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在线翻译:
szdaily -> Markets -> 
Securities fee revenue expected to more than double
    2018-08-16  08:53    Shenzhen Daily

REVENUE from securities fees in China is expected to more than double to US$103 billion in the next six years, a new report by a financial consultancy said yesterday, emphasizing the sector’s attractiveness to foreign banks.

The growth is expected to be driven by Chinese securities firms seeking new investment and funding opportunities as well as rising cross-border deal activities, consultancy Quinlan & Associates said.

It forecast China’s total securities revenue pool to rise to 708 billion yuan (US$103 billion) by 2023, up from 311 billion yuan in 2017.

China’s securities industry, which includes brokerage and underwriting services, has historically been dominated by domestic players. Foreign firms can only own minority stakes in joint ventures with Chinese companies.

Income from the top eight domestic Chinese brokerages was more than eight times that of the top eight joint ventures last year, according to the consultancy’s analysis of data from the Securities Association of China.

However, Zhu Guangyao, China’s vice finance minister, announced last November that foreign firms could own 51 percent of securities joint ventures, and their domestic partners did not need to be securities firms.

The rule change would allow foreign banks to benefit from the rapidly-growing fee pool in China, though it is unclear when it would take effect.

“Foreign banks can’t compete with the local players on price or balance sheet, but they can when it comes to creating complex products that aren’t available on the mainland, and in cross border activities,” said Quinlan & Associates chief executive officer Ben Quinlan.

(SD-Agencies)

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