  Since 2002 when China first introduced QFII (Qualified Foreign Institutional
Investors) system, QFII has been developing in China for 14 years, during when
RQFII, Shanghai-Hongkong Stock Connect Program, Shanghai-London Stock Connect
Program furthur broadened the avenue for foreign capital to invest in Chinese
Security Market. As FTA (Free Trade Area) Financial Reform Program emerged, RMB
(CNY) Capital Project is likely to make the currency exchangeable. With the
success in QFII, RQFII and Shanghai-Hongkong Stock Connect Program, China's
long term advantage in interest rate, and the relatively low stock index value
after the recent stock market crashes in mid 2015 and early 2016, foreign
capitals' demand for Chinese market to loosen its restrictions continually
increases. This article picks the three most representative emerging capital
markets in the world, namely Taiwan, Korea and India, by comparing and
analyzing their paths of globalization, attempts to shed light on China's next
steps regarding globalization.
