國際投資者追逐中國股票

China’s increased importance and influence in the global economy has been accompanied by rising demand from international investors for the nation’s equities.

隨着中國在全球經濟中的重要性和影響力日益增強，國際投資者對中國股票的需求也不斷上升。

China’s stock markets have grown into the world’s second-largest equity pool in less than three decades, overtaking both the UK and Japan.

中國股市在不到30年時間裏成爲世界第二大股市，超越了英國和日本。

The first public trading of Chinese equities began in December 1990, with eight companies listing on the Shanghai Stock Exchange. The opening of the Shenzhen Stock Exchange followed in July 1991.

中國在1990年12月啓動股票公開交易，當時有8家公司在上海證券交易所上市。深圳證交所在1991年7月正式開業。

There are now more than 3,000 companies listed on the two exchanges, with a combined market capitalisation exceeding $8.7tn, up from less than $2tn at end of 2006.

目前在這兩家交易所上市的公司有3000多家，總市值超過8.7萬億美元，遠高於2006年底的不到2萬億美元。

Beijing has limited foreign ownership of the mainland China A-shares market but policymakers are gradually relaxing these restrictions.

北京方面一直限制着外資在內地A股市場上的持股，但政策制定者正在逐步放寬這些限制。

International investors and managers from certain jurisdictions are allowed access to the mainland China A-shares market via the Qualified Foreign Institutional Investor or the Renminbi Qualified Foreign Institutional Investor schemes, which have both expanded significantly since their launch in 2002 and 2011 respectively.

來自某些司法管轄區的國際投資者和管理公司可通過合格境外機構投資者(QFII)或人民幣合格境外機構投資者(RQFII)計劃，進入中國內地A股市場。這兩個計劃自2002年和2011年分別推出以來，都已顯著擴張。

Equity trading flows have also been stimulated by the two Connect programmes that link Shanghai and Shenzhen with Hong Kong.

對接滬深股市與香港的滬港通和深港通機制，也刺激了股票交易流量。

China’s top regulators unveiled far-reaching reforms for the asset management industry in November in a push to defuse the risks accumulating across the country’s financial system.

中國多家最高監管機構在11月聯合出臺了針對資產管理行業的深遠改革方案，以求化解國內金融體系累積的風險。

The reforms are designed to improve standards of investor protection and to set the asset management industry on a sustainable growth path following huge increases in debt and leverage that threaten the sustainability of the Chinese economy.

這些改革旨在提高投資者保護標準，並在債務和槓桿率大幅上升、威脅中國經濟可持續性的情況下，使資產管理行業進入可持續增長軌道。

Driving money out of the shadow banking sector into regulated asset management products should provide a further boost to the equity market.

將資金擠出影子銀行業，使其流入受監管的資產管理產品，應該會進一步提振股市。