Shanghai to unveil QDII2 scheme
Print Edition
SHANGHAI will allow individuals to invest in overseas capital markets as soon as this year.
Shanghai is planning to launch a 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 yesterday, citing Zheng Yang, head of the Shanghai Financial Service Office.
The scheme will allow individual investors in the zone to invest in foreign securities markets directly, Zheng told a seminar on FTZ reform over the weekend.
Currently, only institutional investors can invest in overseas capital markets through the Qualified Domestic Institutional Investor program.
The regulator is also considering raising annual quota on individuals’ foreign exchange purchases under the scheme, Zheng said, without providing details. Domestic residents now face a limit of an equivalent value of US$50,000 per person per year in foreign exchange purchases.
The QDII2 is part of a financial reform package of 51 measures jointly proposed by the Shanghai city government, the central bank and the banking, securities and insurance regulators.
The new measures are to further promote yuan convertibility under the capital account and cross-border use of the currency, Zheng said.
Other measures include allowing foreign enterprises to sell yuan-denominated bonds in the zone, boost foreign ownership cap in joint-venture securities firms and set up more privately owned banks, he said.
Shanghai’s FTZ has been approved to encompass the Lujiazui financial area, Jinqiao development zone and Zhangjiang high-tech zone, which will increase the area to 120.27 square kilometers from 28.78 square kilometers.
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