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Ten years ago investors in Taiwan endured a lack of transparency and rampant market manipulation Taiwans market still has something of a casino mentality but foreign capital now accounts for 20 of the market and its economy thrives on technology China facing many of the same challenges as Taiwan did a decade ago in November borrowed a page from the island nations capital-market playbook It may not seem like a big deal yet but just wait There are very few differences between whats going to happen in China in the next ten years compared with Taiwan in the past ten years says Nate Emerson head of Greater China equities at Deutsche Securities in Hong Kong Im hearing the same negative noises about China that I heard when Taiwan first started But China is going to work out China has to shape up its stock market for a lot of reasons The Communist Party has abandoned communism but must still deliver prosperity to its citizens The trillion-dollar economy has been growing at 7 to 8 annually Growth wont mean much without an overhaul of capital markets Experiments on the stock market from a decade ago have been mixed The country has 1200 listed companies with market capitalization of 500 billion making it Asias No 3 market But the B-class shares originally envisioned for foreigners have been a flop because of weak quality limited liquidity market cap 10 billion and abysmal disclosure The market for the local currency A-class shares is vastly bigger but it suffers from the same problems and even higher price-earnings ratios The troubled overseas sale of China Telecom in November illustrates that even foreigners long a reliable tap for Chinese companies raising money want change The new rules announced in November to open the stock market to foreigners are likely to help eventually Starting Dec 1 foreign institutions can buy local-currency A-shares for the first time That
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