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周士达:中国和新加坡都经历了经济奇迹 但是路径不同

2018-11-20 15:55:44

金融界网站 鲍方









第一节 新加坡和中国发展模式非常不同

金融界: China has had a great economic growth for the past 4 decades, while Singapore also has a track record of economic success. In your opinion, what are the factors behind the growth of both countries and why are they so effective?


周士达: Singapore is a small country and a trading nation – one of the reasons for Singapore’s success is because we welcome foreign investments into the country. Singapore has also achieved international standards in many areas such as legal, accounting and finance, which helps international businesses and investors.


第二节 新加坡股票交易所是世界上最国际化的交易所之一

周士达:SGX is a reflection of Singapore’s history and success. We are now one of the most international exchanges in the world. SGX has close to 750 listed companies with a total market capitalisation of S$1 trillion. About 40% of SGX’s listed companies, or 50% of companies by market capitalization, originate outside of Singapore. We are also Asia’s most international debt securities listing venue with more than 80% of the total listed bonds from foreign issuers. We have more than 3,100 bonds from 47 countries, and over US$1 trillion outstanding amount in 19 different currencies. Singapore is just about 53 years old as an independent nation, but having an open economy, open financial center and a very suPPortive regulatory policies has helped the country’s rapid economic growth. Singapore continues to seek higher value-added growth areas and has been investing heavily in innovation and R&;D, making us one of the regional technology hubs.


周士达:While there are many similarities between Singapore and China, China is clearly the largest economy in the world, by most measures. As a much bigger country, China is much more challenging and far more complicated to manage. The Chinese government’s efforts in enhancing productivity and investing in innovation and human capital, coupled with the opening up and the liberalization of the financial markets, has contributed greatly to China's growth. It is a very exciting time for both China and Singapore.


第三节 聊注册制:没有一刀切的监管模式 需要逐步演进

金融界: At the CIIE, there was a lot of discussion on the registration system for China’s stock market in the future. What is your take on this?


周士达: Every market is unique and regulators will develop their own regulatory framework and policies that best meet the needs of their stakeholders. There is no one-size-fits-all model. What is important is that markets continue to evolve gradually and adapt to changing market needs, so as to achieve stable, sustainable growth. For us, we are very happy to see positive developments in China’s markets.


金融界: How is SGX different from other major stock exchanges in the world?


周士达:SGX is unique in that its base of equity and bond issuers, as well as investors are largely international. As mentioned earlier, about 40% of SGX listed companies and over 80% of listed bonds originate outside of Singapore.


周士达:As an international business and financial hub, and a regional hub for institutional investors, Singapore is home to major sovereign wealth funds and wealth managers. Total assets managed by Singapore-based asset managers rose close to 20% to S$3.3 trillion at the end of 2017, compared to S$2.7 trillion in 2016. Singapore is also one of the top 20 countries where U.S. investors have securities investments. At the end of 2017, U.S. investors held US$143 billion worth of Singapore equities, up from US$100 billion the year before. As a result, our stock market is fairly stable and resilient. Besides access to a diverse and deep pool of capital, issuers are also attracted to SGX’s clear regulatory framework, efficient listing process and post-listing support.


第四节 希望与中国证券交易所进行更大的合作关系

金融界: China is currently building connections between domestic stock exchanges with other stock exchanges such as London Stock Exchange. Is connecting with the Singapore Exchange an option in the future?


周士达: We are excited about the opportunities offered with China further internationalising and the increasing role that it is playing within global capital markets. We certainly welcome greater cooperation and partnership with Chinese stock exchanges.


周士达:Singapore serves as a launch-pad to Southeast Asia, and offers an effective gateway for Chinese companies expanding into the region. Singapore Exchange has been facilitating Chinese companies who are looking to grow their businesses globally and raise capital overseas. We also see the acceleration of Belt and Road projects creating more opportunities for Chinese companies to raise capital in Singapore, whether in equity or fixed income. To fund the future of Asia, we need to collaborate more to fully tap the significant growth prospects that we have in this region. SGX is always open to mutually beneficial partnerships with exchanges, as shown in our partnerships with Nasdaq and Tel-Aviv Stock Exchange.

周士达:新加坡是通往东南亚的摇篮,为中国企业向东南亚扩张提供了有效的门户。新加坡交易所(Singapore Exchange)一直在为中国企业提供便利,这些企业希望在全球发展业务,并在海外筹集资金。我们也看到,一带一路项目的加速,为中国企业在新加坡筹集资金(无论是股权还是固定收入)创造了更多机会。为了为亚洲的未来提供资金,我们需要进行更多的合作,以充分挖掘我们在这个地区的显著增长前景。新交所一如既往地与纳斯达克和特拉维夫证券交易所建立互利合作关系。对于上交所深交所,我们期望看到更多的共赢可能性的讨论。


热搜周士达 新加坡交易所 经济奇迹





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