China’s stock market since its inception
From capital powers to capital power, needs a series of high standard, demanding the objective environment, in this process, the internationalization is extremely important and very urgent also very difficult a ring. China’s capital market, the road to capital powers internationalization process cannot avoid; Only in the evolution of internationalization of China’s capital market power, can realize the dream. From the external environment of the MBT Sini lux capital market, China’s stock market is to promote the internationalization, the yuan convertible is the basic premise and the necessary premise; The internal environment from capital markets see, China’s stock markets to really trend internationalization, still must effectively across three hurdles.
China’s stock market internationalization must cross the first line is how to realize from the administrative controls to market selection transformation. China’s stock market since its inception, always also didn’t get rid of the three barriers:
One is, 20 years, China’s stock markets still haven’t get rid of the administrative mechanism of market mechanism with obstacles. Disturbing Administrative power is too strong, market mechanism is too weak, the information disclosure of the orientation, the supervision too ash, the four disadvantages the mess in the past 20 years China’s stock market to plagued bedfellows, giving Chinese stock market this should have the resources allocation mechanism and resource allocation function or lost, or does not possess the role of soil and conditions. The China securities regulatory commission set policy makers, the policy implementers and policy regulators at a suit, as both players, and when the coaches, but referees, this makes Chinese stock market supervision mechanism and regulatory MBT Sini system serious vacancy and dislocation phenomenon, system can’t effectively correct market, the market cannot deviate orthodontic this taking deviation, resulting in Chinese stock market system in operation of a mess. The China securities regulatory commission currently engaged in most of the work, are not CSRC itself should be dry; But this should by CSRC do, the CSRC but ignore, or full of hot air or on the market, not illegal behavior of an effective prevention and deterrent effect. A kind of a bad the CSRC is China’s stock market, tube when CSRC, China’s stock markets agents can really hope came. No containment of power is hard to produce corruption, no supervision regulatory actions also hard to avoid “rent-seeking”. How to realize the effective adjustment and regulatory role in major changes in the way of supervision, this will be the country’s stock market really moves towards the internationalization the prerequisite.
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