????中國政府迫切希望國內股市能被納入那些受全球投資者追捧的股指中，因為這將吸引數十億海外資金前來購買滬市和深市股票，從而幫助中國政府實現擴大人民幣海外影響力的目標。

????不過摩根士丹利資本國際公司（MSCI）在該進行年度回顧后表示，該公司不會將中國A股納入其新興市場指數。目前全球追蹤MSCI新興市場指數的資金已達1.7萬億美元。摩根士丹利表示，中國監管機構在向外資開放市場方面做得還不夠。這也提醒了中國，即便中國已經開展了金融市場自由化改革，并且即便改革在中國國內意義重大，但在外部看來仍僅僅是量變而非質變。

????這已經是近年來中國第二次被國際知名指數無視了。去年春天，摩根士丹利首次提議在新興市場指數中增加A股，結果受到了富達（Fidelity）和先鋒（Vanguard）等大型基金管理公司的強烈反對，理由是他們認為中國在外資準入上的改革力度還不夠。

????因此，中國于去年11月發布了“滬港通”，首次允許外資經由香港直接購買滬市股。今年年初，中國還擴大了外國投資者的購股限額。

????不過摩根士丹利表示，目前中國股市仍然存在一些尚未解決的問題，致使MSCI新興市場指數不能納入A股。首先是限額問題，大型外國投資人都覺得他們的每日限額太小了。其次是將資金抽出中國大陸的困難程度，在中國進行資本控制難度很大。再次是圍繞持股的技術規則，中國的持股規則不像發達國家市場那樣透明，因而常令外國投資者感到戰戰兢兢。

????MSCI指數是現有新興市場指數中最權威的一個，但它的影響力并未阻止其他基金公司增持中國股票。比如先鋒集團上周表示，它的先鋒新興市場股指基金將增持中國股票。該基金主要追蹤MSCI的競爭對手FTSE指數，該指數決定在某些傳統指數中納入A股，初始權重為5%。

????不管怎樣，中國最終還是會得償所愿的。摩根士丹利的聲明還表示，如果問題得到解決，A股有可能會于明年納入其指數。

????對于全球投資者來說，一個不幸的消息是，大熱的中國股市在去年狂漲了將近150%，卻無法分一杯羹；另外目前中國的經濟問題正在堆積。等到全球投資者終于可以進入中國大陸市場分蛋糕時，他們的興奮感可能也就要消退了。（財富中文網）

????譯者：樸成奎

????Beijing badly wants China’s domestic stocks included in the indexes followed by global investors. It could mean billions more dollars buying yuan-denominated shares in Shanghai and Shenzhen, which helps the government promote its goal of expanding the currency overseas.

????But the country was rejected yesterday by MSCI, whose emerging market indexes have $1.7 trillion tracking them, which said after its annual review it wouldn’t include the mainland A-shares. It said Chinese regulators hadn’t done enough to open their market to foreigners. It’s a reminder to China that even reforms that liberalize its financial markets and seem momentous within the country are considered incremental, at best, by outsiders.

????This is the second time in as many years that China has been spurned by the index maker. Last spring, MSCI first proposed the idea of including A-shares and was met with cries from big fund managers like Fidelity and Vanguard who said China hadn’t passed enough reforms for access.

????So China launched the ‘Shanghai-Hong Kong Stock Connect’ this past November, which allowed foreigners for the first time to buy Shanghai stocks directly via Hong Kong. Earlier in the year it also expanded quotas for foreign investors.

????But MSCI said yesterday there are still enough unresolved problems to avoid including A-shares for now. The first involves those quotas. Big foreign investors feel their daily allotments are too small. The second is the ease of getting money out of mainland China. Capital controls are cumbersome. The third is the technical rules around stock ownership. Foreign investors feel jittery that Chinese regulations aren’t as clear as those in developed markets.

????MSCI is the biggest authority on emerging market indexes, but its influence hasn’t kept other fund companies from adding Chinese shares. Vanguard said last week that its Vanguard Emerging Markets Stock Index Fund will add Chinese shares. The funds follow FTSE indexes, an MSCI competitor, which decided to include A-shares as an initial 5% weighting in some transitional indexes.

????Beijing will eventually get its wish. MSCI’s statement also said A-shares were “on track for inclusion” in the next year if issues were resolved.

????Unfortunately for global investors, the manic Chinese stock market has risen nearly 150% in the past year and the country’s economic troubles are mounting. By the time investors get to own a slice of China’s mainland market, the excitement could be wearing off.