Abstract
This paper investigates the risk linkages between China's stock market and APEC stock markets, examine the impact of China's capital market liberalization reforms in 2014, 2016 and 2019, and identifies the contribution of driving factors to risk linkages. The empirical results show that China's capital market liberalization reforms have significantly enhanced the risk linkages between China and external stock markets, strengthened the ability of China's stock market to resist external risk shocks and enhanced the impact of risk factors on the net risk spillover of China's stock market. Additionally, the risk linkages and the contribution of driving factors are time-varying.
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