Donald Tsang, Hong Kong's chief executive, has endorsed¹ proposals to begin trading Hong Kong and Shanghai-listed shares on each other's exchanges, and confirmed that talks are under way.


"没有道理……上海上市的股票不能通过某种金融工具在香港交易，"曾荫权接受英国《金融时报》采访时表示。"同样，我也看不出香港股票为何不能通过套利安排在上海股市交易……我们正在讨论相关的机制。"

"There's no reason why ………stocks listed in Shanghai cannot through some financial instruments be traded in Hong Kong," Mr Tsang said in an interview with the Financial Times. "Similarly, I do not see why Hong Kong stocks cannot be co-listed in the Shanghai stock market through an arbitrage² arrangements ……We are discussing the mechanics of it."

曾荫权是迄今为止声明支持建立跨境股票交易机制（例如存托凭证）的级别最高的官员。这种机制可将市值排名全球第五和第六的两个股票交易所连接起来。香港交易所与上海及深圳证券交易所的市值总和占全球股市总市值的7.65%，仅次于日本8.48%的水平。

Mr Tsang is the most senior official to voice support of cross-border trading mechanisms⁴ - such as depositary receipts - that could link the world's fifth and sixth-largest stock markets by market capitalisation. The Hong Kong stock exchange and its counterparts in Shanghai and Shenzhen together account for 7.65 per cent of global market capitalisation, just behind Japan's 8.48 per cent.

今年2月份，香港金融管理局(HKMA)总裁任志刚(Joseph Yam)曾发出呼吁，建议创立"以上海、深圳和香港交易所上市股票托管证明书为形式的衍生工具"。

In February, Joseph Yam, chief executive of the Hong Kong Monetary⁵ Authority, mooted⁶ the creation of "certificates of ownership of shares listed on the Shanghai, Shenzhen and Hong Kong stock exchanges".

上海市金融服务办公室副主任方星海稍后接受英国《金融时报》采访时表示，支持为42家两地上市的企业建立一种股票联动交易机制。

In a later interview with the FT, Fang⁷ Xinghai, deputy director of Shanghai's financial services office, endorsed a joint⁸ trading mechanism³ for shares in 42 groups traded on both exchanges.


随着中国政府敦促那些已在香港上市的内地最大、最好的企业回归上海股市，两地同时上市的企业数量正在日益增加。

The number of companies traded on both markets is rising as the Chinese government urges its biggest and best companies, which have flocked to Hong Kong, to list in Shanghai as well.

但由于人民币无法自由兑换，加之国际资金无法参与中国内地股市，因此，两地股票价格差距颇大。这些企业在上海的A股价格通常是其香港H股价格的两倍。

But with the renminbi not freely convertible⁹ and China's stock markets isolated¹⁰ from international capital flows, valuations diverge¹¹ widely. Companies' Shanghai-listed A-shares are typically trading at twice the level of their Hong Kong H-shares.

"我们正在尽力帮助上海股市实现现代化，"曾荫权表示。"中国存在两个不同的市场。一个是香港的外向型国际市场，另一个是上海的地区性市场……我们作为一个国际化平台，领先大约15年。"

"We are helping¹² Shanghai as much as possible to modernise¹³ the market," Mr Tsang said. "There are two different markets. One is an external international global market in Hong Kong and one is a regional market in Shanghai……We are an international platform way ahead - about 15 years ahead."