Abstract
2002 features the end of a 20-year long bull market and prolonged economic uncertainty. Global financial market was hard hit by 9/11 and numerous scandals of US listed companies. Suddenly, the capital market fell into a serious depression and uncertainty. New Economy bubbles broke completely and investors lost confidence. Countless 'clever' investment bankers and IT professional just got laid off. However, in the Far-East, China opened its stock market to the world after accession to WTO in 2001. The Asia crisis in late 1997 did not influence China's A share market in the same way as in other Asian markets. The main reason may be the inconvertibility of RMB and China's solid USD reserve. B shares and H shares were somewhat affected due to the withdrawal of foreign investors. Surprisingly, terrorist attacks on NY the 11. September 2001 did not have the same effect on Chinese stocks compared to world financial markets. The Dow Jones Industrial Index and The NASDAQ Composite often reflect the world economics but fail in the case of China market. Then,how about the perspective of China's emerging market under global uncertainty? Are there opportunities to international investors? How to enter this market? I will answer the questions above in the following, with special concerns to joint venture.
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