Quotas to rise for 2 pilot models for foreign assets
Print Edition
CHINA will increase quotas for two pilot schemes that allow domestic investors to access foreign assets, as part of its broader efforts to open up the financial market, according to the country’s foreign exchange regulator.
The quota for the Qualified Domestic Limited Partnership program in Shanghai and the quota for the Qualified Domestic Investment Enterprise scheme in Shenzhen will be expanded to US$5 billion each, the State Administration of Foreign Exchange said on Tuesday in an online statement.
The QDLP program was first launched in Shanghai in 2013 while the QDIE was launched in Shenzhen in 2014. Both schemes offer channels for qualified domestic institutions to invest overseas.
China has launched a new round of the programs since late last year. The QDLP program in Shanghai had a previous quota of US$2 billion, which was used up by the end of February, according to SAFE.
The QDIE program in Shenzhen had a previous quota of US$2.5 billion, US$1.26 billion of which had been allocated by April 9.
SAFE will steadily push forward the pilot programs and improve the macro-prudential management of the schemes, the statement said.
The move came after a SAFE announcement earlier this month, which stated that the country will push the reform of the Qualified Domestic Institutional Investor program, a similar scheme for outbound investment.
China has yet to fully liberalize its capital account, with programs such as QDII and Qualified Foreign Institutional Investors providing financial institutions with quotas for outbound and inbound investment, respectively.
The reform measures for outbound investment come at a time when China is stepping up efforts to open its financial market.
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