Forbidden City

Financial reform hit as "China sub-prime" concerns grow

  • Published 22 Sep 2011

Concerns over financial fragility, mixed with a conservative political atmosphere ahead of the 2012 political succession is hitting the pace of financial reform.

Which is China’s most heralded and yet least implemented financial reform? It is a close-run contest. The opening of the capital account, leading to convertibility of the renminbi, was first slated to take place in 2000. The launch of the international board on the Shanghai stock market has been signalled repeatedly since 2003. And although the opening of the Shanghai stock market to foreign portfolio investors has taken place – through the QFII platform – the regime governing fund inflows remains highly restrictive.

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