Study On The Countermeasure Of Internationalization Of Securities Market In China

Since the 1980s, the intemationalization of securities market has become theimPortat ttCnd in financial market. Its essence is that international caPital can flow fromone country to others freely. It is an inexorable demand of the intemationalization ofproducing and caPital; also it is an inevitable oulcome of the globalization of economic.Since l980s,the transactions of bonds and Stocks tend to be globalization, the financialmarkts all over the world have become more open, the securities exchange in developedcountries have been the worid financial center, the fOreign listed companies have been...increasing. In l990s the developed countries have deregulation the financial marketgradually, the developing counries have speeded up the pace of financial liberalization.'The aPplication of high-tech, such as electronic and computer, pushed the pace ofinnovation forward. It is well known that the securitisation of finance and theiniemationalization of securities market have become an inevitable trend in theiniemational financial market.After China has become the member of WTO formally in December 200l,thesecurities market is encouniering the pressure of furt11er iflternationalization. Althoughthe other WTO members don't demand that China qhould open the Whole securitiesmarket and business inunediately, China bounds to intcrnationalize the securities marketif it wants to gain the most-favored-nation treatment from others and enjoys the benefitof entering WTO fully, the securities market in China would more closely link with theintemational market. China has made some attemPts to conduct the iniemationalizationof secndties markCt and has gained a certain achievemcnt. Bot there is still a long way torealize the iniernationalization of securities market. It is urgellt to solve problem how tospeed uP the pace of intemationalization. However, t11ere are many obstacles that haveseriously impeded the progress of the internationalization of securities market in China,such as the smaller scale of market, the no-standard subject of market, the imperfectmechanism of regulation. Therefore it is a practical pr(ject that studying on the problems,which lie in the course of internationalization and the countermeasure to solve theproblem.The paPer includes four parts:Ped one is about the conteflt and effect of the iotemationalization of securitiesmarket. Firstly defines the concePt of the intemationalization of securities market,secondly introduces the content of the intemationalization of securities market that therules of WTO include in, and the general understanding of it. Finally elaborate thepositive and negative effect that the internationalization of securities market brings on thenational economic.Part two is about the preseni state and obstacle of the internationalization ofsecurities market in China. The part is one of the focal points in the paper. Firstlyindoduces the beneficial exp1oration that China has carried on and the achievement that ithas gained. And then ana1yze the practical obstacles that China conducts theilltemationaliZaion of securities market at large, such as the smaller sca1e of market, theno-standard subect of market, the imPerfect mechanism of regulation and the tighterregulation of finance. If these problems cannot be solved, they should impede the processof iniemationalization.Pwt three is about the cases and enlightenment of the illtemationalization of..emerging secunties markets. Firstly picks out the cases of the intemationa1ization ofsecndties market in Korea, Malaysia, Taiwan and Chile. Then draws the experiences andlessons from the practice of these countries. Using the experiences and lessons forreference brings a fact that the intemationaliZaion of securities market in China can takea shortCUt.Pat four is about the consideration of cowtermeasure of the intemationaliZation ofsecurities market in China. The part is the most importam part. The part discus...