China's Stock Market Open: International And Strategic Studies

At present, the world is in the wave of economic globalization. Increasingly, countries closely combine each other. The main characteristic of economic globalization is the global layout of productive factors and its core content is trade liberalization, productive internationalization and financial globalization. It has changed the mechanism of economic movement in the world and countries and profoundly influenced their economic growth. To promote domestic economic development, opening to the world has become an inevitable policy choice in countries. As more and more countries relaxed their financial control, the financial globalization and the intergalization of global securies market are developing in depth. At present, China is pushing on the process of economic opening to the world and the process has quickened after joined WTO. Under the background of financial globalization, the comprehensive opening of securities market in China is an inevitable trend. However, the comprehensive opening will be a large challenge to such a young market which was built on the basis of the process in which a planed system was changed into a market system. In China, It also is an important problem which is related to getting the benefit of international investment and avoiding the negative effect of economic globalization for promoting the domestic economic steady growth within tens years in the future. Securities market opening virtually is a capital cross-country mutual flow by holding securities. It belongs to the category of capital account liberalization and is completed in the last phase of financial opening. Generally, securities market opening is a two-sides sword. That is to say, its benefit and risk exist simultaneously. The different opening strategic choices are a set of replacing curves between opening benefit and risk. The best choice among them is to get the largest benefit in the scale of bearable risks. The charateristics of international securities capital and the complicated relation between it and macroeconomy decide that pushing on the process of securities market opening must be coordinated with macroeconomic environment and maintained compatibility with economic and financial development level, macroeconomic policys' collocation, financial reform, and so on. Studying the history of securities market opening in the world by applying historical comparative method will help us to find out the standard and scheme of such compatibility. Therefore, this dissertation think that the research of the securities market strategic choice of China must be based on two basic starting points: Firstly, to open the securities market of China to the world safely, China should consult the experiences and lessons of foreign securities market openings and study the history of securities market openings in the world in a new angle of view. Secondly, based on systematic thought, the problem of Chinese securities market opening should be put into macroeconomic environment, especially financial market system, and studying systematically. Such research is more rational and scientific. This dissertation studied securities market opening problems around the main topic of the opening strategic choice of Chinese securities market by applying the theories of international economics, international finance, financial econimics, and so on. To put it briefly, this dissertation's main line is the opening strategy of Chinese securities market, its analytical frame is the coordination between securities market opening and macroeconomic environment, its thinking is the benefits and risks of securities market openung, its consultation is the experiences and lessons of foreign securities market openings, and its focal point is the analysis of Chinese speciality. It systematically explored the environment, condition, choices and avenues to the opening goals in the process of Chinese securities market opening. There are 8 chapters in this dissertation.Chapter 1 established the theoretical frame of the research of securities ma...