中文摘要：

金融业双向开放背景下的中国股市双向开放是更高层次和更高水平的开放。近十年来,中国股市双向开放的成果多面呈现,双向投资渠道逐年拓宽,双向参与主体逐渐多元,市场运行秩序逐步规范。双向开放进程中的中国股市发展迅速,但同时,也面临诸多现实问题：与成熟市场联系紧密但相对新兴市场脱钩,参与方自由度提升但蕴涵复杂内生风险,多重因素影响叠加使可持续性遭受质疑。为了推动中国股市积极稳妥地双向开放,本文提出应夯实与成熟市场已有合作成果,加深自身对新兴市场双向关联,建立与完善证券投资负面清单,进一步规范参与方的交易行为,有效化解全球化进程不利影响,提升中国股市开放的可持续性。

英文摘要：

Chinese stock market two-way opening is a higher level of opening in the context of financial industry＇s two-way opening. Over the past decade, the achievements of stock market two-way opening have been presented in a muhi-faceted way. The two-way investment channels have been widened, two-way participants have been diversified and the market order has been gradually standardized. Although the market develops rapidly, there are many practical problems. The market is closely linked with developed markets but decoupled from emerging markets, participants＂ degree of freedom increases but contains complex endogenous risks, multiple-factor effects overlap so the sustainability is questioned. In order to promote the Chinese stock market two-way opening actively and steadily, it is necessary to consolidate the cooperation with developed markets and deepen our own two-way correlation with emerging markets, establish and perfect the negative list of securities investment, further standardize the transaction behaviors of the participants, and effectively mitigate the adverse effects of the globalization process as to enhance the sustainability of stock market opening as well.