【社評雙語道】創新理財產品 促進跨境投資
【原文】摘錄自2月26日香港《文匯報》：備受大灣區居民期待的「跨境理財通2.0」於2月26日啟動。這是今年1月國家宣布的「三聯通、三便利」六大金融惠港政策之一，顯示國家支持香港穩固國際金融中心舉措穩步推進、落實，為粵港兩地銀行帶來重要利好。
「跨境理財通2.0」讓更多大灣區居民能參與跨境投資，同時個人投資者額度從100萬元人民幣提高到300萬元人民幣，可進一步促進跨境投資，本港銀行要加大面向灣區內地城市的宣傳推廣力度，加強創新、推出更多有競爭力的理財產品，切實放大相關措施的吸引力，把政策利好變為本港財富管理業務增長的動力。
「跨境理財通」業務是指粵港澳大灣區內地和港澳投資者通過區內金融機構體系建立的閉環式資金管道，跨境投資對方金融機構銷售的合資格投資產品。
今年1月24日，國家宣布推出包括「跨境理財通2.0」等支持灣區金融發展的六大舉措，在投資者准入條件、參與機構範圍及合格投資產品範圍、個人投資者額度等方面做了優化升級。「跨境理財通2.0」政策在公布後一個月即正式落實推出，顯示國家支持香港穩固國際金融中心的舉措穩步推進、不斷落實，令本港金融界倍感振奮。
參考金管局數據，目前有24家港銀與其內地夥伴銀行可開展「跨境理財通」業務，大部分合資格港銀擬即日開始提供「理財通2.0」服務，包括擴大南向通產品範圍，全港銀行南向通基金數目料由以往約160隻增至約300隻。
面對「跨境理財通2.0」的擴容及更多合資格投資者獲納入，不少港銀出動「銀彈」吸客，如迎新優惠、現金回贈、抽獎及存息優惠等，希望能盡快提升跨境投資業務的增長。
應該看到，「跨境理財通」業務自2021年試點以來備受市場關注，但目前發展與業內預期仍有差距。根據人民銀行廣東省分行最新披露，截至2023年末，粵港澳大灣區參與「跨境理財通」個人投資者6.92萬人，包括港澳投資者4.54萬人，內地投資者2.38萬人，涉及相關資金跨境匯劃4.33萬筆，金額128.10億元人民幣。業內人士分析指，本港銀行推出基金產品、理財產品，產品線不夠豐富，加上港股去年受外圍波動影響短期受壓，影響了基金及理財產品的回報率。
因此，「跨境理財通2.0」需要有效發揮政策效力。一是加強創新、提供更豐富及更有吸引力的基金理財產品選擇。二是加強宣傳推廣力度、提升服務水準。隨着國家支持香港經濟發展的政策不斷落實，香港經濟及金融市場表現將穩步向好，香港金融界要把握機遇、聯通灣區、協同發展，放大「跨境理財通2.0」吸引力，提升香港財富管理中心競爭力。
Innovate financial products to promote cross-boundary investment
【譯文】The "Cross-boundary Wealth Management Connect Scheme 2.0", which is highly anticipated by residents of the Greater Bay Area, was launched on 26 February. This was one of the six major financial policies to benefit Hong Kong under the "Three Connection, Three Facilitation" announced by the State in January this year. This shows that the State's support measures for Hong Kong's position as an international financial centre have been steadily and progressively implemented, bringing significant benefits to banks in Guangdong and Hong Kong.
The "Cross-boundary Wealth Management Connect Scheme 2.0" will enable more residents of the Greater Bay Area to participate in cross-boundary investment, and the individual investor limit has been increased from RMB 1 million yuan to 3 million yuan, which can further promote cross-boundary investment. Banks in Hong Kong need to step up publicity and promotion in the Mainland cities in the Greater Bay Area, enhance innovation, launch more competitive wealth management products, effectively enhance the attractiveness of relevant measures, and turn policy benefits into the driving force for the growth of Hong Kong's wealth management business.
The business of "Cross-boundary Wealth Management Connect" refers to the cross-boundary investment of eligible investment products sold by the counterpart financial institutions in Guangdong, Hong Kong and Macao in the Greater Bay Area through a closed-loop capital pipeline established by the financial institution system in the region.
On 24 January 2024, the State announced the launch of six major initiatives to support the financial development of the Greater Bay Area, including the "Cross-boundary Wealth Management Connect Scheme 2.0". The new initiatives have been optimized and upgraded in terms of investor access conditions, scope of participating institutions and range of eligible investment products, individual investor limits, and other aspects. The "Cross-boundary Wealth Management Connect Scheme 2.0" was officially implemented and launched a month after its announcement, demonstrating the State's steady advancement and continuous implementation of measures to support Hong Kong's consolidation as an international financial centre, which is very encouraging to the financial sector in Hong Kong.
According to data from the Hong Kong Monetary Authority, currently 24 Hong Kong banks and their mainland partner banks can carry out services under the "Cross-boundary Wealth Management Connect Scheme 2.0", and most eligible Hong Kong banks plan to start providing the services from the day of its launch, including expanding the range of southbound products, with the number of southbound funds of all Hong Kong banks expected to increase from about 160 to about 300.
In the face of the expansion of "Cross-boundary Wealth Management Connect Scheme 2.0" and the inclusion of more eligible investors, many Hong Kong banks have been using "silver bullets" to attract customers, such as welcome offers, cash rebates, lucky draws and interest rate promotions, in the hope of boosting the growth of cross-boundary investment business as soon as possible.
It should be noted that the "Cross-boundary Wealth Management Connect" has attracted much market attention since its pilot run in 2021, but the current development still falls short of the industry's expectations. According to the latest disclosure by the Guangdong Branch of the People's Bank of China, as of the end of 2023, 69,200 individual investors in the Greater Bay Area participated in the "Cross-boundary Wealth Management Connect" services, including 45,400 Hong Kong and Macao investors and 23,800 Mainland investors, involving 43,300 cross-boundary remittances of related funds with a total amount of RMB12.810 billion yuan. According to industry analyses, Hong Kong banks have launched fund products and financial products, but the product line is not rich enough. In addition, Hong Kong stocks were under short-term pressure last year due to external volatility, which affected the return rate of funds and wealth management products.
Therefore, "Cross-boundary Wealth Management Connect Scheme 2.0" needs to effectively exert policy effectiveness. The first is to strengthen innovation and provide more abundant and attractive choices of fund and wealth management products. The second is to step up publicity and promotion and enhance service standards. With the continuous implementation of State policies to support Hong Kong's economic development, Hong Kong's economy and financial market performance will steadily improve. Hong Kong's financial sector should seize the opportunity, connect with the Greater Bay Area and develop in concert to enhance the attractiveness of "Cross-boundary Wealth Management Connect Scheme 2.0", and enhance the competitiveness of Hong Kong as a wealth management centre.
◆ Tiffany
