Writing in the Japan Times, Curtis S. Chin, the first Asia Fellow of the Milken Institute, makes the case that as “equity markets from Tokyo to New York enter more volatile times, it’s worth taking a pause to reflect on the need for continued capital market reforms, particularly in China.”
Using the example of Alibaba’s Initial Public Offering (IPO), New York equity markets have seemingly hit their peak and have been trending downward ever since. Curtis points out that the “storyline is no longer a straightforward one of China’s and Chinese companies’ rise.”
Curtis argues that as Alibaba’s listing took place in the United States, it “speaks volumes about how much further China must go to liberalize its capital markets and ensure greater domestic access to capital to finance further innovation.”
He goes on to say that whilst Jack Ma, founder and chief executive of Alibaba, may well be one of a kind in China for now, with the right policy environments he could well be one of many future Chinese entrepreneurs who become household names in and outside of their own country. To do this, Curtis believes that China needs to foster an “environment marked by rule of law and access to both domestic and international capital and financing.”
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