China is one of the world’s largest economies and its equity market, combining listings in Shanghai, Shenzhen and Hong Kong, is second only in value to the US. Yet the country remains notably absent from global indices.
中国是世界最大的经济体之一，其股市总市值（包括上海、深圳和香港股市）名列世界第二，仅次于美国。但在全球指数中，中国所占的份量仍明显不足。
China makes up only about three per cent of the MSCI AC World Index, for example, despite having the world’s second-largest economy. “China is the last great frontier. It is an incredibly large, diverse market and it will be important and impactful when it begins to be added to global benchmarks,” says Mat Lystra, director of international indexes methodology at Russell Indexes.
例如，尽管中国已是世界第二大经济体，但它在摩根士丹利资本国际所有国家世界指数(MSCI AC World Index)中的权重仅为约3%。“中国是最后一块有待开垦的荒原。它是一个极其庞大、多元化的市场，当它开始被纳入全球基准时，它的重要性和影响力将突显出来，”罗素指数(Russell Indexes)国际指数方法学总监马特•利斯特拉(Mat Lystra)说。
But a greater presence for China in indices is far from simple. This year, both FTSE and MSCI ruled out including A-shares, stocks incorporated in mainland China and denominated in renminbi.
但让中国在全球指数中拥有更大权重绝非易事。今年，富时(FTSE)和摩根士丹利资本国际(MSCI)都排除了将中国内地上市的以人民币计价的A股纳入其股票指数的可能性。
Although the A-shares market is both “large and important”, investors have big concerns about its potential inclusion, says Chin-Ping Chia, head of Asia-Pacific research at MSCI.
MSCI亚太区研究主管谢征傧(Chin-Ping Chia)说，尽管A股市场“既大又重要”，但投资者十分担心其潜在的包容性。