万亿元，成为市场的重要 参与力量。 5年来，产品开放稳步推进。李明提到，拓展境内外基金互认ETF孵化机制，支持香港推出首个A股指数 期货，跨境投资产品不断丰富，更好满足投资者风险管理和多元化资产配置需求，稳步扩大期货期权特 定品种的开放，目前已有24个特定品种引入境外投资者参与交易。 "中国证监会热忱欢迎更多国际机构和长期资本来华展业、兴业，共同发展，互利共赢。"李明说。 11月4日，中国证监会副主席李明在2025年国际金融领袖投资峰会上表示，中国证监会将紧紧围绕防风 险、强监管、促高质量发展的工作主线，锚定深化资本市场制度型开放的目标任务，系统谋划推出更多 有力度的开放举措。 一是进一步提升跨境投融资便利化水平。"上周我们正式推出合格境外投资者制度优化工作方案，从优 化准入管理、提高投资运作效率、扩大投资范围、丰富服务支持等方面，为各类境外投资者提供 ...

Core Viewpoint - Cross-border investment and financing play a crucial role in the global allocation of resources, necessitating improvements in foreign-related legal systems, cross-border regulatory cooperation, and innovative dispute resolution mechanisms to enhance financial openness [3][4]. Group 1: Achievements in Capital Market Opening - The capital market has seen significant progress in dual-directional opening during the 14th Five-Year Plan period, with a comprehensive restructuring of foundational systems and regulatory logic [4]. - The number of stocks eligible for trading under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect has reached 2,922, accounting for over 90% of the total market capitalization of A-shares [4]. - As of September 30, 2023, the China Securities Regulatory Commission (CSRC) has completed the filing for 296 domestic companies to list overseas, including 109 technology firms [4]. Group 2: Challenges in Legal and Regulatory Framework - The increasing complexity of cross-border investment raises challenges in legal frameworks, with significant differences in regulatory systems across countries affecting accounting standards and information disclosure [6][7]. - The integration of technologies such as AI, blockchain, and big data into financial services has introduced new regulatory challenges, necessitating a balance between innovation and risk management [7][8]. Group 3: Recommendations for Legal System Improvement - The CSRC emphasizes the need for legislative initiatives to establish a transparent and comprehensive legal framework for capital markets, focusing on the timely development of new laws and amendments [9]. - Strengthening cross-border regulatory cooperation is essential, with a focus on enhancing communication and collaboration between domestic and foreign regulatory bodies to address issues like fraud and financial misconduct [9][10]. - Recommendations include creating a clear and accessible rule system for cross-border investments, enhancing the visibility of dispute resolution mechanisms, and establishing clear exit strategies to boost investor confidence [10].

Group 1 - The core viewpoint emphasizes the importance of improving the legal framework for foreign-related capital markets to support high-level openness and ensure investor protection [1][2] - The China Securities Regulatory Commission (CSRC) is committed to enhancing foreign-related legislation, focusing on systematic and transparent legal structures to facilitate cross-border investment [1][3] - The dual opening of the capital market is progressing, with mechanisms like Stock Connect and the Qualified Foreign Institutional Investor (QFII) program being expanded to attract foreign investment [1][2] Group 2 - The CSRC has signed cooperation memorandums with 67 countries and regions, enhancing international collaboration for cross-border enforcement [2] - There is a need to balance innovation in financial tools with risk management, particularly in the context of rapid financial technology advancements [3][4] - Strengthening cross-border regulatory cooperation is essential to address challenges in cross-border listings and ensure accountability among issuers and intermediaries [4][5]

Core Viewpoint - The article emphasizes the importance of enhancing the legal framework for foreign-related issues in China's capital market to facilitate high-level two-way opening and create a favorable legal environment for foreign investment [1][4]. Group 1: Two-Way Opening of Capital Market - During the "14th Five-Year Plan" period, the two-way opening of the capital market is advancing, with mechanisms like Shanghai-Hong Kong Stock Connect and Shanghai-London Stock Connect being continuously improved [3]. - As of October 17, the number of stocks eligible for trading through the Shanghai-Hong Kong Stock Connect has reached 2,922, accounting for over 90% of the total market capitalization of A-shares [3]. - Since the implementation of new regulations for overseas listings, the China Securities Regulatory Commission (CSRC) has completed the filing for 296 domestic companies to list abroad, including 109 technology companies [3]. Group 2: Strengthening Cross-Border Regulatory Cooperation - The CSRC aims to deepen cross-border regulatory cooperation, enhancing communication and collaboration between domestic and foreign regulatory bodies [2][5]. - There is a commitment to a "zero tolerance" policy for cross-border illegal activities, including fraudulent issuance and financial fraud, to protect investors' rights [2][5]. Group 3: Legal Framework for Foreign-Related Issues - The CSRC has established various regulations to create a transparent and predictable legal environment for domestic companies going public abroad and for foreign investors participating in domestic markets [4][5]. - As of now, the CSRC has signed cooperation memorandums with 67 countries and regions, enhancing collaboration with foreign enforcement agencies [4]. Group 4: Future Directions for Legal System Improvement - The CSRC plans to prioritize legislative work related to foreign-related issues, aiming to establish a comprehensive legal system for the capital market [5]. - There is a focus on balancing openness and security, as well as innovation and risk management, to ensure high-quality development of the capital market [5]. - The CSRC will enhance the role of judicial protection in foreign-related legal construction, optimizing mechanisms for foreign-related trials [5].

Core Viewpoint - The article emphasizes the importance of enhancing the legal framework for foreign-related issues in China's capital market to support high-level bilateral opening and ensure investor protection [2][5]. Group 1: Legal Framework and Regulatory Cooperation - The China Securities Regulatory Commission (CSRC) is committed to improving the foreign-related legal system as a crucial aspect of capital market legal construction [5]. - The CSRC has signed cooperation memorandums with 67 countries and regions, enhancing collaboration with foreign enforcement agencies [5]. - There is a focus on balancing openness and security, as well as innovation and risk, to promote high-quality development in the capital market [7][8]. Group 2: Cross-Border Regulatory Coordination - The CSRC aims to strengthen cross-border regulatory cooperation and communication, holding issuers and intermediaries accountable for their responsibilities [8]. - A "zero tolerance" policy will be maintained against cross-border illegal activities, including fraud and financial misconduct [8]. - The article highlights the need for targeted coordination to address challenges in cross-border regulation, such as evidence standards and mutual recognition procedures [8]. Group 3: Market Opening Initiatives - The article outlines ongoing efforts to facilitate foreign investment through mechanisms like Stock Connect, with over 2,922 stocks available for trading and foreign institutional investors exceeding 900 [9]. - Since the implementation of new regulations for overseas listings, 296 domestic companies have completed their overseas listing filings, with a significant number being technology firms [9]. - The introduction of offshore A-share derivative tools is mentioned as a means to enhance risk management for international investors [9].