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QFII approval process to speed up
By Louise Ho |
May 21, 2012, Monday
|
Online Edition
Online Edition
CHINA will grant investment quotas for foreign institutional investors such as pension and insurance funds more quickly, the foreign exchange regulator said yesterday.
As of last week, China had approved US$26.01 billion in investment quotas for 138 funds under the Qualified Foreign Institutional Investors (QFII) program, according to the State Administration of Foreign Exchange.
"We will make the QFII quota approval process more efficient to satisfy the demands of QFII investors," said Sun Lujun, director of the Capital Account Management Department at SAFE, in a statement on its website.
QFII was launched in 2002 to allow foreigners to invest in China's A-shares. To encourage more foreign investment, China expanded QFII quotas from 30 billion yuan (US$4.74 billion) to 80 billion yuan in April.
QFII investors have earned 151.6 billion yuan in China's stock market over the past 10 years, according to China's securities regulator, which plans to bring in more foreign long-term investment.
"We will grant QFII status to foreign pension funds as soon as possible," an official from the securities regulator was quoted by the China Securities Journal as saying today.
Currently six overseas pension funds are investing in A-shares through QFII, including the Canada Pension Plan. Japan's Government Pension Investment Fund said earlier this month that it plans to invest in China's stock market as early as June.
Under the QFII scheme, the foreign exchange regulator approves quotas for individual QFII funds, while the securities regulator grants QFII licenses to foreign institutions.
As of last week, China had approved US$26.01 billion in investment quotas for 138 funds under the Qualified Foreign Institutional Investors (QFII) program, according to the State Administration of Foreign Exchange.
"We will make the QFII quota approval process more efficient to satisfy the demands of QFII investors," said Sun Lujun, director of the Capital Account Management Department at SAFE, in a statement on its website.
QFII was launched in 2002 to allow foreigners to invest in China's A-shares. To encourage more foreign investment, China expanded QFII quotas from 30 billion yuan (US$4.74 billion) to 80 billion yuan in April.
QFII investors have earned 151.6 billion yuan in China's stock market over the past 10 years, according to China's securities regulator, which plans to bring in more foreign long-term investment.
"We will grant QFII status to foreign pension funds as soon as possible," an official from the securities regulator was quoted by the China Securities Journal as saying today.
Currently six overseas pension funds are investing in A-shares through QFII, including the Canada Pension Plan. Japan's Government Pension Investment Fund said earlier this month that it plans to invest in China's stock market as early as June.
Under the QFII scheme, the foreign exchange regulator approves quotas for individual QFII funds, while the securities regulator grants QFII licenses to foreign institutions.
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