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COP29 Outcomes
COP29 came to a close in the early hours of Sunday 24 November (35 hours into overtime) with some fraught, last-minute negotiations to finalise the key texts.
Global | Publication | August 2024
On 19 April 2024, the China Securities Regulatory Commission (CSRC) published five cooperative measures on a high level basis relating to the Stock Connect and the Mutual Fund Recognition regimes respectively between mainland China and HKSAR. These measures have been or will be implemented by more detailed rules intended to further enhance HKSAR’s status as an international financial centre, and to promote the coordinated development of the two capital markets.
Some key highlights of these measures include:
Noting that this is not the first time that mainland China and HKSAR authorities have initiated measures to facilitate the various connects between both financial markets. Earlier in February 2024, revised rules governing the Cross-boundary Wealth Management Connect Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (the GBA Wealth Management Connect) came into effect, which upgraded the GBA Wealth Management Connect regime to its version 2.0. Key developments include:
It is clear that, by upgrading the regimes for various connections between HKSAR and mainland China, the PRC central government aims to speed up the movement of funds (especially RMB) on a cross border basis and ultimately to promote RMB internationalisation to the next level.
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COP29 came to a close in the early hours of Sunday 24 November (35 hours into overtime) with some fraught, last-minute negotiations to finalise the key texts.
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In a move that mirrors similar measures by the United States, the Government of Canada has imposed surtaxes on electric vehicles (EV), aluminum and steel from China.
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