Quotes of the day

"The imperfect market economy, deficiencies in the banking management mechanism and the lack of a sense of service have led to poor efficiency of China's credit resource allocation. The underdeveloped direct financing mechanism has crimped connection channels for investors and issuers."

Wu Xiaoling, deputy director of the Financial and Economic Affairs Committee of the National People's Congress

"The mutual recognition of the funds arrangement between the mainland and Hong Kong is good news for Hong Kong and will have a long-term impact on the city's financial market. It will help diversify the financial market and promote development of the asset management business."