But China also imposes capital-account restrictions on portfolio-investment flows, which means that its stock markets remain relatively closed. Until the recent launch of the Shanghai-Hong Kong Connect corridor, which links the two markets, international investors could not directly buy A-shares on the mainland exchanges.
诚然，在过去几年中，这带来了巨大的流动性。但中国也对投资组合投资流实施资本账户限制，这意味着其股市仍相对封闭。直到最近连接沪港两地市场的沪港通启动前，国际投资者是无法直接在大陆交易所购买A股的。目前直接购买仍有限额，即数量有限的所谓合格境外投资者（QFII）资格。