China approved the long-expected Shenzhen-Hong Kong Stock Connect in another move to further open up its capital market.

“Preparation for Shenzhen-Hong Kong Stock Connect has been completed and the State Council has approved the implementation plan for the program,” Premier Li Keqiang said on Tuesday when presiding over a State Council executive meeting.

In his Government Work Report in March, the premier vowed to “launch the Shenzhen-Hong Kong Stock Connect at an appropriate time”.

Since its initiation at the end of 2014, the Shanghai-Hong Kong Stock Connect has achieved a steady performance despite market turbulence. The program has realized expected targets and earned positive feedbacks from all relevant parties, the premier said.

“Initiating Shenzhen-Hong Kong Stock Connect, based on the successful pilot program of Shanghai-Hong Kong connect, marks another steady step toward building a law-regulated capital market with international features and renders positive significance in many areas,’’ the premier said.

The premier also said the launch of the new connect would be beneficial for investors to better share fruits of economic development on the Chinese mainland and in Hong Kong, help deepen financial cooperation between them, and consolidate and boost Hong Kong’s position as an international financial center.

The new connect will also help further enhance advantages of Shenzhen proximity to Hong Kong, and further boost cooperation between the mainland and Hong Kong, Li said.

The opening-up of China’s financial sector, including the capital market, is an important part of the country’s reform and opening-up endeavors and will play a crucial role in improving the sector’s international competitiveness and capability to serve the real economy, the premier said.