Globalization Process in Emerging Capital Markets -- Lessons and   Implications to China
  Since 2002 when China first introduced QFII (Qualified Foreign Institutional Investors) system, QFII has been developing in China for 14 years, during when RQFII, Shanghai-Hongkong Stock Connect Program, Shanghai-London Stock Connect Program furthur broadened the avenue for foreign capital to invest in Chinese Security Market. As FTA (Free Trade Area) Financial Reform Program emerged, RMB (CNY) Capital Project is likely to make the currency exchangeable. With the success in QFII, RQFII and Shanghai-Hongkong Stock Connect Program, China's long term advantage in interest rate, and the relatively low stock index value after the recent stock market crashes in mid 2015 and early 2016, foreign capitals' demand for Chinese market to loosen its restrictions continually increases. This article picks the three most representative emerging capital markets in the world, namely Taiwan, Korea and India, by comparing and analyzing their paths of globalization, attempts to shed light on China's next steps regarding globalization. 
Zichong Li and Pengyu Huang
q-fin.GN q-fin.EC