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Individual investors in FTZ will be allowed to invest in overseas stock markets
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SHANGHAI will allow individuals to invest in overseas capital markets as soon as this year as part of reform’s in the city’s pilot free trade zone, a city official said.
Shanghai is planning to launch the Qualified Domestic Individual Investor scheme, also known as QDII2, on a trial basis in the free trade zone this year, according to a news release on the Pudong New Area government's website today, citing Zheng Yang, head of the Shanghai Financial Service Office.
The program will provide a gateway for residents in the zone to invest directly in foreign stock markets, Zheng told a seminar on free trade zone reform during the weekend.
Only institutional investors can presently invest in overseas capital markets through the Qualified Domestic Institutional Investor program.
To facilitate the program, the regulator is also considering raising annual quotas on foreign exchange purchases for individuals, Zheng said, without providing details.
Domestic residents now are subjected to a purchase limit of US$50,000, or equivalent in another currency, per person per year.
The planned program is part of a financial reform package that will include 51 measures jointly proposed by the Shanghai government, the central bank and top regulators in the banking, securities and insurance sectors.
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