Delegation of the Astana International Financial Centre (AIFC) led by Kairat Kelimbetov, Governor of the AIFC, had meetings with Liu Shiyu, Chairman of China Securities Regulatory Commission (CSRC), Wu Qing, Chairman of the Shanghai Stock Exchange (SSE), Vice President of the Asian Infrastructure Investment Bank (AIIB) and representatives of Industrial and Commercial Bank of China (ICBC) during the visit to People’s Republic of China for participation in the “One belt, One Road” Summit.
During the meetings, such issues as cooperation between the AIFC and China regulators, access of Chinese investors to the Kazakhstan capital market, strategic partnership with the Shanghai Stock Exchange for creation and development the AIX Exchange, and setting up clearing and settlement services of Chinese banks in the AIFC territory were discussed.
The parties noted the significant potential for the development of the AIFC-based securities market in Kazakhstan. In their opinions, the cooperation between regulators and the strategic partnership for the creation of the AIX exchange will make the AIFC a “One belt, One Road” initiative financial services centre.
AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in the post-Soviet region, Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.
The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, develop local capital markets, ensuring their integration with the international capital markets, and develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.
China Securities Regulatory Commission (CSRC), a ministerial-level public institution directly under the State Council, performs a unified regulatory function, according to the relevant laws and regulations, and with the authority by the State Council, over the securities and futures market of China, maintains an orderly securities and futures market order, and ensure a legal operation of the capital market.
The Shanghai Stock Exchange (SSE) was founded on Nov. 26th, 1990, and commenced operation on Dec.19th of the same year. It is directly governed by the China Securities Regulatory Commission (CSRC).
SSE bases its development on the principles of rule of law, regulation, self-discipline, and compliance in order to create a transparent, open, secure and efficient marketplace.
SSE endeavours to perform a variety of functions such as providing marketplace and facilities for the securities trading, formulating business rules, accepting and arranging listings, organizing and monitoring securities trading, regulating members and listed companies, and managing and publicizing market information.
The Asian Infrastructure Investment Bank (AIIB) is a new multilateral financial institution founded to bring countries together to address the daunting infrastructure needs across Asia. By furthering interconnectivity and economic development in the region through advancements in infrastructure and other productive sectors, we can help stimulate growth and improve access to basic services.
As an infrastructure investment bank, it offers sovereign and non-sovereign finance for sound and sustainable projects in energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply and sanitation, environmental protection, urban development and logistics.
Industrial and Commercial Bank of China was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both Shanghai Stock Exchange and Stock Exchange of Hong Kong Limited. Through continuous endeavour and stable development, the Bank has developed into one of the top large listed banks in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness and providing comprehensive financial products and services to 5,784 thousand corporate customers and 530 million personal customers.