Openness of Chinese A-Shares vs. Western Capital Market Dominance: The shift in influence.

Answer

Western markets (the NYSE, NASDAQ, and London Stock Exchange) have historically dominated due to their unparalleled transparency and depth. However, Munawar argues that a structural shift is occurring:

• The Friction Advantage: If China opens its A-shares (domestic stocks) via friction-less blockchain rails, it removes the massive compliance and brokerage costs that currently limit Global South participation in Western markets.
• Catering to the Un-aligned: By offering digital-native access and non-dollar settlement, China addresses the specific concerns of emerging markets that are wary of dollar-based systemic risk.

The result is a pulling of the **financial center of gravity eastward.** While the West relies on its "legacy trust," China is building a "technical trust" based on transparent blockchain logs and asset-backed tokens.