Greater financial liberalisation in China is the key to unlocking pan-Asian portfolio investment flows, which would enable to the region to finance its own growth rather than rely on Western financial markets.
However, that road is a bumpy one although the Communist Party’s plenum in November called for reforms to boost the role of market-based decisions, the reopening of the A-share IPO market has been fraught with cancellations and delays imposed by the securities regulator.
Teresa Ko, China chairman at law firm Freshfields Bruckhaus Deringer, told FinanceAsia that she thinks the IPO snags are less about the China Securities Regulatory Commission’s instinct to control and more...
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