Chongqing- A pilot program for overseas investment in Southwestern China’s Chongqing Municipality has implemented lower entry barriers, a broader scope of investments, flexible quota management, and a diversified range of currencies, local officials said Monday.
The Information Office of Chongqing Municipal People’s Government held a press conference on July 5th, 2021, to explain the policies entailed within the interim measures for outbound investment in the Qualified Domestic Limited Partner (QDLP) pilot program of Chongqing Municipality.
The QDLP refers to projects where domestic institutions convert RMB into foreign currencies within an approved limit for investment into overseas equity funds. Advance procedures include a review of eligibility, limit approval, and regulatory supervision.
Pilot QDLP qualifications have been approved for Chongqing and the Hainan Free Trade Port with equal quotas of US$5 billion. This makes Chongqing the first city in central and western China to implement this pilot program, serving the two-way opening up of financial markets.
Yu Rong, a member of the Party Leadership Group of the Chongqing Local Financial Supervision and Administration Bureau, explained that the policy has clarified administrative responsibilities and pilot subjects, standardized the application process, and has put forward operational requirements.
Wu Haosheng, deputy director of the Chongqing Operations Office of the People’s Bank of China and deputy director of the Chongqing Foreign Exchange Management Department, explained that the Chongqing QDLP pilot has four main characteristics.
For any inquiries, please email email@example.com