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Direct investment program put on hold
By Wang Zhenghua (China Daily)
Updated: 2008-03-06 07:23

No timetable has been set for a pilot program that will allow people on the mainland to invest directly in Hong Kong-listed shares, a top banking regulator said yesterday.

Further studies are needed for the so-called "through train" program, Liu Mingkang, chairman of the China Banking Regulatory Commission, said.

He also said there is no plan to allow funds generated through China's qualified domestic institutional investor (QDII) program to be invested in the domestic stock market.

Announced in August, the program is expected to diversify the investment channels open to mainland residents. But the US subprime crisis and shaky stock markets are believed to have led to it being put on hold.

Speaking on the sidelines of the NPC session, Liu also said there is encouraging attitude toward financial institutions from Taiwan investing on the mainland.

"We hope there will be some changes in Taiwan," he said, referring to the fact the island currently bans its banks from investing on the mainland.

The mainland has an open attitude toward banks from all over the world, including Taiwan, to open branches or invest in domestic banks on the mainland, as long as the procedure complies with regulations, Liu said.

Regulators in Taiwan and on the mainland agreed last month to allow Taiwan-listed Fubon Financial Holding to buy a 20 percent stake in Xiamen Commercial Bank through its Hong Kong subsidiary, Fubon Bank (Hong Kong).

As a major task for this year, the regulatory body will seek to keep the absolute increase in the quantity of new loans at the same level as last year, Liu said. That will mean a smaller increase in percentage terms, he said.

On the US subprime crisis that has rocked markets around the world, Liu said China will not experience a similar problem as it does not offer zero deposit mortgages.

China has no intention of reducing the minimum down payment for home loans, he said.

The current minimum deposit is 30 percent for first homes and 40 percent for second properties.

(China Daily 03/06/2008 page7)