国际投资者追逐中国股票

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

随着中国在全球经济中的重要性和影响力日益增强，国际投资者对中国股票的需求也不断上升。

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.

中国股市在不到30年时间里成为世界第二大股市，超越了英国和日本。

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.

中国在1990年12月启动股票公开交易，当时有8家公司在上海证券交易所上市。深圳证交所在1991年7月正式开业。

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.

目前在这两家交易所上市的公司有3000多家，总市值超过8.7万亿美元，远高于2006年底的不到2万亿美元。

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

北京方面一直限制着外资在内地A股市场上的持股，但政策制定者正在逐步放宽这些限制。

International investors and managers from certain jurisdictions are allowed access to the Chinese mainland 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.

来自某些司法管辖区的国际投资者和管理公司可通过合格境外机构投资者(QFII)或人民币合格境外机构投资者(RQFII)计划，进入中国内地A股市场。这两个计划自2002年和2011年分别推出以来，都已显著扩张。

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

对接沪深股市与香港的沪港通和深港通机制，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.

中国多家最高监管机构在11月联合出台了针对资产管理行业的深远改革方案，以求化解国内金融体系累积的风险。

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.

这些改革旨在提高投资者保护标准，并在债务和杠杆率大幅上升、威胁中国经济可持续性的情况下，使资产管理行业进入可持续增长轨道。

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

将资金挤出影子银行业，使其流入受监管的资产管理产品，应该会进一步提振股市。