中國 資本市場 開放政策의 現況分析과 未來展望

Abstract

After 1992 Southern Tour Speeches (Nanxun Jianghua) of the former chinese paramount leader, Deng Xiaoping, China has persisted the open-door foreign policy on its capital market, realizing remarkable annual economic growth of 9.91% on average for the past 25 years. Recently, however, China has been experiencing a serious economic depression, recording sharp decrease of annual economic growth rate to 7.2% in 2013 from the highest 14.2% of 2007 under the global financial crisis due to 2008 New York’s Sub-prime Mortgage Loan Disaster. In 2013, chinese government established Shanghai FreeTrade Zone (FTZ) and declared to open a new stock market, so called, the International Board of Shanghai Securities Exchange as an effort to reform its economic (and industrial) structure and facilitate its new economic growth strategy aiming at the overall openness of chinese capital market to global investors. In November 2014 and December 2016, China has also opened its stock market to foreign investors through the Shanghai-Hong Kong and Shenzhen-Hong KongStock Connects, respectively, which allowed the cross stock trading between Shanghai/Shenzhen and Hong Kong Stock Exchanges. Especially, Shanghai FTZ, within which unbounded duty-free international trades are permitted, is an experimental and revolutionary trial of China’s open-door foreign economic policies, along with Shanghai and Shenzhen International Boards allowing unlimited cross-listing of international global firms on the chinese A stock market. This paper has analytically explored the current performance of the FTZ, Shanghai/Shenzhen and Hong Kong Stock Connects, and the International Board to provide some suggestions on the future direction of chinese open-door capital market policies. My analyses show that China, as one ofglobal economic super powers, will not disappoint global investors through the overall opening of its capital market including the adoption of free interest rate and floating exchange rate systems.