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China and WTO Liberalization of the Securities Industry: Le Choc Des Mondes or L'Empire Immobile?


Nicholas Calcina Howson


University of Michigan Law School

January 28, 2009

Asia Policy, No. 3, p. 151, January 2007

Abstract:     
Despite nationalistic and protectionist sentiment and fears about a destabilizing Chinese-style "Big Bang" liberalization of China's capital markets, Beijing has demonstrated full compliance with China's 2001 WTO commitments on foreign investment in the securities and fund management service sectors. Indeed, in several ways, the PRC has gone beyond its WTO promises. The commitment to liberalization has come about not just by pressure from interested foreign financial firms but also by Chinese policy makers and industry participants who understand (i) that China's own capital market is a key mechanism supporting efficient capital allocation and company monitoring and (ii) foreign capital, know-how and global exposure must play a role in the development of the securities sector that serves the capital markets.

Number of Pages in PDF File: 35

Keywords: China, WTO, securities regulation, capital markets

JEL Classification: F10, F23, F30, G15, G24, K22, K33, N25, P31

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Date posted: January 29, 2009 ; Last revised: February 27, 2009

Suggested Citation

Howson, Nicholas Calcina, China and WTO Liberalization of the Securities Industry: Le Choc Des Mondes or L'Empire Immobile? (January 28, 2009). Asia Policy, No. 3, p. 151, January 2007. Available at SSRN: http://ssrn.com/abstract=1334270

Contact Information

Nicholas Calcina Howson (Contact Author)
University of Michigan Law School ( email )
701 South State Street
3234 South Hall
Ann Arbor, MI 48109-3091
United States

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