Tourists admire the skyline view of Lujiazui area at the Bund in Shanghai, east China, Jan. 6, 2020. (Xinhua/Wang Xiang)
SHANGHAI, May 7 (Xinhua) -- Despite the pandemic-induced worldwide economic slowdown, global asset management institutions in Shanghai have continued to apply for Qualified Foreign Limited Partner (QFLP) and Qualified Domestic Limited Partnership (QDLP) pilot programs, which shows their confidence in Chinese economy.
Four asset management institutions applied for QDLP pilot scheme including Hamilton Lane, China Construction Bank (CCB) International, CDH Investments and JAFCO Asia, while two institutions applied for QDLP pilot program, including BlackRock and AZ Investment.
The above applications have been approved recently, making Hamilton Lane the first firm in Shanghai to set up secondary fund through QFLP. BlackRock becomes the first foreign-owned public offering fund management corporation participating in QDLP.
Experts believe that active applications indicate their confidence in Shanghai in building a global asset management center and their medium- and long-term plan to gain foothold in Chinese market.
Meanwhile, as the two pilot schemes welcome new participants, more new business modes will be created in Shanghai.
Besides, many other financial institutions are also upbeat about Shanghai's future development as they are expanding business in China and doubling down investments to gain a higher quota in two pilot programs.
For example, Credit Suisse, PIMCO and UBP added 200 million U.S. dollars, 200 million U.S. dollars and 100 million U.S. dollars, respectively and were granted a QDLP quota totaling 400 million U.S. dollars, 400 million U.S. dollars, 150 million U.S. dollars, respectively.
First introduced in Shanghai, the QFLP and QDLP pilot schemes aim to promote the two-way opening up of China's financial markets.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
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