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Les marchés financiers chinois

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  • Bruno Cabrillac
  • Jean-Patrick Yanitch

Abstract

[eng] Chinese financial markets . This article presents the 2 existing financial systems in China : Continental China’s markets and The Hong Kong stock exchange. The market capitalization of the first system is low and derivatives markets are limited to metal and agricultural products. Several scandals, the eviction effect of public firms and a still inadequate supervision keep the investors’ mistrust alive. However, the Hong Kong stock exchange has strengthened its pre-eminence in Continental Asia since it had been becoming the international preferred market of big firms and continental investors. But some reforms must be considered : transparency and governance improvement on continental markets, strengthening of institutional investors’ role, markets clearing and selection of interest, solving of non exchangeable security... Continental China is today the driving force behind the Hong Kong stock exchange which so must adapt its functioning. . JEL classification : G1, O16, O53 [fre] Cet article présente les deux systèmes coexistants en Chine : les marchés de la Chine Continentale et la Place de Hong-Kong. La capitalisation sur les premiers est limitée et les dérivés, cantonnés aux métaux et produits agricoles. Des scandales à répétition, l’effet d’éviction par les entreprises publiques et une supervision encore insuffisante nourrissent la défiance des investisseurs. En revanche, la Place de Hong-Kong a confirmé sa prééminence en Asie Continentale en devenant le marché international privilégié des grandes sociétés et investisseurs continentaux. Cependant, des réformes doivent être envisagées : amélioration de la gouvernance et de la transparence des marchés continentaux ; renforcement de la place des investisseurs institutionnels ; assainissement des marchés et sélection des participants ; résolution du problème des titres non échangeables... La Chine Continentale étant aujourd’hui le moteur du développement de la Place de Hong-Kong, elle devra également adapter son fonctionnement. . Classification JEL : G1, O16, O53

Suggested Citation

  • Bruno Cabrillac & Jean-Patrick Yanitch, 2004. "Les marchés financiers chinois," Revue d'Économie Financière, Programme National Persée, vol. 77(4), pages 275-297.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_77_4_4187
    DOI: 10.3406/ecofi.2004.4187
    Note: DOI:10.3406/ecofi.2004.4187
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    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • G1 - Financial Economics - - General Financial Markets
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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