BEIJING - China securities watchdog said Tuesday it hopes to launch a stock connect?plan between the Shenzhen and Hong Kong bourses in 2016.

The plan will allow investors to trade on both bourses under a quota system and is seen as a move toward a closer relationship between the financial markets of Hong Kong region and the Chinese mainland, Fang Xinghai, deputy head of the China Securities Regulatory Commission, said at a press conference hosted by the State Council Information Office (SCIO).

China established the Shanghai-Hong Kong Stock Connect in November 2014 to further open the mainland capital market to the outside world. It has operated steadily since its launch, paving the way for the Shenzhen-HK Stock Connect.

The Shenzhen-HK Stock Connect was only one of the plans in intensifying the mainland and Hong Kong financial cooperations, Hu Zucai, deputy director of the National Development and Reform Commission said at the same press conference.

Hu also stressed Hong Kong's important role in the Belt and Road initiatives, adding that China will unswervingly support Hong Kong in consolidating and elevating its position as an international financial, shipping and trade center.

"Hong Kong, the biggest offshore renminbi trading center, could enhance its position as an international financial center by making contributions to facilitate Renminbi to go global." Han Wenxiu, vice director of the Research Office of the State Council, said at the same occasion.

Moreover, "Hong Kong will benefit from China's restructuring and pro-growth measures," Vice Commerce Minister Qian Keming told the SCIO press conference.