The announcement in June by MSCI of its intention to include Chinese ‘A’-shares in its Emerging Markets Index as of summer 2018 marks another milestone in the progressive liberalization of China’s capital market. Inclusion will be in two steps, with the addition of Chinese stocks in June and August of 2018, meaning that ‘A’-shares will represent 0.73 percent of the weight of the MSCI Emerging Markets Index at a 5 percent partial inclusion factor.
中国股市的自由化追溯到2002年11月，随着合格的外国机构投资者（QFII）计划的推出，向海外投资者提供配额的市场。亚博赞助欧冠QFII倡议下的配额最初为40亿美元，在过去的15年里一直在逐步提出，到2017年中期达到超过900亿美元。
自2011年以来，QFII方案已补充资金（RQFII），允许在国内基金管理公司的子公司投资于国内证券市场的子公司在香港筹集的人民币资金。
A more recent initiative aimed at building on the “softly, softly” approach to capital market liberalization in China has been the “Stock Connect” links between the exchanges on the mainland and the Hong Kong Stock Exchange (HKSE). Beginning in Shanghai in November 2014 and extended to Shenzhen in late 2016, this initiative aims to create a single Chinese stock market by allowing investors based on the mainland to buy a selection of Hong Kong and Chinese shares listed on the HKSE. At the same time, it reduces the restrictions previously placed on foreign purchases of Shanghai and Shenzhen-listed companies, adding more than 1,400 companies to overseas institutions’ investable universe.
Implications for investors
“The inclusion of Chinese onshore shares in the MSCI benchmark has several highly significant implications for global emerging market investors,” says Ivan Seah, Head of APAC Capital Markets Product Specialists, S&P Global Market Intelligence.
首先，向指数增加222股A'-股将使国际投资者更多的中国经济代表的中国股票的成分，这仍然是世界上增长最快的一个。中国占全球GDP的15％，但海外投资者可以获得的股票 - 主要通过香港和美国上市的股票 - 普遍普遍是中国经济的准确代理。
Second, China’s inclusion in the MSCI index will turbocharge an inflow of funds into the Chinese market from international investors. MSCI itself has said that $17 to $18 billion of indexed money is likely to flow into the market initially. Some analysts have estimated that these inflows will be even higher over the next five to 10 years. This will have far-reaching implications for liquidity, valuations, and governance as international investors progressively increase their allocations to Chinese equities. Today, holdings among overseas investors account for less than 1.5 percent of China’s total market capitalization.
海外参与的上升将产生重大影响，因为它将增加上海和深圳交易所（SHSE和SZSE）的引用股票的机构所有权。这些历史上一直是零售驱动的市场，具有比较适度的自由浮点数低于50％。零售投资者在中国股权市场的主要职位意味着，虽然贸易量高于香港和台湾等市场，但它们仍然是美国的市场。
Evidence from developed markets such as Hong Kong and Australia indicates that as equity markets expand, and as more companies are listed and free-float levels rise, coverage by equity analysts increases markedly. This in turn implies that equity valuations become more reflective of fundamentals.
经验证据表明，中国采取的每个主要举措都采取了向国际投资者开放资本市场，推动了大多数行业的交易量和估值。“考虑到市场自由化政策的总体规模只代表了一小部分A股市场资本化，这些事件周围的市场运动势头平均在30天内的4.5％，表明国内零售投资者的强烈行为效应，”Seah说。这是通过从每股股票连接的股票表现的表现来支持，从而看到与包括的股票相似的积极性能。根据S＆P全球市场情报数据的数据，在上海股票连接后两周内，深圳和上海市场的增长率约为8％，虽然没有深圳股票，但仍然没有深圳股票。
Additionally, adds Seah, “in the period after RQFII implementation, small-cap companies outperformed large-caps on average by over 2 percent each month, which may reflect domestic retail investors’ preference for cheaply priced stocks, independent of financials.”
Growing influence of factor-based investment in China
第三个背板ble by-product of the continued opening-up of China’s equity market to overseas investors is that it will underpin a greater focus on rules-based, factor-driven investment strategies among both international and domestic investors. Factor-based investment has grown in popularity in recent years as it is perceived to provide enhanced diversification, transparency, and risk-adjusted returns at a lower cost than many other investment strategies.
Further evidence of the rising influence of factor-based investment in the Chinese equity market has been observed since the implementation of the Stock Connect programs, according to S&P Market Intelligence data. Following the launch of the Shanghai Stock Connect scheme in 2014, there was a notable emphasis on so-called “old economy” sectors, while in the slipstream of the new Shenzhen Stock Connect regime, quality factors such as valuation, historical growth, and earnings quality have all assumed greater importance. Large caps also picked up momentum following the launch of the Shenzhen Stock Connect project, signally rising inflows of institutional capital.
“The opening of Chinese equity markets, which is already the第二大股市在世界上，是一个代表独特投资机会的历史里程碑，“Seah说。“对于那些能够接受风险的人来说，这是一个场景，所有指标都指向市场发展更加开展了更多机构投资策略，以及MSCI指数纳入的资本流入承诺。”
[cta]
要要求此故事背后的原始研究和数据，请联系：