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QFII不是国际通行的做法,只是少数发展中国家的成功经验。 发达国家货币可以自由兑换,不需引进QFII。 由于新兴市场经济本身千差万别, 有的国家自身资本市场发展水平有限、经济欠发达,无法吸引国际风险资本进入本国市场。 因此,QFII能否成功推行的关键在于整体经济是否有吸引力, 有无合适的投资工具和资本市场。 中国是具备推行QFII的基本条件的,也有少数国家或地区的成功经验可借鉴。 2003年7月9日上午10:15分,随着瑞银投资银行中国证券部主管袁淑琴对着电话念出“宝钢股份”、“上港集箱”、“外运发展”、 “中兴通证”四只股票的名字, QFII在中国大陆资本市场投下的第一单完成了。 QFII的实施对于中国资本市场来说,就像是打开了朝向全球资本市场的那扇窗, 虽然仍是隔着“纱窗”,但已经无法阻挡“新鲜空气”的自由进出,中国资本市场正式踏上了融入全球资本市场之旅。问题是,我们如何看待QFII制度及对中国的影响? 毕竟,我们都是在“摸着石头过河”。
QFII is not an internationally accepted practice, but only a handful of successful experiences of developing countries. Developed countries can freely convert the currency, without the introduction of QFII. Due to the vast diversity of emerging market economies themselves, some countries have limited development of their own capital markets and are underdeveloped to attract international venture capital into their markets. Therefore, the key to the successful implementation of QFII lies in whether the overall economy is attractive and whether there are suitable investment tools and capital markets. China has the basic conditions for the implementation of QFII. There are also a few countries or regions that can learn from their successful experiences. At 10:15 am on July 9, 2003, Yuan Shuqin, head of the China Securities Department at UBS Investment Bank, read out the “Baosteel Stations”, “Container Ports”, “Sinotrans Development” and “ZTE ”The name of the four stocks, QFII in the Chinese mainland capital market dropped the first single completed. The implementation of QFII is just like opening the window facing the global capital market to China’s capital market. Although it is still separated by “screens,” it can no longer stop the “fresh air” from entering and leaving the country, and the formal capital market in China On the integration into the global capital market journey. The question is, how do we view the QFII system and its impact on China? After all, we are all “feeling the stones across the river.”