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

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

35 Pages Posted: 29 Jan 2009 Last revised: 27 Feb 2009

Nicholas Calcina Howson

University of Michigan Law School

Date Written: January 28, 2009

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.

Keywords: China, WTO, securities regulation, capital markets

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

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: https://ssrn.com/abstract=1334270

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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