政府加快开放期货业

　　Although the futures¹ industry is the only financial sector² that has no set timetable for opening-up under China's WTO commitment, there are signs that the government is already moving fast on this front.
The quick pace, which became apparent late last year, is expected to stimulate³ the country's still-struggling futures industry, analysts⁴ and watchers say.
　　Under Supplement II of CEPA (Mainland and Hong Kong Closer Economic Partnership⁵ Agreement), a pact⁶ signed in 2004 to boost the economic co-operation between Hong Kong and the Chinese mainland, qualified⁷ domestic futures brokerage will be allowed to set up their subsidiaries in Hong Kong beginning from this year.
　　"Domestic futures industry's enthusiasm for branching out in Hong Kong is obviously strong," said Chen Xiaodi, a researcher with China International Futures Co Ltd, China's futures house bellwether⁸.
　　"It could broaden their investment channels as they could engage in business that is currently unavailable in domestic market such as trading of financial derivatives," Chen said.
　　The foray into Hong Kong, analysts say, would also provide an investment conduit for domestic investors⁹ and a platform for domestic enterprises that have business needs, such as resource-extensive sectors¹⁰.
　　Currently, only 31 domestic enterprises are authorized¹¹ to trade futures overseas for arbitrage¹², but many more are said to be interested in getting a licence. Analysts say this potential customer pool may become the primary target for domestic futures firms after they set up their subsidiaries in Hong Kong.
　　While domestic futures players are entering overseas turfs, foreign investors are moving in.
　　China published new rules last August that allow foreign brokers¹³ registered in Hong Kong or Macao to form ventures with Chinese partners.