|China to further securities opening-up (10/30/03)|
Wang Jianxi, assistant chairman of the China Securities Regulatory Commission, said that in order to fulfill
Wang said that until now, two jointly-owned securities companies and eight jointly-owned fund management companies with foreign minority ownership have been approved according to relevant rules.
He said that given the non-convertibility of Chinese currency under the capital account, Qualified Foreign Institutional Investors (QFII) were introduced in December 2002 as a transitional measure to attract foreign portfolio investment and open up
Wang said that up to now, 10 banks, including three foreign banks, have been granted the custodian status and eight foreign institutions have obtained the qualification of QFII. Some QFIIs have already begun investment activities, he said.
Wang held that
Wang also expressed the hope that people from home and abroad will participate in the building of the Chinese securities market so as to promote its development and prosperity.