QFII Has Not Changed The Chinese Stock Market A Shares Can Be Significantly Changed After MSCI?

MSCI, one of the world's largest index providers, will decide whether to include China's A shares in the MSCI index, which supports some of the world's largest ETF, including iShares MSCI emerging market ETF (EEM) and MSCIACWI index ETF (ACWI).

This is the fourth consecutive year in the United States that the company has voted for the A share into the MSCI.

In the previous three votes, A shares were rejected in the case of MSCI.

So, what is the result of this vote? I think this time the possibility of A shares being incorporated into MSCI is greater.

The reason for such a judgement is partly because MSCI does need the Chinese market. As the SFC official said, any emerging market stock index is not complete without China.

Despite the fact that

MSCI is also hard to say, but after all, the A share market is an integral part of the global stock market.

After the three rejection of A shares into the MSCI, Ming Sheng still insisted on voting on the issue of A shares in MSCI, which in itself indicates that Ming Sheng doesn't want to put down the A share market.

On the other hand, the A share plan for MSCI is a Jane sleeve version. According to the new plan announced by MSCI in its official website, the number of A shares that may be included in the MSCI emerging market index has decreased from more than 400 to 169.

Its weight in the MSCI China Index and MSCI emerging market index will be 1.7% and 0.5% respectively, compared with 3.7% and 1% respectively.

Therefore, this plan takes into account both the face and the A share market.

Members' interests.

Therefore, it is very likely that the plan will be approved in the early morning of 21.

Of course, it does not exclude the possibility of A shares losing the Mai City for the fourth time.

Although this possibility is relatively small, the smaller possibility is also a possibility.

However, for the A share market, whether it is included in the MSCI is actually not a very important thing.

Despite the inclusion of MSCI in A shares, the SFC's attitude is "pleased to see its success", but the SFC has also made it clear that whether A shares are incorporated into MSCI depends on MSCI, which is a commercial activity.

Therefore, Zhang Xiaojun, a spokesman for the securities and Futures Commission, pointed out that no matter whether A shares are incorporated into MSCI, the direction of the reform of marketization and rule of law in Chinese capital market will not change. The pace of reform and opening up will not be changed because of whether A shares are incorporated into MSCI.

In other words, A shares or A shares, A shares will go their own way.

From the point of view of the market, whether A shares are included in MSCI, A shares are also A shares.

Investors should not be naive enough to place the hope of the A share market on the top of MSCI.

It is a good thing to be included in MSCI.

But the positive effect of this good thing is actually limited.

After all, the QFII system in the A share market has been launched for nearly 15 years.

In the past 15 years, QFII has not changed the Chinese stock market, so it is hard for investors to believe that after the A shares are incorporated into MSCI, the A share market will soon undergo major changes. This is almost impossible.

Of course, the incorporation of A shares into MSCI may bring incremental funding to the A share market.

However, in the initial stage of A share incorporation into MSCI, the incremental funding is actually very limited, and the initial stage is about $10 billion, which has little impact on A shares.

In fact, the A share market is not really short of funds, but what investors lack is confidence in the stock market.

The lack of investor confidence is due to the existence of various problems in the A share market, including the positioning of A shares, the lax enforcement of illegal activities and the ineffective protection of investors.

These problems will not be solved as A shares are incorporated into MSCI.

Therefore, although the A share is a happy event in MSCI, this joy still carries a few heavy feelings.

Of course, if A shares are not included in MSCI, it may not be a bad thing.

This allows us to better face the problems in the A share market.

After all, the A share market is an immature market, even a deformed market at the expense of the interests of investors.

There are many problems in this market that need regulators to solve.

Before some fundamental problems are solved, it is normal for the A share market to be foreigners.

Therefore, for MSCI, entering or not, it is not an important issue for the A share market.

A shares or A shares, A shares have to go their own way.

In particular, we need to face up to and solve some important fundamental problems faced by the A share market.

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