BEIJING, Oct. 9 (Xinhua) -- China's national financial regulators and the local financial regulators in Hong Kong and Macao special administrative regions decided to further optimize the pilot Cross-boundary Wealth Management Connect program in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), reported Xinhua Finance.
The regulators, including the Chinese central bank, National Administration of Financial Regulation, China Securities Regulatory Commission, State Administration of Foreign Exchange, the Hong Kong Monetary Authority, the Securities and Futures Commission and the Monetary Authority of Macao, took the move to foster financial cooperation and integrated economic development between Guangdong and the two special administrative regions.
The Cross-boundary Wealth Management Connect in the GBA is a pilot scheme launched on September 10, 2021 and contains southbound connect and northbound connect. It allows residents in Guangdong to purchase qualified investment products sold by banks in Hong Kong and Macao and residents in Hong Kong and Macao to buy qualified investment products offered by banks in nine GBA cities in Guangdong.
Outlining five key aspects, the financial regulators vowed to optimize investor threshold requirements to support more residents in the GBA to take part in the pilot scheme and enlarge the scale of institutional participants by adding eligible securities firms into qualified participants for the scheme to provide individual clients with investment products and related services under both the southbound and northbound connect.
To better gratify the diversified investment demand of residents in GBA, they intended to widen the scale of qualified investment products and appropriately improve personal investment quotas.
What's more, promotion and sales arrangements will be enhanced to guide financial institutions to provide quality financial services for GBA residents. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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