(Yicai Global) June 25 -- The China-Japan ETF Connectivity, a scheme that allows traders to buy into exchange-traded funds that deal in Shanghai and Tokyo stocks, was formally launched today with eight cross-listed funds.

The Shanghai Stock Exchange and the Japan Exchange Group, which runs the Tokyo Stock Exchange, held opening ceremonies for the China-Japan ETF Connectivity this morning, according to a statement the SSE posted on its official WeChat account. The two countries signed an agreement on the link in late April.

The scheme is another important step to deepen the pragmatic collaboration between the two countries' capital markets and further the opening-up of China's market, an official at the Shanghai bourse said in the statement.

The link is not only an important achievement of China-Japan capital market cooperation, but also enables the SSE to see the great potential of expanding cooperation with overseas markets, he said. The SSE will accelerate the internationalization process, explore and initiate extensive and in-depth cooperation with foreign bourses to further internationalize the Chinese market and effectively promote the two-way opening up of the country's capital market, he added.

Four funds launched in each of Shanghai and Tokyo today. The Shanghai listed funds are E Fund Nikko Asset Management Nikkei 225 ETF, China AMC Nomura Nikkei 225 ETF, China Southern Asset Management One Topix ETF and HuaAn MUFG Bank Nikkei 225 ETF. They track the Nikkei 225 Index and the Topix Stock Price Index.

The Tokyo products are Next Funds ChinaAMC SSE50 Index Exchange Traded Fund, Listed Index Fund China A Share Panda E Fund CSI300, Maxis HuaAn China Equity SSE 180 Index ETF and One ETF Southern China A-Share CSI 500.