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The index inclusion a giant leap for opening up
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THE inclusion of 222 China's domestic-listed A-shares into global stock benchmark MSCI world index was a small step for the domestic capital market but a giant leap for the capital market opening-up, head of Hong Kong stock exchange said today.
Charles Li, chief executive of Hong Kong Exchanges and Clearing Co and a main driver behind the Hong Kong stock connect program, compares the progress to the yuan's inclusion into the official currency basket of International Monetary Fund in 2015.
"China is the world's second largest economy, and the inclusion is a route must be taken for China and the world to work with each other," Li told the Lujiazui Forum today. "Today China is no longer following suits but has developed infrastructure different from others. The international system and China won't change for each other, but still the two systems must merge."
He said the stock connect programs between Shanghai, Shenzhen, and Hong Kong serves as a "translator and adapter" between different stock market mechanisms.
"The MSCI has recognized it and use the programs as a breakthrough," Li said. "It marks a start for the overall introduction of the A-shares into the global stock market."
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