The securities regulators of the Chinese mainland and Hong Kong on Friday announced that the much-anticipated Shenzhen-Hong Kong Stock Connect program will officially launch on December 5, a step to further liberalize the mainland's capital market.

The stock trading link, similar to the existing program between Shanghai and Hong Kong, will allow overseas investors to trade stocks on the Shenzhen Stock Exchange. Mainland investors will also have greater access to the Hong Kong stock market.

The launch of the trading link, a timely move by the regulators, underscored policymakers' desire to continue to open up the Chinese capital market against the backdrop of a weakening currency and rising uncertainties in the global economy, analysts said.