The Stock Exchange of Hong Kong hopes to build an alliance with Shanghai and Shenzhen to create a single mainland market, according to Hong Kong Exchanges and Clearing chairman Charles Lee Yeh-kwong.
A single entity was needed to enable the mainland's exchanges to better compete against strengthening North American and European markets, Mr Lee said.
'I think it will be a long time before we can create a single China stock market,' he said.
'However, it is the right time to consider such a long-term plan.' Mr Lee also said he had proposed to the New York Stock Exchange that the creation of an alliance between Hong Kong, New York and London would be an ideal first stage to Wall Street's plan to form a nine-market global grouping.
'It will be easier for three stock exchanges to reach agreement on forming a single trading platform than nine.' Mr Lee said New York wanted to include Hong Kong, Tokyo and Australia as the Asia-Pacific element of the alliance.
He said there were no plans to include Singapore, Hong Kong's main regional rival.
