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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

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【本期导读】与中国相似,新加坡也有近30年的高速增长,新加坡是如何完成经济奇迹的?让新加坡交易所副总裁周士达给您解释,为什么新加坡是一个“交易的国家”,新加坡是如何维护自己交易所的优势地位的?《金融街会客厅》带您了解纷繁股事背后的市场真相。 

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【本期嘉宾】周士达,新加坡交易所(SGX)执行副总裁

【核心观点】

1、中新两国经济增长背后的原因不同,新加坡强调资本市场的重要性,中国的情况更加复杂。

2、整个市场拥有近750家上市公司,总市值为10000亿美元。值得一提的是,在新交所上市公司市值40%,公司总数的50%。

3、对于中国和新加坡来说,2008-2018年都是一个非常激动人心的10年。

4、没有一刀切的模式,每个市场都是独特的,监管机构将制定自己的监管框架和政策,以最好地满足其利益相关者的需要。

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?

金融界:在过去的40年中,中国取得了巨大的经济增长,而新加坡也有着经济成功的记录。你认为,两国经济增长背后的原因是什么?是什么措施让两国的经济增长如此有效?

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.

周士达:新加坡是一个小国和贸易国。新加坡成功的原因之一,是在欢迎外国投资进入的领域。新加坡拥有非常开放的金融市场。新加坡交易所在许多领域也达到了国际标准,如针对市场交易的法律、会计和金融等,这些优势都非常有助于国际商业和投资者在这里进行投资和配置。

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:新交所是新加坡资本历史的一种成功象征。目前的新加坡股票交易所是世界上最国际化的交易所之一。整个市场拥有近750家上市公司,总市值为10000亿美元。值得一提的是,在新交所上市公司市值40%,公司总数的50%,都是源自新加坡以外的全球范围的资本。同时,新加坡交易所也是亚洲最具国际性的债务证券上市地点,有超过80%的上市债券来自外国发行商。我们有来自47个国家的3100多个债券,在19种不同的货币中超过10000亿美元。新加坡作为一个独立的国家已经有53年的历史了,但是拥有开放的经济、开放的金融中心和非常支持性的监管政策帮助了这个国家的快速经济增长。新加坡继续寻求更高附加值的增长领域,并在创新和研发方面进行了大量投资,使我们成为区域性技术中心之一。

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.

周士达:虽然新加坡和中国有许多相似之处,但从大多数方面来看,中国显然是世界上更大的经济体,在面临的挑战和治理难度上都不能同日而语。作为一个更大的国家,中国面临着更大的挑战和更复杂的管理。中国政府在提高生产力、投资创新和人力资本方面的努力,加上金融市场的开放和自由化,极大地促进了中国的增长。对于中国和新加坡来说,2008-2018年都是一个非常激动人心的10年。

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?

金融界:在进博会上,中国对股票市场未来的注册制度进行了大量的讨论。您对此有什么看法?

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.

周士达:每个市场都是独特的,监管机构将制定自己的监管框架和政策,以最好地满足其利益相关者的需要。没有一刀切的模式。重要的是,市场继续逐步演进,适应不断变化的市场需求,从而实现稳定、可持续的增长。对我们来说,我们很高兴看到中国市场的积极发展。

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

金融界:世界上每个主要经济体都有自己有特点的交易所。您认为新交所与世界上其他主要证券交易所的区别是什么?

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:新交所公司是独一无二的,因为它的股票和债券发行的基础,以及投资者在很大程度上是国际的。如前所述,约40%的新交所上市公司和超过80%的上市债券源自新加坡以外。

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.

周士达:作为国际商业和金融中心,以及机构投资者的区域中心,新加坡是主要主权财富基金和财富管理人的所在地。新加坡资产管理公司管理的资产总额在2017年底增长近20%,至3.3万亿新元,而2016年为2.7万亿新元。新加坡也是美国投资者进行证券投资的前20个国家之一。截至2017年底,美国投资者持有的新加坡股票价值为1430亿美元,高于去年同期的1000亿美元。因此,我国股票市场是相当稳定和有弹性的。除了获得多样而深厚的资金来源外,新交所清晰的监管框架、高效的上市流程和上市后支持也吸引了发行人。

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?

金融界:中国目前正在国内证券交易所比如伦敦证券交易所,正在讨论沪伦通。以及更多的可能性。您认为上交所深交所与新加坡交易所的建立股票互联是一种可能性吗?

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:我们对中国进一步国际化带来的机遇,以及其在全球资本市场中所扮演的角色日益增强感到兴奋。我们当然欢迎与中国证券交易所进行更大的合作和伙伴关系,目前还没有类似的细则被提上议程。

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。

——访谈结束——

热搜周士达 新加坡交易所 经济奇迹

责任编辑:江平波

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