中国蓬勃发展的A股市场和资本市场改革本周早些时候在议员宣布该国必须为外国投资者提供更大的市场准入，以便在其基准MSCI新兴市场指数中包括内地上市股票。
索引公司表示，它正在与中国当局合作，解决市场准入问题，并表明纳入股票只是时间问题。在过去一年中，这种举动可以为大陆股的强大集会提供新鲜燃料。
“Substantial progress has been made toward the opening of the Chinese equity market to institutional investors,” Remy Briand, MSCI’s Geneva-based managing director and global head of research, said on a conference call on Wednesday. “In our 2015 consultation we learned that major investors around the world are eager for further liberalization of the China A-shares market, especially with regard to the quota allocation process, capital mobility restrictions and beneficial ownership of investments.”
MSCI is forming a working group with the China Securities Regulatory Commission to examine the market access issues. Briand declined to give a timetable for the group’s efforts but said a decision to include A shares in the EM index could occur before the company’s next annual review, in June 2016.
For years the EM index has included H shares, Hong Kong–listed equities of Chinese companies, but MSCI has excluded A shares because Chinese authorities limit foreign investors’ access to the domestic market and maintain exchange controls.
MSCI EM指数是最广泛使用的基准新兴 - 市场股票Briand表示，该公司希望确保国际基金经理未被配额申请丢弃，并准备好在征地前访问人民币，以便在该指数中的股份。
根据目前的规则，外国投资者必须申请配额，然后在中国合格的外国机构投资计划下投资大陆股份，被称为QFII，或基于香港的姐妹计划亚博赞助欧冠人民币资金，被称为rqfii。外国投资者还可以通过内地进入内地市场上海港股股票连接方案，允许任何一个城市的投资者在另一个城市交易，但在该计划下的股票购买每天最多130亿元（21亿美元）。此外，外国投资者必须通过指定的经纪人和独立的账户购买，Briand表示，MSCI希望确保该过程中有清晰，交易的股票很容易追溯到他们的有益所有人。
MSCI的公告遵循中国政府的一系列主要市场举措，为全球投资者提供更广泛地获得中国的资本市场。去年11月当局推出了上海港股股票连接计划，他们预计将在今年下半年推出与深圳和香港市场相似的类似计划。
5月，中国宣布将为全球基金经理提供香港的业务，直接销售和分销访问中国市场。该计划称为相互承认，也使中国基金经理通过香港定居基金直接进入各种全球市场。
Currently, Chinese H shares make up 18.9 percent of MSCI’s EM index by capitalization. With the addition of A shares, Chinese equities would account for more than 40 percent of the index.
香港的首席经济学家胡依凡表示，股票的纳入股份可以大大提高全球资产划分进入中国股市，以及中国最大的经纪房屋海上扶持。“如果发生这种情况，它将有助于香港市场从国际投资者那里获得大推动，因为更多寻求来自香港的陆上市场的更多信息，”她补充道。
The additional market opening via the mutual recognition program makes it “increasingly likely” that MSCI will include A shares in the EM index soon, which would represent an inflection point for mainland stocks, says Qi Wang, founder and chief investment officer of China Forward Capital Group, a Hong Kong–based investment manager.
Some fund managers have moved ahead of MSCI. On June 2,Vanguard集团表示计划将股票添加到其Vanguard FTSE新兴市场ETF中，使其成为第一个广泛的新兴市场交易所交易基金，以便直接接触大陆股票。ETF是最大的美国上市交易所交易资金之一，资产约有500亿美元。Vanguard正在将中国股票作为凡在公司的国际指数基金中的转变的一部分，以利用更广泛的FTSE指数作为基准，该公司宣布。
“I think what FTSE and Vanguard did has put pressure on the MSCI,” says Hao Hong, head of research at BOCOM International Holdings Co., the Hong Kong–based international brokerage arm of China’s Bank of Communications. “I don’t think the market has completely priced in all of these possibilities. As such, the impact is likely to be positive.”
中国的国内股市在过去的12个月里蓬勃发展，截至6月11日，上海和深圳股的CSI 300指数上涨146％，推动市场资本化接近10万亿美元。许多分析师认为，在其基准MED指数中包含股票的MSCI举措将使市场上升的趋势。
“Many people bought in advance of this development, but there are still stale bears which have not participated and are waiting for a correction,” says Paul Schulte, CEO of Schulte-Research, a Hong Kong–based independent research firm. “When too many people are waiting for a correction, it never happens.”
Follow Allen Cheng on Twitter at@ Acheng87.。