China's Capital Market Challenges from Wto Membership

China's Capital Market Challenges from Wto Membership

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Overview

China’s accession agreements to the World Trade Organization promised to open up the financial sector to foreign competition by the end of 2006, affording a wealth of opportunities for domestic and international investors. However, there also exist inherent risks and challenges, including inefficient financial markets, inadequate and fast-changing regulations, excessive governmental influence, and lack of transparency in accounting and corporate governance. The contributors to this book explore these perplexing and intertwined issues as they systematically document and analyze the capital market’s development in association with the banking system and legal framework.


China’s economy has been growing rapidly since the late 1970s and is expected to maintain this momentum in the foreseeable future. Coupled with the biggest population in the world, there is tremendous growth potential for China’s capital markets and financial services industry, both vital to the continued development of the economy. The contributors present research on all facets of China’s markets including: stock and bond markets; futures and over-the-counter markets; regulatory issues; and the development and roles of financial institutions such as brokerage firms, banks and insurance companies. Also addressed are the recent performance of equity markets, the emergence of small and medium enterprises, and the state banks’ bids to be listed in overseas stock exchanges. Taken together, the book sheds a welcome light on China’s overall economic growth.


This comprehensive look at the future of China’s economy will be of great value to students and scholars of China. Investors and policymakers will also find it of great practical use.

Product Details

ISBN-13: 9781845426569
Publisher: Edward Elgar Publishing
Publication date: 05/07/2007
Series: Advances in Chinese Economic Studies
Pages: 360
Product dimensions: 6.12(w) x 9.25(h) x 1.10(d)

About the Author

Edited by Kam C. Chan, Page Professor of Finance, Gordon Ford College of Business, Western Kentucky University, US, Hung-Gay Fung, Tsiang Chair Professor of Chinese Studies, College of Business Administration, University of Missouri, St Louis, US and Qingfeng ‘Wilson’ Liu, Assistant Professor of Finance, College of Business, James Madison University, US

Table of Contents

Contents:


Preface


Introduction: Development and Challenges of Chinese Financial Markets

Kam C. Chan, Hung-gay Fung and Qingfeng ‘Wilson’ Liu


PART I: FINANCIAL MARKETS

1. Chinese Stock Market: Perspectives in Institutional Structure, Regulations and Performance

Kam C. Chan, Hung-gay Fung and Julia S. Kwok


2. Bond Markets: Introduction and Analysis

Hung-gay Fung, Ying Han and Qingfeng ‘Wilson’ Liu


3. Futures Markets

Jot Yau


4. The Small- and Medium-Enterprise Stock Market

Hung-gay Fung and Qingfeng ‘Wilson’ Liu


PART II: BANKING, INSURANCE AND FOREIGN EXCHANGE MARKETS

5. The Banking System – Development and Current Issues

Hung-gay Fung and Qingfeng ‘Wilson’ Liu


6. Investment Banking in China: Past, Present and Future

Alan V.S. Douglas and Alan Guoming Huang


7. China’s Insurance Market: Challenges and Opportunities

Hung-gay Fung, Fei Liu and Yanda Xu


8. China’s Foreign Exchange Market

Gaiyan Zhang


PART III: REGULATORY AND OTHER ISSUES

9. China’s Qualified Foreign Institutional Investor and Qualified Domestic Institutional Investor Programs

Hung-gay Fung and Qingfeng ‘Wilson’ Liu


10. A Primer on the Securities Investment Fund Industry in China

Xiaoqing Xu


11. Overseas Listing of Chinese Companies

Congsheng Wu


12. Privatization, Corporate Structure, Market Transparency and

Capital Markets

Kam C. Chan, Hung-gay Fung and Qingfeng ‘Wilson’ Liu


13. Chinese Financial Markets: Regulators and Current Laws

Mary Ip


Index

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