China accelerates processing of QFII applications

The State Administration of Foreign Exchange said on Monday that it has approved investment projects of $9.18 billion sought by 72 Qualified Foreign Institutional Investors between Jan 1 and Sept 19.

The administration has accelerated processing of QFII applications to encourage reform of domestic capital market.

By the end of August, 181 overseas institutions have obtained QFII licenses, which are granted by China's securities regulator.

By Sept 19, investments with a total value of $30.82 billion applied by 157 QFII institutions have been approved by the administration since the QFII plan began in 2003.?

The administration said it will continue to support domestic capital market reform and advance the QFII plan.