The Re-Emerging Securities Market in China

(Hardback)

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This work examines the re-emergence of a securities market in the People's Republic of China, providing a comprehensive analysis of the market forces that are transforming China's centrally planned economy. The authors provide answers to the key issues such as: Why did a securities market develop in China How do market practices compare with those in other countries What are the major difficulties encountered in the development process of the securities market, and what growth potential does the Chinese securities market have Based on Dr Xia's comprehensive survey of officials at Chinese securities issuing companies, government policy agencies, and stock exchange centres, the authors offer a report on the investment climate in China and its future. After reviewing briefly the emerging securities markets of other developing countries and the impact of the international debt crisis, the authors examine the economic reforms in China and their impact on China's business climate. A discussion of financial sector developments, the regulatory framework and scope of the securities market, and a profile of market participants precedes an examination of the type and nature of bond and stock issuing activities. The operations of securities trading centres, including secondary markets and, in particular, the Shanghai Exchange, is explained in detail with the conclusion offering insights into the development prospects of these markets.

Author Bio

MEI XIA is currently employed by the General Electric Information Services as a Senior Consulting Specialist. She also served as a Professorial Lecturer of International Business at the George Washington University and Market Analyst with the China National Cereals and Foodstuffs Import/Export Corporation. JIAN HAI LIN is an Economist at the International Monetary Fund. Formerly, he was an Assistant Professor of International Finance at the George Washington University and Director of International Investment Banking at McMahan & Company. He is the author of numerous articles on international financial and trade matters and co-author of Foreign Direct Investment in China (Quorum Books, 1991). PHILLIP D. GRUB is a Professor of International Business and the holder of the Aryamehr Chair in Multinational Management at the George Washington University. During the past twelve years, he has spent a significant amount of time in China working with senior governmental officials at the national, provincial and state levels as well as with Chinese academicians on matters of economic development, academic programs, and foreign trade policy. In addition to 13 other books, he is the co-author of Foreign Direct Investment in China (Quorum, 1991).