China's B-share market, which used to be restricted to foreign investors, was partially opened up in February 2001 to Chinese local investors. We take this as a controlled experiment in cross-country comparison. The liberalization of the B-share market is a significant event in the history of China's capital market. It has far-reaching implications for the development of the Chinese economy and the integration of the Chinese capital market into the global capital market. The liberalization of the B-share market is a key factor in the growth of the Chinese economy and the increase in the level of economic activity in China. The liberalization of the B-share market has also led to an increase in the level of foreign investment in China and the growth of the Chinese stock market. The liberalization of the B-share market is a significant event in the history of China's capital market and has far-reaching implications for the development of the Chinese economy and the integration of the Chinese capital market into the global capital market.