????中國(guó)政府迫切希望國(guó)內(nèi)股市能被納入那些受全球投資者追捧的股指中,，因?yàn)檫@將吸引數(shù)十億海外資金前來(lái)購(gòu)買(mǎi)滬市和深市股票,，從而幫助中國(guó)政府實(shí)現(xiàn)擴(kuò)大人民幣海外影響力的目標(biāo),。

????不過(guò)摩根士丹利資本國(guó)際公司（MSCI）在該進(jìn)行年度回顧后表示，該公司不會(huì)將中國(guó)A股納入其新興市場(chǎng)指數(shù),。目前全球追蹤MSCI新興市場(chǎng)指數(shù)的資金已達(dá)1.7萬(wàn)億美元,。摩根士丹利表示，中國(guó)監(jiān)管機(jī)構(gòu)在向外資開(kāi)放市場(chǎng)方面做得還不夠,。這也提醒了中國(guó),，即便中國(guó)已經(jīng)開(kāi)展了金融市場(chǎng)自由化改革，并且即便改革在中國(guó)國(guó)內(nèi)意義重大,，但在外部看來(lái)仍僅僅是量變而非質(zhì)變,。

????這已經(jīng)是近年來(lái)中國(guó)第二次被國(guó)際知名指數(shù)無(wú)視了。去年春天,，摩根士丹利首次提議在新興市場(chǎng)指數(shù)中增加A股,，結(jié)果受到了富達(dá)（Fidelity）和先鋒（Vanguard）等大型基金管理公司的強(qiáng)烈反對(duì)，理由是他們認(rèn)為中國(guó)在外資準(zhǔn)入上的改革力度還不夠,。

????因此,，中國(guó)于去年11月發(fā)布了“滬港通”，首次允許外資經(jīng)由香港直接購(gòu)買(mǎi)滬市股,。今年年初,，中國(guó)還擴(kuò)大了外國(guó)投資者的購(gòu)股限額。

????不過(guò)摩根士丹利表示,，目前中國(guó)股市仍然存在一些尚未解決的問(wèn)題,，致使MSCI新興市場(chǎng)指數(shù)不能納入A股。首先是限額問(wèn)題，大型外國(guó)投資人都覺(jué)得他們的每日限額太小了,。其次是將資金抽出中國(guó)大陸的困難程度,，在中國(guó)進(jìn)行資本控制難度很大。再次是圍繞持股的技術(shù)規(guī)則,，中國(guó)的持股規(guī)則不像發(fā)達(dá)國(guó)家市場(chǎng)那樣透明,，因而常令外國(guó)投資者感到戰(zhàn)戰(zhàn)兢兢。

????MSCI指數(shù)是現(xiàn)有新興市場(chǎng)指數(shù)中最權(quán)威的一個(gè),，但它的影響力并未阻止其他基金公司增持中國(guó)股票,。比如先鋒集團(tuán)上周表示，它的先鋒新興市場(chǎng)股指基金將增持中國(guó)股票,。該基金主要追蹤MSCI的競(jìng)爭(zhēng)對(duì)手FTSE指數(shù),，該指數(shù)決定在某些傳統(tǒng)指數(shù)中納入A股，初始權(quán)重為5%,。

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

????對(duì)于全球投資者來(lái)說(shuō),，一個(gè)不幸的消息是,，大熱的中國(guó)股市在去年狂漲了將近150%，卻無(wú)法分一杯羹,；另外目前中國(guó)的經(jīng)濟(jì)問(wèn)題正在堆積,。等到全球投資者終于可以進(jìn)入中國(guó)大陸市場(chǎng)分蛋糕時(shí)，他們的興奮感可能也就要消退了,。（財(cái)富中文網(wǎng)）

????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.