Chinese capital markets need to open up, says author

Fraser Howie says Shanghai wonÆt catch up with Hong Kong until xenophobia is dealt with.

Following the news that China has halted the issuance of further securities licenses, author Fraser Howie says that China must stop its æweather vaneÆ approach to foreign investment.

Howie is co-author of Privatizing China and an expert on the history of the Chinese stock market. He says China's attitude to foreign investors changes depending on market conditions. When things are going badly, the Chinese authorities are eager for foreign investment. The qualified foreign institutional investor scheme QFII is used to...

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