Shanghai-HK stock connect's start date set

The Shanghai-Hong Kong Stock Connect will be launched on Nov 17, according to a joint statement released by the China Security Regulatory Commission and the Hong Kong Securities and Futures Commission on Monday.

The stock connect plan was proposed by Premier Li Keqiang on April 10 during a speech delivered at the opening ceremony of the 2014 Boao Forum for Asia.

Li said then that efforts will be made to pave the way for the building of a Shanghai-Hong Kong stock market trading mechanism to promote healthy, two-way development between the mainland and Hong Kong capital markets.

The joint declaration in April by the main land and Hong Kong regulatory authorities about setting up the stock connect program was made with in three hours after the premier proposed the launch of the mechanism.

Hong Kong Secretary for Financial Services and the Treasury Chan Ka-keung said the stock connect mechanism had been researched for several years and the premier's endorsement brought it to fruition.

Chinese media praised the mechanism as a "premier strategy" for the capital market that will further promote China's reform and opening-up.