Hong Kong's securities market has an efficient and sustainable financing function. In 2006, 98% of the newly listed shares were fully subscribed. At the same time, Hong Kong's securities market is suitable for enterprises of different sizes to go public, and it is the market with the highest circulation for mainland enterprises to go public overseas.
In recent years, more and more mainland enterprises regard the Hong Kong stock market as the preferred platform for overseas listing and financing. By the end of 2006, there were 367 mainland enterprises listed in Hong Kong. As of 3 1 last February, the market value of mainland enterprises listed in Hong Kong reached HK$ 6.7145 billion, and the average daily share capital turnover was HK$ 157 billion, an increase of 134% over 2005.
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With China's accession to the WTO, the economic development of the Mainland has entered a new stage. Therefore, how to strengthen the links and integration between the Mainland and Hong Kong is an important issue for the two governments. In fact, Hong Kong and the cities in the Pearl River Delta have long been integrated, which is beneficial to both sides and harmful to vicious competition. At the same time, the Pearl River Delta and the Yangtze River Delta, as the economic centers of South China, can also echo each other and complement each other's advantages, giving play to the effect of "one plus one equals three". In my opinion, it is necessary to further strengthen the integration of the mainland and the Hong Kong Special Administrative Region at the following levels: (Looking back, don't hesitate. )
Closer economic partnership arrangement: using Hong Kong's professional experience and talents
Negotiations between Hong Kong and the Mainland on the establishment of Closer Economic Partnership Arrangement mainly include three aspects: first, trade and investment facilitation; Second, the issue of trade in goods; Third, the issue of trade in services. On many topics, such as customs clearance facilitation, SME cooperation, trade and investment promotion, e-commerce, legal transparency and so on. Substantial progress has also been made in the negotiations on trade in goods. At present, the negotiations are mainly about technical issues such as origin. Although there are not many finished products produced in Hong Kong, it is estimated that after the agreement is reached, Hong Kong, as a producer of products and the supporting services behind it, will be very attractive to the Mainland. Hong Kong manufacturers employ many people in the Mainland, and high value-added activities, including management, marketing, design and finance, are carried out in Hong Kong, which brings many benefits to Hong Kong. At the same time, it is expected that the obstacles to professional services going northward in Hong Kong will be greatly removed. For example, Hong Kong professionals (including accountants, engineers, architects, surveyors, planners, lawyers, etc. ) you can provide professional services in the mainland, apply for and obtain professional qualifications in the mainland, and even set up business in the mainland to directly undertake services. Analyze the real purpose of mainstream funds and find the best profit opportunities! )
(1) Accounting industry
It has been difficult for Hong Kong accounting professionals to develop in the Mainland. Although the accounting profession in Hong Kong has always maintained good contact with mainland departments and counterparts, for example, as early as 1994, the accounting profession in Hong Kong has signed a memorandum of cooperation with the Institute of Certified Public Accountants in the Mainland, setting the goal of mutual recognition of long-term qualifications of accountants in the two places, and stipulating that each other's operation mode is in line with international standards. However, due to the following policy restrictions, there has never been a major breakthrough in the cooperation and integration of the accounting circles in the two places:
(a) passed the mainland qualification examination, but very few people can pass the qualification examination.
(2) An accounting firm must have a capital of more than US$ 20 million to expand its business in the Mainland, such as opening an office. The threshold for hiring more than 200 accountants is too high. Among the more than 0/000 accounting firms in Hong Kong/KLOC-0, it is estimated that no more than 0/0 can pass this threshold.
In addition to auditing, local accountants can also provide many related value-added services such as taxation, mergers and acquisitions, financial consultancy, enterprise control law, bankruptcy liquidation, etc., but the mainland still stays in the auditing business. It can be said that accountants in Hong Kong have expertise in adding value to the national economy, but there is no market to explore. Many accountants in Hong Kong have had the experience of "borrowing people". Sometimes mainland enterprises borrow Hong Kong accountants' knowledge of the international market; Sometimes international investors deal with the mainland through Hong Kong accountants, which makes Hong Kong accountants play an important role as an investment springboard. This unique experience not only helps to drive international investors into a wider field in the mainland, but also helps to drive mainland professionals to jump out of the mainland market, directly face international investors and establish international business relations. This is a win-win solution.
