The pilot program of cross-market stock investment by Chinese mainland and Hong Kong investors has two investment directions, but the programs of QFII, QDII, and RQFII go in only one direction.

The yuan is the trading currency for the pilot program, but QFII investors can use other foreign currencies to undertake other investments.

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Investors of the pilot program can choose whatever stocks they like but those in the QFII, QDII, and RQFII programs must first submit applications for investments that must then be approved before proceeding.

Currently, overseas investors can invest in Shanghai and Shenzhen only as QFII. They are granted quotas for A-share investments.

"Therefore, the pilot program will not influence the operations of the programs of QFII, RQFII, and QDII and it will complement them by providing more investment choices for investors," said Zhang.

Hong Hao, managing director and chief strategist at BOCOM International Holdings Co Ltd, said the pilot program is a positive move toward opening up China's capital account.

Hong told China Daily the move will revalue the share price differences in Shanghai and Hong Kong stock exchanges. Blue chip stocks in the insurance, securities, cement and steel sectors in the A-share market are expected to benefit from it.

Zhang said the CSRC is positively studying same-day settlement (also known as T+0 settlement) for the A-share market.

With the approval of the CSRC, the Shanghai Stock Exchange has already amended some of its regulations.

The new rules, released in October, state that same-day settlement is permitted for bond exchange-traded funds and gold exchange-traded funds.