By Will McCosker Stanley Zhou King & Wood Mallesons’ Finance & Capital Market Group
Late last week China’s State Council announced its approval of the hotly anticipated Qualified Domestic Individual Investor program (referred to as “QDII2”). QDII2 offers an unprecedented channel for Chinese investors to invest offshore and promises to be a significant step in the liberalisation of China’s investment landscape and capital account.
The QDII2 announcement closely follows recent reforms easing restrictions on foreign investment managers carrying on business in China. Together, these reforms should allow foreign managers direct access to the Chinese HNW market, which is estimated to be over RMB 50 trillion.、
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