China Stock Market's Opening After Its Entering To WTO From The View Of International Experiences

Promoted by the global financial liberalization, free capital flow becomes a trend. During the procedure, not only has each markets combined together, but also has global financial activities and risk producing system had closer relationship. As an important part of financial system, stock market's opening has become an inevitable trend on the basis of global financial liberalization. Since China entering WTO successfully in 2001, China's government has released several laws and regulations about the opening of stock market, which pushing stock market's opening in our country obvious more quickly. By identifying some conceptions such as stock market, capital market and etc., this dissertation analyses this phenomenon and make some suggestions for the stock market's opening in China.First, the thesis quotes financial deepening theory and illustrates its guiding function to stock markets' opening, which establishes the macro-theory frame to the whole paper. Under this frame, many empirical results are discussed to show the effects of stock markets' opening to capital cost, stock market's fluctuation and global financial integration. Secondly, this paper reviews the course of China stock market's opening especially after China's entering to WTO. On the basis of the reviewing, the author makes a judgment to the degree of China stock market's opening by qualitative and quantitative analysis. Thirdly, this chapter analyses some typical countries' or areas' experiences of opening stock market and concludes the apocalypses for China by transverse and lengthways method. The last part of the thesis tables a proposal that China stock market's opening must comply with a principle named "three correspondences", which means it should correspond with China's macro-economic environment, capital items' opening and internal financial reform. Under the principle, the author thinks that the stock market's opening should combine the models of gradually limited direct opening and indirect opening, which includes three steps: adjustment and steady phase; gradually limited opening phase; all-around opening phase. Meanwhile, this part also mentions the details and effect of the three steps.All in all, only by the internal problems are solved, can China stock market's opening get good effect.