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China’s domestic stock markets look set to be denied entry into international benchmarks for the fourth year in a row unless Chinese regulators remove major obstacles before next June.
中国A股看起来将会连续第四年被拒绝纳入国际基准指数，除非中国监管机构在明年6月前消除主要障碍。
Dimitris Melas, head of equity research at MSCI, provider of the benchmark MSCI Emerging Markets index, gave a downbeat assessment yesterday of the prospects for China’s A-shares to be included in the index next year, in spite of the imminent opening of the Shenzhen stock market to global investors.
MSCI明晟新兴市场指数(MSCI Emerging Markets index)的提供方MSCI明晟(MSCI)的股票研究主管季米特里斯.梅拉斯(Dimitris Melas)，昨日对中国A股明年纳入该指数的前景做出了悲观评估，尽管深圳股市即将对全球投资者开放。
The inclusion of an initial 5 per cent of A-shares into the MSCI Emerging Markets Index would be seen as a pivotal moment in China’s gradual opening to flows of global capital.
若A股最初以5%的权重纳入MSCI新兴市场指数，将被视为中国逐步向全球资本开放的关键时刻。
Accession to the benchmark, which includes 833 stocks from 23 emerging markets, would oblige fund managers who track the index to invest in Chinese A-shares, triggering huge inflows of capital to China.
MSCI新兴市场指数包含来自23个新兴市场的833只股票，中国A股纳入该指数将迫使追踪该指数的基金公司投资中国A股，从而引发巨额资金流入中国。
Clients have recognised that a lot of the obstacles [to A-share inclusion] are being removed, so there is progress, said Mr Melas.
梅拉斯表示：客户已经意识到许多（阻碍A股纳入的）障碍正在消除，因此有所进展。
Having said that, clients also recognise that there are still some major obstacles.
话虽如此，客户也意识到，现在仍存在一些主要障碍。
Optimism over the potential inclusion of A-shares has grown in recent weeks as China prepares to launch the Hong Kong-Shenzhen Stock Connect, which may open next week.
随着中国准备启动深港通(Shenzhen-Hong Kong Stock Connect)——可能于下周启动——最近几周外界对该指数可能纳入A股日益乐观。
The stock connect, together with an existing trading link between Hong Kong and Shanghai, will be the only direct route for foreign investors to trade mainland stocks without prior approval from Beijing.
深港通与现有的沪港通将是外国投资者在不用预先获得中国政府批准情况下投资A股的仅有直接渠道。
The scheme eases accessibility for ¬foreign investors to China’s domestic markets — one of the sticking points preventing MSCI from granting A-share inclusion.
深港通可以让外国投资者进入中国国内市场变得更便利——外资准入问题是阻止MSCI纳入A股的症结之一。
Another obstacle is that foreign investors who sell Chinese shares can only repatriate 20 per cent of their holdings a month, meaning it would take five months to trade out of China’s markets.
另一个障碍是，卖出A股的外国投资者每月汇出资金不能超过境内资产的20%，这意味着他们需要5个月时间才能退出中国市场。
In addition, moves by the Chinese authorities last year to rescue plummeting stock prices by suspending hundreds of shares created real problems for foreign fund managers, with many stocks still suspended, Mr Melas said.
此外，梅拉斯表示，中国当局去年为救市而让数百只股票停牌对外国基金公司造成了切实的问题，如今还有许多股票处于停牌当中。
