6.2. Либерализация рынка капитала материкового Китая

Abstract

На протяжении последних двух десятилетий Китай постепенно, но планомерно открывает свой национальный рынок капитала для иностранных инвесторов. К текущему моменту через так называемые мосты между биржами Шанхая, Шэньчжэня и Гонконга иностранным и китайским инвесторам доступно свыше 2 000 акций для взаимной торговли.For more than the past two decades China has been gradually but systematically opening up its national capital market to foreign investors. Over 2,000 shares for mutual trade have been made available by now to foreign and Chinese investors via the so-called Connects between the exchanges in Shanghai, Shenzhen and Hong Kong. The Chinese stock market today is one of the youngest (the Shanghai Stock Exchange, for example, turns 29 years old this year) and at the same time the most attractive in terms of the profitability/risk ratio developed countries show no tangible dynamics of economic growth, nor yields on their securities, while India and Vietnam, which are comparable in terms of economic growth rates to Chinese ones, cannot offer similar market volumes. For example, the United States has long sought the Chinese capital market to be opened, especially after China had entered the WTO. Russian investors have also been interested in the securities of Chinese companies for a long time, but until as recently as 2014 they had not had a simple mechanism to purchase them. The opening of Chinas huge capital market which is in progress expands the opportunities for Russian investors to diversify their investment portfolios this is especially important in the face of the risk of various sanctions bans that may be imposed by the UK, the EU and the USA. From the standpoint of bilateral economic relations, the access of Russian investors to the Chinese stock and debt markets may contribute to increasing the volume of the currency derivatives market and, subsequently, expanding and strengthening the use of national currencies in trade between Russia and China. The article examines main causes and stages of the liberalization of the Chinese capital market, terms of trade through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, and the prospects for further opening of the Chinese capital market.