面對深層次需求 中國可能准入海外基金

Hopes of a lasting boost to Hong Kong’s asset management industry from a deal to sell funds into China have been dealt a blow by growing speculation that the UK and other markets will quickly benefit from similar agreements.

香港資產管理行業曾希望藉助一項向中國內地銷售基金的協議得到持久的提振。但外界對於英國和其他市場將很快與中國達成類似協議的猜測越來越多，令上述希望大打折扣。

Hong Kong and Chinese regulators are set to sign an agreement in coming weeks to give funds domiciled on both sides of the border “mutual recognition” in each other’s markets, according to people following the talks.

瞭解談判進程的人士稱，預計在未來幾周內，香港與中國內地的監管機構將簽署一項協議，允許兩地市場“相互認可”在對方市場註冊的基金。

Analysts have described the opening up of China as a “game changer” that would secure Hong Kong’s future as a financial centre by making it the best base for international fund managers from which to try to sell investments to hundreds of millions of Chinese savers.

分析人士曾將中國開放市場形容爲一件“改變遊戲規則的大事”，使香港成爲國際基金公司向中國內地數百萬儲蓄者銷售投資產品的最佳基地，從而保障香港作爲一個金融中心的未來。

However, the UK will receive a similar mutual recognition deal as early as June next year, allowing British funds to sell directly into China, according to one senior China banker with close ties to the China Securities Regulatory Commission.

但一位與中國證監會(CSRC)關係密切的中國資深銀行家表示，英國最早明年6月將與中國簽訂一項類似的相互認可協議，使英國基金能直接向中國銷售。

A number of lawyers and fund managers in Hong Kong agree that this is likely, with the granting of access to funds following a similar pattern as the granting of quotas for schemes such as the renminbi qualified foreign institutional investor (RQFII) plan that allows foreign institutions to raise renminbi to reinvest in China.

香港許多律師和基金經理認爲這是可能的，他們認爲，中國將按類似人民幣合格境外機構投資者(RQFII)計劃的途徑，授權英國基金進入中國市場。RQFII計劃允許海外投資機構募集人民幣資金並再投資於中國內地。

“As in a number of initiatives, Hong Kong has the first-mover advantage,” said Sally Wong, the chief executive of the Hong Kong Investment Funds Association. “But we always understand that there is no ‘exclusivity’.

香港投資基金公會(Hong Kong Investment Fund Association)行政總裁黃王慈明(Sally Wong)表示，“像大量其他安排一樣，香港擁有先發優勢。但我們歷來明白，香港沒有‘專營權’。”

“This is best exemplified in RQFII – it opened up to Hong Kong licensees in March, and in three months’ time it was extended to a number of jurisdictions.”

“這在RQFII上得到了最有力的體現，該計劃3月對香港開放，3個月後便擴展到了好幾個管轄區。”

Mark Konyn, chief executive at CCAM, a Hong Kong-based manager, said: “There is definitely a very strong feeling that any advantage Hong Kong has in going first will short lived at best.”

香港國泰康利資產管理有限公司(CCAM)的首席執行官康禮賢(Mark Konyn)表示：“市場明顯強烈認爲，香港充其量會獲得短時間的先發優勢。”