Hong Kong and Mainland China to Partly Open Markets for Investment Funds

How will you celebrate the 18th Anniversary of the Handover / Return of Hong Kong to Chinese Sovereignty? This July 1, 2015, China will launch the “mutual fund recognition framework” which will allow international assets managers to sell their Hong Kong registered fund products to Mainland investors. How’s that for a celebratory mouthful of globalization?

Peace and Freedom

By Josh Noble in Hong Kong
Financial Times (FT)

CHINA, FUYANG : Chinese stock investors gather at a securities firm in Fuyang, in China's Anhui province on January 7, 2015. China's benchmark Shanghai Composite Index gained 0.67 percent, or 22.50 points, to 3,373.95 -- the highest finish since August 2009 -- on turnover of 436.4 billion yuan (71.2 billion USD). CHINA OUT AFP PHOTO©AFP

Beijing has taken a further step in opening up its financial markets with the launch of a fund recognition scheme giving global asset managers greater access to Chinese investors.

The long-awaited mutual fund recognition framework, announced on Friday evening, will allow international asset managers to sell their Hong Kong-registered fund products directly to Chinese investors for the first time. To be eligible, funds must have a track record of more than one year and assets under management of at least Rmb200m ($32m).

The programme will launch on July 1, according to a joint statement from Hong Kong’s Securities and Futures Commission and the China Securities Regulatory Commission.

Ashley Alder, head of the SFC, said the agreement was a “major breakthrough” in terms of mutual market access between China and Hong Kong.

Fund recognition is the latest step in opening China’s…

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ideal subject positions (by the numbers)

The current stock market frenzy has people dreaming about more than free lunches. The following adverts are from Money Daddy (钱爸爸), an online trading / investment platform based in Shenzhen. Of note? In addition to the pyramid scheme promises of rapid wealth, the site address plays with both “rich daddy, poor daddy” ideology and Cantonese numerology, where the number 8 is a homophone for the character for father and can also represents the character for “get rich”.

Translations of Money Daddy advertisements show “ideal” middle class Shenzheners enjoying their high returns. The underlying anxiety point is actually quite simple: if you’re earning an honest living in any of these jobs (including an ordinary bureaucrat), you’re not earning enough for carefree spending. And carefree spending is, of course, the site where the self is being constructed as “macho”, “successful”, “loving”, “sexy”, and “independent”, respectively. Continue reading