This week sees the long-awaited opening up of the Chinese equity market to global investors. From Friday, a group of Chinese A-shares – locally-listed stocks that until now have been broadly off-limits to foreign investors – will be included in the stock market benchmarks against which many fund managers measure their performance.

This is a symbolic victory for China and a key step in the liberalisation of its financial markets. It follows three years of failed attempts to convince MSCI, the New York-based stock index compiler, that its markeys are safe and well managed enough to be taken seriously.