With the rapid development of the mainland, there is a shortage of accounting and financial professionals, and these talents are the main factors to support and assist the sound economic development. Hong Kong accountants can take this opportunity to become an important bridge to help the development of the Mainland and create new outlets for Hong Kong professionals. Most of the enterprises that entered the mainland before were large multinational enterprises, so the threshold for the mainland to approve the establishment of offices in the mainland is also relatively high. But today, with China's accession to the WTO, private enterprises are also on the rise. Hong Kong local accountants, with world-class accounting standards, international vision and China cultural background, can help mainland accounting circles to improve their professional level, cultivate high-quality private enterprises, introduce foreign capital and let private enterprises go abroad at this time.
However, from the statistics of Hong Kong candidates taking the unified national examination for certified public accountants in China, I know that it is very difficult for Hong Kong accountants to get a practicing certificate in the Mainland, so I would like to make the following suggestions.
1. Set up a special simplified Chinese examination for Hong Kong certified public accountants.
2. The resident representative offices of overseas accounting firms should lower the current minimum income and minimum personnel requirements, allow Chinese accounting firms that have been practicing in the Hong Kong Special Administrative Region for many years to set up branches in the Mainland, and cooperate with mainland certified public accountants to handle non-audit work related to the laws of China.
3. Since Hong Kong has returned to China, residence in Hong Kong should also be classified as meeting the requirements of "having more than two years of independent audit experience in China" and "having a fixed residence or a fixed liaison office in China, and having lived for more than one year at the time of application".
(2) Surveying, planning, construction and engineering industries
When planning large-scale projects, the Hong Kong government often hires professional consultants to provide professional services that are in line with WTO recommendations. Consultants are rarely used in the mainland. In fact, the scope of consultancy work can be very wide, ranging from providing technical advice, drafting tenders, selecting contractors, and even supervising and accepting projects. Because consultants have a better grasp of the best information of an industry in the international market, the government can learn the latest foreign experience and problem-solving techniques through these consultants. The mainland government may wish to set up various advisory committees, most of which can be voluntary (only symbolic travel expenses). In addition to inviting mainland experts, experts and scholars from Hong Kong can also be invited to provide professional advice on infrastructure, engineering, environmental protection, transportation and other planning matters.
More importantly, with China's accession to the WTO, a large number of Olympic projects have been launched in Beijing, and Shanghai is also actively preparing for the World Expo. Among them, the supporting facilities, transportation, communication network and environmental protection system that will be started soon will involve hundreds of billions of dollars of investment. In order to make the investment properly used, the mainland government and the industry should especially choose their partners carefully. Because there is a gap between the mainland and foreign countries in language, legal system and even corporate culture, it is safer to cooperate with Hong Kong companies or hire professional Hong Kong companies to provide consultants. In fact, the relevant projects have always been the strengths of the local business and professional sectors. The mainland government can provide the Hong Kong industry with first-hand market information related to the Olympic Games and encourage the industry to bid for related projects. At the same time, the organizing committee responsible for large-scale construction projects can also consider decomposing the projects, because after decomposing the projects, smaller companies in the Mainland will be able to bid on their own, creating a space for the survival and development of mainland professionals.
(3) Information technology industry
After China's entry into WTO, the geographical restrictions and shareholding ratio of information technology market, paging, mobile phone and domestic and international fixed telephone services will be gradually opened to foreign investors. With advanced technology and rich experience in operation and market competition, Hong Kong IT enterprises can formally invest in the mainland market, establish joint ventures with mainland telecom enterprises or act as agents for foreign telecom service providers. It is particularly noteworthy that the preferential policies introduced by provincial governments in the western region have attracted more and more internationally renowned information technology companies (including Microsoft, Cisco, Intel and IBM) to invest in Chengdu, Xi and Chongqing. Hong Kong businessmen can consider the following ways to make full use of the scientific research capacity and lower development and production costs in the western region: (1) Direct investment in high-tech industries; (2) Set up R&D institutions or use local directors to improve product design and production efficiency; (3) Cooperate with local scientific research institutions to commercialize their research results; (4) Entrust local institutions to conduct research and development.
