In recent years, apparent progress was seen in Taiwan and China’s efforts to internationalize their local securities markets. Though the policy process may appear similar as witnessed in both sides’ intent to expand the scale of their securities markets, to stabilize their foreign exchange rates, and to comply with regulations set by the World Trade Organization, implementations are nonetheless executed differently. Taiwan takes on a steadier approach, one that has moved on from indirect to direct investments and from institutional to retail investors. On the other hand, China distinguishes its markets with A and B shares, encourages local corporations to be publicly listed in foreign markets, opens up both domestic and overseas markets via indirect investments, and promotes merger and acquisition activities. The pace of internationalization differs in that Taiwan liberalizes and deregulates its markets slowly but surely, with appropriate regulatory governances while China opens up its market hastily and speedily to optimize any possible advantages. Hong Kong's stock market has recently become a priority for both Taiwan and China's corporations to go public. With the 40% investment cap set by Taiwan's government for enterprises planning to invest in China, Taiwan's companies raise their capital in Hong Kong in a bid to penetrate China's markets. Chinese companies likewise list in Hong Kong, revamp their structures and use Hong Kong as a gateway to access the whole world.