China Securities Regulatory Commission (CSRC) in Beijing Photo:VCG

Following the conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China,MK sports responsible authorities in China have been taking actions to further promote the country's opening-up, targeting the capital market and the financial sector.

Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), recently chaired a symposium in Beijing, and had in-depth exchanges with representatives from 10 foreign institutions operating in China covering securities, funds, futures, and the Qualified Foreign Institutional Investor program (QFII), the CSRC said in a statement on Friday.

Participating representatives said that the recent policies, including the Nine-Point Guideline aiming to step up supervision and risk prevention, have been showing effect. They also demonstrated their full confidence and optimistic outlook in the development of China's economy and capital market for the long run, noting that the institutions will continue deepening operations in the Chinese market, read the CSRC statement.

Wu said that the commission is currently studying and planning a package of initiatives to further deepen reform and opening-up of the country's capital market. The CSRC will unswervingly deepen reform and expand opening-up, strengthen supervision and vigorously protect the legitimate rights and interests of investors in accordance with the law, while continuously enhancing the stability and predictability of the policies.

Meanwhile, China's central bank and the State Administration of Foreign Exchange have further optimized the cross-border fund management for QFII and its yuan-denominated sibling RQFII, the People's Bank of China announced on Friday, aiming to steadily expand the institutional opening-up of the financial sector and optimize the system of qualified foreign investors.

The new rules will take effect from August 26. Business registration procedures, account management and exchange management will be further simplified and optimized, and the revised rules will unify the foreign exchange risk management models for QFII and RQFII with the China Interbank Bond Market scheme.

The QFII and RQFII programs are designed to allow overseas investors to invest in China's domestic capital markets.

Since 2020, more than 300 qualified foreign institutional investors have completed foreign exchange registration, the Xinhua News Agency reported.

Global Times