A Share International Board Has Been Brewing For A Long Time Only Under Dongfeng &Nbsp.

Although it has become the second largest stock market in the world after the US, the closed pattern of China's A share market has not been completely changed.

Behind the late launch of the international board, the internationalization process and path of the A share market is expected to receive renewed attention in this forum.

It is impossible to launch the international board year.

"At present, relevant technical preparations are still in progress.

Related stock movements

When will the 4.88+0.000.00% of the Construction Bank be launched and the way in which multinationals are listed is now waiting for the decision of the higher authorities.

A staff member of the Shanghai stock exchange told the economic reference daily that he was pessimistic about the possibility of launching the international board this year from the current market situation.

Since the beginning of this year, the promotion of the international board has been a hot topic in the market.

The market once predicted that the international plate will be launched at the latest in October. However, with the continued downturn in the three quarter of the Chinese stock market, the international board has been tardy.

Professor Cao Heping, a famous economist at Peking University, said recently that the international board has been brewing for a long time, but from the current information, unless there are major decisions, there will be little chance of launching the international board during the year.

In addition to market factors, the international board, which has been brewing for a long time, faces another uncertain factor: the change of leadership of the regulatory department.

Recently, Guo Shuqing, former chairman of 4.88,0.02,0.41%, took over Shang Fulin as chairman of the China Securities Regulatory Commission.

Earlier, Guo Shuqing told the media that the capital market should accelerate the pace of internationalization. Therefore, the market generally speculated that after Guo Shuqing took office, the international board is expected to accelerate.

As Guo Shuqing has many years of experience in banking executives and an international perspective, the outside world has higher expectations for the more practical development of the SFC, expanding space for development on the basis of norms, and docking with international markets, including promoting trading varieties and opening up space for regulatory innovation.

In fact, as early as this year's two sessions, Li Jiange, member of the CPPCC National Committee and chairman of the China International Capital Co, once told reporters that the relevant regulatory authorities have strongly supported the issue of launching the international board, and the specific preparations have been carried out for three or four years, and the relevant technical and legal barriers have basically been resolved.

Li Jiange revealed that the drafting of the core rules of the international board has basically been completed.

The Shanghai stock exchange has said that it has preliminarily completed the preparation of international rules and technology for listing and trading on the international board, and has in-depth studies on important issues such as information disclosure, continuous supervision, cross border law enforcement, investor protection and so on.

In terms of corporate governance, accounting standards, information disclosure and coordination of Listing Supervision, the SFC has also conducted in-depth discussions with relevant regulatory bodies such as the NPC Law and order Commission, the people's Bank of China, the Ministry of finance, the safe, the Shanghai Stock Exchange and the China Securities Regulatory Commission, and basically reached a consensus within the legal framework of China.

The pros and cons are endless.

From the day of entering the public view, the controversy over the A share international board has never been calm.

He Qiang, director of the securities and Futures Research Institute of Central University of Finance and Economics, believes that the opening up of China's securities market includes not only "going out" but also "bringing in".

After more than 20 years of development, the degree of opening up of China's securities market has been continuously improved, and a large number of enterprises have been listing and financing abroad. QDII has widely invested in overseas markets.

However, as the pace of "going global" has been increasing, the speed of the introduction of securities market has been very slow. The development of B-share market has stagnated, the function of introducing foreign capital has been degraded, and the scale of qualified foreign institutional investors (QFII) has been limited.

The establishment of an international board in China can greatly promote the implementation of the "Introduction" strategy in China's securities market, enhance the international influence and competitiveness of China's securities market, and further improve China's multi-level securities market system.

Dong Dengxin, director of the financial and Securities Research Institute of Wuhan University of Science and Technology, told the economic reference daily that through the introduction of international plates, a large number of excellent multinational companies will be listed here. The first-class and stable performance of these companies and the international practice of "quarterly dividend" will have a significant demonstration effect on the A share companies in China. Especially the reasonable valuation of the listing of many international board companies will have a tremendous impact and beneficial impact on the A share valuation system. This will help to bring the guiding role of the international board value investment concept into play, and enable Chinese investors to share the growth profits of the world's first-class multinationals in long-term investment and rational investment.

Xie Baisan, director of the financial and capital market research center of Fudan University, believes that under the current domestic and international economic situation, the share price of 80% of domestic stock is higher than that of foreign countries.

Xie Baisan believes that the international plate must be fully convertible after the capital account is fully convertible. After 2030% full lifting and circulation of state shares and corporate shares, foreign companies will be able to accept direct listing of foreign companies in China's stock market after a basically balanced stock price at home and abroad.

"We need to be cautious when we launch the international board."

Wahson, a famous economist, told the economic reference daily that there is no mistake in increasing the direction of direct financing. However, under the current circumstances, China's bond market and stock market have been seriously unbalanced, and on the basis of promoting the development of new industries, a large number of small and medium sized boards and GEM companies have been listed and financing, coupled with the expansion of new three boards, the stock market has already suffered tremendous pressure. Under such circumstances, the introduction of international board, "blindly increasing the pressure on the stock market and expanding the capacity of one way" is not very appropriate.

Wahson believes that what is more important now is to build a strong bond market.

Internationalization of China's securities market can not be long lame.

Behind the unsettled decision of the A share international board, it is actually a "lame" state of China's capital market, especially the securities market, which is extremely asymmetrical in its opening up.

"China's securities market has two main lines of opening to the outside world, one is the going out and the introduction of listed companies, and the two is the going out and the introduction of investors."

Dong Dengxin told the economic reference Daily reporter that at present, one and a half of these two lines are still not smooth: there is basically no obstacle to the going out of the listed companies, but the introduction of listed companies is still very asymmetric with the going out, and the degree of opening and going out of investors is far from enough.

Dong Dengxin believes that from the perspective of open national treatment, the introduction of the listed company must come true.

From the point of view of risk diversification, opening up Hong Kong stocks and relocating people to the public will enable residents to hold more foreign currency assets and lower the threshold. The opening of Hong Kong stocks should also be synchronized with the internationalization and relaxation of foreign exchange control of RMB. This is a big trend.

"Theoretically, the internationalization of the securities market should be based on marketization and legalization."

Dong Dengxin said that the next step is to deepen the market-oriented reform of China's securities market, reform the delisting system, promote the construction of multi-level capital markets, and conduct pilot projects of junk bonds. From the perspective of rule of law, we should further improve corporate governance.

Under such two prerequisites, China's securities market should steadily and actively promote internationalization and change the current extreme imbalance of opening up.