In addition, since the GEM market in the Mainland is still in its infancy and the operation of the main board market is not yet mature, mainland information enterprises can consider making more use of the financing market in Hong Kong if they want to raise funds. With the gradual opening of the information technology industry in the Mainland, in order to cope with fierce international competition, it is natural for the information technology industry in the Mainland to strive to expand financing channels to improve and develop services. The central government can strengthen communication with the Hong Kong SAR government, promote information exchange, increase business opportunities for cooperation between the two places, and expand the information technology industry without violating the provisions of the WTO. The two places can set up a high-level organization to bring together relevant officials and industry representatives of the two places to co-ordinate and promote the strategy of co-developing the information technology industry between the Mainland and Hong Kong, and introduce the concept of complementary advantages of the information technology industries of the two places to foreign investors.
(4) Financial industry
In order to meet the requirements of WTO and the actual needs of economic development, China will gradually relax the existing restrictions on foreign-funded financial institutions in the next few years. For example, in February, 2000 1,1,China lifted the customer restrictions for foreign banks to handle foreign exchange business and allowed them to operate RMB business in Shanghai, Shenzhen, Tianjin and Dalian; Since 65438+February last year, the central bank has opened RMB business to foreign banks and financial institutions in Guangzhou, Zhuhai, Qingdao, Nanjing and Wuhan. It can be predicted that the strong demand for financial services in the Mainland will also change rapidly.
In the past year, the trend of foreign banks in Hong Kong entering the Mainland was very positive. In fact, as the leading capital market in Asia, Hong Kong plays an important role in corporate financing business in the Pearl River Delta and even the whole country. Banks and securities companies in Hong Kong can not only provide direct services in assisting mainland enterprises to obtain funds, but also optimize the local financial environment through cooperation with local financial institutions. In particular, I hope that the central government will continue to study relaxing and simplifying the financing procedures for overseas listing of mainland enterprises, so as to facilitate more mainland enterprises to list in Hong Kong, attract overseas funds and help mainland enterprises to enter the international market.
(5) Aviation industry
Since the "9. 1 1" incident, global aviation has entered a trough, and many companies have suffered huge losses and even been forced to declare bankruptcy. China Airlines, on the other hand, outshines others, making foreign counterparts envious. This is closely related to the fact that the China government has been actively fulfilling the commitment of the transportation industry to join the WTO. On August 1 2002, the official implementation of the Regulations on Foreign Investment in Civil Aviation Industry was a milestone for China to actively fulfill its WTO commitments and further attract foreign investment into the aviation industry. The new regulations expand the scope of foreign investment, from the original stipulation that foreign investment in the aviation industry can only be one or two pilot projects to allowing foreign investment in any one; Except for projects involving state secrets, all foreign investors in the general aviation field can invest. The new regulations expand the ways of foreign investment. Originally, foreign investors were required to invest in private enterprises in the form of joint ventures and cooperation, and new investment methods such as stock purchase and investment and "other approved investment methods" were added. The promulgation of this regulation shows that the government has relaxed the scope, mode, proportion and management right of foreign investment in China's civil aviation industry, which has opened up a new world for foreign investment in China's aviation industry. The management of airlines, airport services, airport security, passenger flow and cargo flow is customer first, efficiency first, open source and reduce expenditure, which requires both modern management and perfect security measures. The mainland can learn from Hong Kong's experience in this respect and speed up the training of aviation talents.
(6) Tourism
It is hoped that the central government will encourage Hong Kong, Macao, Shenzhen and Guangdong to strengthen the overall planning of coordinated tourism development, establish a framework of large tourist areas, balance the layout of scenic spots in the areas, avoid redundant construction and vicious competition, and enhance the competitiveness of tourist areas in the international tourism market. Its division of labor can be considered as follows: Hong Kong is dominated by Disneyland, shopping and food center, racecourse and conference business center; Macau is dominated by oriental casinos, nightlife and Portuguese cultural customs; Zhuhai mainly develops large-scale theme parks, holiday hotels and villas in Qinheng Island. Shenzhen is dominated by the window of the world and splendid china; Dongguan and Panyu are mainly opium war sites and wildlife parks. All parts of the metropolitan area cooperate as a whole to form a tourist route in the metropolitan area for a few days to a week or two. In this regard, the relevant authorities should set up a semi-official tourism promotion committee as soon as possible. * * * Organize large-scale tourism promotion activities together.
In addition, strengthening the link between Guangdong and Hong Kong's transportation infrastructure is also conducive to cooperation in promoting tourism in the Pearl River Delta.