扩大制度开放！合格境外投资者新政来了

Core Viewpoint - The China Securities Regulatory Commission (CSRC) released the "Qualified Foreign Institutional Investor (QFII) System Optimization Work Plan," aiming to enhance the adaptability and attractiveness of the QFII system by implementing various measures to create a more transparent, convenient, and efficient investment environment for foreign investors [1][2]. Group 1: Optimization of Access Management - The plan includes two key measures for optimizing access management: the integration of QFII qualification approval and account opening processes, and the establishment of a "green channel" for allocation-type foreign capital, both effective from October 27 [2]. - These measures aim to streamline and simplify the approval and account opening processes for foreign investors, reducing application processing times and operational costs, thereby encouraging long-term capital inflows from various foreign professional institutions [2]. Group 2: Expansion of Investment Scope - The plan leverages the broad coverage of QFII channel products to support risk management and asset allocation needs, allowing QFIIs to invest in ETF options and participate in a wider range of commodity futures and options trading [2]. - It aims to continuously and gradually open up more commodity futures and options to meet the diverse asset allocation strategies and hedging needs of foreign investors [2]. Group 3: Future Developments - The CSRC plans to accelerate the implementation of additional measures outlined in the plan and further deepen research on the QFII system to enhance its attractiveness to foreign long-term capital [3]. - The goal is to establish a new open framework characterized by coordinated onshore and offshore channels, balanced development of allocation-type and trading-type funds, and positive interactions between domestic and foreign securities, fund, and futures institutions [3]. Group 4: Historical Context and Current Status - Since its introduction in 2002, the QFII system has operated smoothly, playing a positive role in attracting foreign long-term capital, optimizing the investor structure, promoting the internationalization of the RMB, and supporting the stable and healthy development of China's capital market [3]. - As of now, there are 913 QFIIs in the market, including various types of investors such as fund management companies, commercial banks, insurance companies, and sovereign wealth funds, with total onshore asset scale exceeding 1 trillion RMB [3].