Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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That is not to say that the US does not have valid grievances against China in areas of trade and financial policy. Foreign businesses operating in China have long complained that Chinese government policies discriminate against them, citing lack of regulatory transparency; inadequate protection of intellectual property; difficulty obtaining local licenses; and limited protections for their commercial secrets. There is a strong case that there is indeed a highly uneven playing field for foreign businesses in China.ssss1 Given China's high level of domestic savings, there is also a legitimate complaint about the asymmetry between the relative ease of foreign investment into China's capital markets and the still-limited channels for foreign companies to raise capital from Chinese investors.

Many of these issues arise from the fact that China continues to feature a relatively overbearing state. This and continuing shortcomings in the transparency and consistency of the legal and regulatory system are problems that China's growing population of private businessmen and entrepreneurs also increasingly chafe against. The strength of Hong Kong's IPO market provides a good illustration of this. HKEX has been the top IPO venue globally in five of the 10 years up to the end of 2020, with Mainland Chinese companies accounting for 85 percent of the funds raised over that period.ssss1 Although Chinese businesses seeking to raise money from public markets would reap far higher valuations by listing in Shanghai (上海) or Shenzhen (深圳),ssss1 many private businessmen still prefer to IPO their companies in Hong Kong. The reasons for this include Hong Kong's relatively reliable legal and regulatory system; the ability for them to raise funds in a currency that is easily convertible; and the desire to protect their wealth from the Chinese authorities by moving part of it offshore.