证券时报·2025-03-26 00:20Core Viewpoint - The article emphasizes the increasing openness of China's capital markets and the growing global recognition of Chinese assets, suggesting that 2025 will be a pivotal year for understanding China's international competitiveness [1]. Group 1: Capital Market Openness - Recent actions in capital market openness have significantly enhanced the global presence of Chinese assets, with a narrative of "re-evaluating Chinese assets" gaining traction among global capital [1]. - The report from Deutsche Bank highlights China's breakthroughs in high value-added sectors and the establishment of a competitive advantage across the entire industry chain [1]. Group 2: Foreign Investment and Collaboration - The financial market is actively promoting the Chinese narrative and enhancing cooperation with overseas institutions to attract long-term global capital [3]. - As of now, there are four wholly foreign-owned securities firms in China, including Goldman Sachs and Morgan Stanley, with more foreign firms seeking to enter the market [3]. - Efunds and Brazil's Itaú Asset Management are collaborating on ETF mutual listing, reflecting the accelerated overseas expansion of public funds [3]. Group 3: Regulatory Support - The China Securities Regulatory Commission (CSRC) is pushing for a balanced approach of "bringing in" and "going out," supporting qualified foreign institutions to establish operations domestically [4]. - The CSRC has been enhancing foreign investment policies, including easing the Qualified Foreign Institutional Investor (QFII) access and expanding investment scopes [8]. Group 4: Increased Attractiveness of Chinese Assets - The capital market's confidence in foreign investment is growing, with A-shares and Hong Kong stocks showing a stable upward trend, particularly in the technology sector [6]. - Major foreign institutions like Goldman Sachs and Morgan Stanley are optimistic about the Chinese stock market, noting it has experienced one of the strongest starts in history this year [6]. - There is a belief that if supportive policies continue, foreign capital will accelerate its return to the Chinese market, as Chinese stocks remain undervalued [6]. Group 5: Improvement of Open Systems - The ongoing improvements in the regulatory framework are making it easier for foreign institutions to enter and remain in the Chinese market [8]. - The CSRC is working on a comprehensive plan for capital market openness, aiming to enhance cross-border connectivity and improve the efficiency of overseas listing processes [9].