事关增量外资入市，QFII制度“优化11条”启动

Core Viewpoint - The optimization of the Qualified Foreign Institutional Investor (QFII) system is injecting new vitality into the internationalization of the A-share market, with a focus on enhancing the efficiency and convenience of foreign investment processes [1][13]. Summary by Sections Optimization Measures - The QFII qualification approval and account opening process will be streamlined to achieve efficient handling of qualifications, licenses, foreign exchange registration, and account openings [2]. - A green channel and simplified processes will be implemented for sovereign funds, international organizations, pension funds, and charitable funds to facilitate foreign investment [3]. - Custodians and brokers will be guided to improve service quality and operational efficiency, reducing the time for fund transfers and confirmations [4]. - Technical support will be provided for the aggregation and transfer of foreign investor funds, with enhanced reporting requirements [5]. - Regulations regarding the management of QFII and RQFII investment will be revised [6]. - The investment in ETF options will be gradually advanced to meet the hedging needs of foreign investors [7]. - More commodity futures and options will be continuously opened up [8]. - Equal treatment will be given to foreign public funds and domestic public funds regarding short-term trading holding ratios [9]. - Consistent principles will be applied to transaction reporting and regulatory requirements for both domestic and foreign investors [10]. - The management of foreign investor channel income swaps will be optimized [11]. - Rules for securities and fund investment consulting services will be expedited to support foreign investors [12]. Market Impact - The QFII system has evolved from quota control to autonomous investment, covering a wide range of investment categories [13]. - As of August 2025, 907 foreign institutions had obtained QFII qualifications, with total assets exceeding 1 trillion yuan, becoming a significant source of incremental capital [13]. - The new measures aim to enhance the attractiveness of the system for long-term foreign capital, creating a balanced development of onshore and offshore channels [14]. Expectations - The first expectation is to address the pain points of foreign investment entry, making the process more efficient and less burdensome [15]. - The second expectation is to attract more high-quality long-term foreign capital through differentiated access arrangements [17]. - The third expectation is to continue recognizing China's investment potential, with foreign institutions expressing positive outlooks on the Chinese market [23]. Future Outlook - The QFII system's continuous improvement reflects the deepening of China's capital market opening [23]. - The ongoing optimization of the QFII system is expected to lead to an influx of high-quality foreign capital into the A-share market, enhancing market stability and pricing efficiency [21][22].