Asian emerging markets are open for business but the terms may be tough

Full access to Chinese financial markets is one of the simmering trade disputes between the US and China

Asia’s biggest emerging markets are flinging open their doors to court overseas investors, but there’s a catch -- and it’s a big one.

China, India and Malaysia have pledged to open up channels for foreign money to flow through their markets, with policy makers and heads of state publicly proclaiming their wish to be full-fledged members of the global financial system. But the reality often falls short of the rhetoric as national governments insist on maintaining regulatory systems designed to keep capital flows and trading rules under tight control.

Asia’s Tiger economies still remember how unfettered capital flows and free-market capitalism sunk