China's Capital Market Opening And Progressive Pattern: QFII

This dissertation devotes to the study of the opening road of China's capital market in the context of the economic globalization. The capital globalization is an important feature of the economic globalization. Thus the study of capital market and its opening will present significant economic importance for China, which is opening itself to the world.This dissertation first introduces a review on the theories of the capital market opening and makes a historical research on the evolution of China's securities market. QFII(Qualified Foreign Institutional Investors), as the progressive pattern, is fit for the necessity for China's capital market opening.Secondly, this dissertation summarizes all kinds of patterns of securities market opening. On the base of analysis of new securities market opening, including a deep research on the commonness and discrepancy of new securities market opening, which are similar to China's securities market. As for the experience of capital market opening in other countries, it surely can be used as reference in China's securities market opening. This part puts forward the strategy fit for China's securities market opening.In chapter three, this dissertation analyzes the economical background of QFII and the evolution of QFII. Specially, this dissertation does a comparative research on the difference between the new statute issued in 2006 and the old statute issued in 2002.Chapter four introduces the implement of QFII in Taiwan and the impact of QFII on Taiwan's capital market, and draws a conclusion of the illumination of QFII. This chapter summarizes status quo of QFII in China's capital market, emphasizes the impact of QFII on capital market, foreign exchange, balance of payments and domestic investors. And then, with an impersonal attitude, this part also discusses the disbenefit of QFII.In the last chapter, this dissertation argues that only the opening policy can promote China's development. Specially, it points out that in the context of capital globalization, QFII as a transitional system, is long-drawn. And for the capital market, the institutional construction should be carried out meanwhile. The opening of capital market should hold a control over the capital and carry out the institutional construction that strengthens the capital market monitoring, try to minimize the disbenefit of QFII.