China's Stock Market Opening-up Study,

From initial exploring stage to the present, the China stock market has obtained the huge remarkable achievement in during 15 years, initially manifests "the national economy barometer" function. Now, the China stock market is being in the new stage of standard development, under "emerging & switching" market characteristic, the stock market further development needs unceasingly new power, and the power just comes from opening to the foreign. The opening, on the one hand is the need of unceasing deepening of domestic and the economic growing, on the other hand comes from to the financial globalization pressure and the challenge.Regarding a country stock market, the opening is a double-edged sword. it can bring the income for the opening country, also has the hidden risk. The opening of stock market is not only the process that securities investment crosses the nation-state fence the process, but also the process that risk-emerging mechanism mutually relates. The best choice should be to seek maximization of income in the risk scope. So, a country must weigh the risk and income from opening when it chooses opening it's stock market, because the opening advancement throughout is based on a most basic standard—national interest.On February 1, 2004, The State Council issued " Some Opinions about the Advancement Capital market Reforming and Opening And Stable Development ", which has laid the long term policy foundation and the guidance for the future China stock market movement strategic plan. Among them, "positively safely advances the stock market opening to foreign countries " is one of important tasks of present stage. this article takes the great microscopic economic theory and the modern finance theory as the main rationale, combining theoretical analysis, the model constructing, the empirical research, the case analysis and the...