沈晗耀:近年不能推出“国际板”

Shen han yao:In recent years,we can not launch "international board"

中国通胀预期加重,央行正在用货币政策进行宏观调控,收紧流动性。在这个时候上交所要推动"国际板",变相地实现资本项下的自由兑换,试问央行和周小川,他能同意、敢同意吗?

Mr. Shen Said, there are 3 key factors in a real international board which include international firms, international money and also international players. That is to say, a real internationalization is to internationalize players, targets and money. As a result, the so called international board we are now discussing which is just priced in RMB on A-share market is not real international board. The function of Chinese stock market is to allocate resources for Chinese economic development. So the principle of Chinesestock market should be ‘good for me’. However, there are three disadvantages to push international board on A-share market. The fi rst disadvantage is that it will bring down the stock price, harming the interests of shareholders. The second disadvantage is that it will suppress the development of domestic enterprises. The major functions of China's stock market is supposed to be collecting scattered capital to support domestic enterprises, and allocating resources to promote the growth of domestic economies. However, the entrance of foreign enterprises will absorb a large amount of capital from A-share market and transfer it to foreign companies, thus having a huge negative impact on the development of domestic enterprises. The third disadvantage is that the international board will lead foreign hot money to ? ow into A-share market, casing big volatility in stock price and making the risks of stock market too big to control.