To deepen the reform and perfecting the system and promoting A-share internationalization steadily
发布人:高飞  发布时间:2018-01-29   浏览次数:732

In recent years, with the deepening of two-way opening of China's capital market, The internationalization of A-share has made a series of significant progress.Experts believe that during the internationalization of capital markets, we should summarize experience, explore constantly, deepen reform and improve the system.We should create a good market environment, support the development of professional investment institutions, expand the business scope of professional investment institutions, and enrich the business model.

Major progress has been made in the internationalization of A-shares .

Pan Xiangdong , the chief economist of New Time security securities said that, in recent years, a series of major progress has been made in A-share market internationalization: approving the establishment of sino-foreign joint venture securities companies and sino-foreign joint venture fund management companies, allowing foreign investment enterprises in China to issue stocks and bonds, improving the QFII and RQFII schemes continuously and so on.

Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect opened, the MSCI emerging markets index includes A-share in, the relax of foreign investment securities companies, fund management companies, futures companies equity ratio limit... Pan Xiangdong believes that these measures will help to further attract more kinds of long -term capital and international long-term institutional investors in the market, which help to improve the structure of a-share market investors and establish the value investment idea, at the same time, meet the global diversification needs of domestic investors better.

Tian Lihui, head of Nankai University Institute of Financial Development , said the A-share market internationalization is stable, effective and successful . It enlarge the enterprise equity financing sources, improve the structure of the a-share market and improve the international popularity of a-share listed companies.

Optimization of investor structure.

Insiders point out that open capital market is an important channel to improve the structure of investors.In the future, the internationalization of the a-share market will continuously optimize the investor structure, thus further improving the market operation environment.

Hu Zhihao , director of the center for global economic and financial in of NIFD believes that A-share remains in the stage that individual investors forms the main body , compared with countries such as south Korean stock market, the proportion of institutional investors of Chinese stock market share is still low.With reference to international experience, along with the expansion of QFII, the opening of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, etc, we expect that the proportion of individual investors of A shares will continue to fall and the rise of institutional investors proportion will be the inevitable trend.

Tian Lihui said that the common experience of capital market internationalization of countries such as Japan, Singapore, South Korea's of is: efficient regulatory system, fully transparent information disclosure, a group of international influence and appeal of high-quality listed companies, establish relative openness, fairness, justice and efficiency of the capital market.

Promoting market-oriented reform.

Insiders pointed out that the internationalization of A shares must promote market-oriented reform and establish a market operation system in line with international norms.In order to carry out market-oriented reform, the legal system and supervision system should be perfected and effectively implemented.

Pan Xiangdong said that the internationalization of A-share involves the modification of domestic system and the docking of domestic and foreign institutions. It is necessary to sum up the experience and improve the system according to the changes of domestic and foreign markets.We should continue to strengthen supervision and regulation in accordance with the law, keep the bottom line thinking, and effectively guard against the financial risks posed by two-way opening-up to the capital market and protect the interests of investors.

Mr. Tian said, the internationalization of A-share is an inevitable trend, but the success of internationalization depends on the listed companies with world influence and efficient market mechanism. The internationalization of A-share market must based on our country's economic conditions, market environment and the enterprise condition. It should be pushed forward moderately, timely and steadily. We should not set schedule artificially, but change according to the situation to achieve the internationalization.