MSCI, the index provider, will announce next week whether it plans to include Chinese A shares — those listed in Shanghai and Shenzhen — in its emerging markets index from May 2016.
指数提供商摩根士丹利资本国际(MSCI)将于下周宣布是否计划从2016年5月起将中国A股纳入其新兴市场指数。中国A股是指在上海和深圳市场上市的股票。
The group says that Tuesday’s decision will not be its own but a “reflection” of the views of its clients, and follows a year-long consultation. MSCI did not include A shares last June after a pushback from investors.
MSCI表示，下周二的决定将不是它一己的决定，而是将“反映”其客户的意见，因在此之前它进行了长达一年的意见咨询活动。去年6月，在受到投资者抵制后，MSCI没有将中国A股纳入其指数。
What are the possible outcomes on June 9?
6月9日可能会出现什么结果？

A simple Yes or No on whether A shares will be added to the index, which is tracked by funds worth close to $1.7tn. At the moment only Chinese stocks listed in Hong Kong are included in the index, although New York-listed Chinese companies, including Alibaba and Baidu, will join in November.
关于中国A股是否会被纳入近1.7万亿美元资金追踪着的MSCI新兴市场指数的问题，MSCI只会简单地回答“会”或者“不会”。就目前而言，只有在香港上市的中国公司被纳入该指数，不过该指数将在今年11月纳入在纽约上市的中国公司，包括阿里巴巴(Alibaba)和百度(Baidu)。
Has much changed in the past year?
过去一年里变化大吗？
The launch of the Shanghai-Hong Kong Stock Connect has revolutionised the way foreign funds access China, sidestepping longstanding quota and licence systems.
“沪港通”的推出让境外资金进入中国的方式发生了革命性的变化，绕过了长期存在的配额和牌照机制。
However, many issues remain with Stock Connect, largely concerning legal ownership rights and settlement. A Shenzhen link is in the works for this year.
然而，“沪港通”依然存在许多问题，主要与法律所有权和结算事宜有关。“深港通”仍在筹备之中，有望今年启动。
Chinese authorities have been doling out investment quotas, giving investors improved access through the traditional routes.
中国有关部门近年一直在发放投资配额，让投资者更容易通过传统渠道进入中国市场。
What difference would inclusion make?
将A股纳入MSCI指数将会带来什么影响？
Passive global funds would have to buy shares right away to match the index, while active managers would probably add them over time to reposition against the altered benchmark.
被动型全球基金将不得不立即买入A股来匹配该指数，而主动型基金公司很可能会逐步配置A股，根据变更后的基准指数调整持仓情况。
An initial estimate is that $20bn of foreign money would go into Chinese stocks to meet the MSCI target of a 1 per cent weighting in the EM index. That compares with the $23.8bn that has gone into China via Stock Connect since November.
初步估计是，由于MSCI计划让A股占到MSCI新兴市场指数权重的1%，因此将会有200亿美元的海外资金进入A股。而自去年11月以来已经有238亿美元的资金借道“沪港通”进入中国内地市场。