Policies approved

By Xie Chuanjiao | China Daily | Updated: 2015-02-10 08:02

A total of 35 innovative policies have been approved since Qingdao's city government submitted a general implementation plan for the Wealth Management Financial Comprehensive Reform Pilot Area in May 2014.

The policies include the following:

.Pilot schemes for qualified foreign limited partners and qualified domestic limited partners. The two programs will enable overseas investors to convert foreign currencies into yuan for private equity investments in China and raise funds to invest abroad.

.Support financial institutions in Qingdao to develop and operate comprehensive wealth management products to provide one-stop financial services for clients.

.Explore ways to develop a comprehensive supervision mechanism in cooperation with national supervising agencies.

.Develop a wealth management information monitoring system that covers banks, securities, future goods, funds and insurance companies.

.Explore ways to develop QDII2, the updated version of qualified domestic institutional investors, to enable Qingdao residents to purchase overseas equity and invest abroad individually.

.Conduct research on the development of a special account system for wealth management to secure client asset and reduce risks.

.Support domestic credit rating agencies to appraise wealth management institutions and their products.

.Develop pilot schemes to protect wealth management client information with strict procedures regulating collection, search and use of client information to secure client privacy and asset safety.

.Develop a wealth management talent certification system to develop professionals.

.Allow foreign-invested financial institutions and companies to participate in domestic capital market investment and trading.

.Develop a cluster of duty free stores for advanced consumer goods as a key supporting function for the wealth management industry.

.Foreign direct investment could be processed in local banks instead of applying to the State Administration of Foreign Exchange.

.Qingdao Bonded Port Area Commodity Transaction Market to set up US dollar deposit accounts for traders to facilitate transactions in foreign exchanges.

.Allow multinational companies in Qingdao to conduct double-way cross-border RMB cash pooling and centralized RMB payments and settlements.

.Allow multinational companies to run pilot management of central accounts for their overseas foreign capital in China instead of going through multiple overseas accounts.

.Foreign-invested enterprises can carry out exchange settlements for their registered capital based on their own will, so as to eliminate risk of adverse movement in exchange rates.