| AbstractThe opening of Chinese capital market is a very important topic for study. Because finance become the key issue of modern economy, while one country participate in the world competition, It have to open its capital market sooner or later. At the same time, China will entry WTO in the near future, that means the order and schedule of China reform will been disturbed, and national economy will been effected greatly. It's urgently to rethinking and re-evaluating some ideas about opening of China Capital market, and then we could formulate rational policies.According to the analyses on China capital market, there are several characters. Firstly, they considered the opening of capital market has more contact with RMB convertibility, paid less attention to the FSA and other WTO rules relative which have more influence on china economy, and thought we can open our capital market planed and gradually. I think this kind of view was unilateral. Secondly, some papers recommended other countries' experience without background. It's difficult for us to use as reference in China practice. Thirdly, there are little studies concerning on impacts and policies after we opened capital market.Ten chapters constituted this dissertation. Chapter one is basic concepts and theories. Some important concepts including capital market, opening of capital market, capital account convertibility, RMB convertibility, capital controls, request of WTO, capital market internationalization were discussed in details. I think the speed of opening China capital market will faster with the entry of WTO. There are not virtual differences between opening capital market and capital account convertibility. I also think opening capital market, capital account convertibility and capital controls could existing together. Chapter two focus on benefits and disadvantages coming from opening capital market and academic arguments. In my opinions, the opening capital market is inevitable trend and it means enormous opportunities and severe challenges for Chinese economy. China should strive to seize the opportunities rather than refuse them.Chapter three discusses the preconditions, orders of opening capital market and comparison on some typical countries' experiences. Such preconditions including the stability of Macro-economy, healthiness of fiscal system, powerfulness and efficiency of financial Macro-control, etc. I don't think China have enough preparation for opening its capital market. Following the recommendation about achievement of professor McKinnon, we chose EU, Indonesia, Japan, Chile, Poland as typical countries to describe theirs opening orders. I think it's more important for our China to choose proper orders in the proceeding of opening capital market according to facts rather than theories and experiences.Chapter four analyzes the relations between opening capital market and capital outflow. The opening of capital market is a two-edged sword, in one side, it makes capital outflow easier than before, in the other side, it weaken the necessities of capital outflow.Chapter five concerns on currency substitution after capital market opening. The paper also analyzes the impacts of RMB substitution, manners and policies carefully.In Chapter six the changes of capital inflow (FDI, Stock Investment, Foreign loans and so on) after capital market opening is examined. The conclusion is the amount of foreign capital inflow would increase and the structure will been improved.Chapter seven studies how the opening capital market affecting the China security market, it's helpful for security market development because the opening of capital market could weaken the "function lock" and increase stock liquidity.Chapter eight considers Chinese financial institutions including bank, Security Company, Insurance Company will encounter strongly competition, a lot of reform measures must adopted to improvement those skills and levels.Chapter nine focuses on the impacts of RMB exchange rate system after china capital market o...
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