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Part III Beyond the Transatlantic Corridor, 8 China and Hong Kong—Competition and Symbiosis

Edited By: Jeffrey Golden

From: International Capital Markets: Law and Institutions (2nd Edition)

Cally Jordan
Edited By: Jeffrey Golden (Consultant Editor)

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 25 July 2024

Securities — Stock market and exchanges — Financial regulation

This chapter assesses Chinese capital markets. The starting point of modern Chinese capital markets can be identified as 1978, but momentum only gradually developed in the 1990s with the reintroduction of stock exchanges and the adoption of, first, companies legislation and then a securities act. As capital markets institutions and practices appeared in China, regulatory frameworks, imported primarily from the United States, the United Kingdom, and Hong Kong, arose around them. One of the secret ingredients to the dynamism of Chinese capital markets has been Hong Kong. Rather than an all-out competitive model, symbiosis marks the relationship between the mainland Chinese exchanges and HKEx. Indeed, there are continued endeavours to encourage integration between the Shenzhen Stock Exchange (SZSE), the Shanghai Stock Exchange (SSE), and HKEx.

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