Many of the constraints on capital market development in China and the ASEAN
countries have eased over the past decade (see OECD 2012). Most countries have taken
steps to broaden the investor and issuer bases, including by easing access by foreigners
to domestic capital markets. There has been considerable improvement in market
infrastructure, which in some areas is well in line with international standards and
best practices. Growth and broadening of the Islamic bond markets in Malaysia (which
is now the dominant international player in this area) and Indonesia have provided an
important impetus to the capital markets in those countries.