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The Chinese government is considering allowing individuals to invest overseas, said a senior official with the State Administration of Foreign Exchange (SAFE).

 

SAFE deputy director Deng Xianhong said the government will also expand the trial scope of overseas investments by securities firms and ease rigid controls on foreign exchange.

 

Deng said the government would encourage overseas direct investment, especially mergers and acquisitions by major companies.

 

The QDII (qualified domestic institutional investors) program would be expanded and insurers allowed to invest in more overseas financial products.

 

China allows domestic institutions and residents to invest money in overseas financial products via mainland commercial banks, and allows insurance institutions to invest some of their assets in overseas fixed-income products and money-market products.

 

Ten domestic and seven foreign-funded banks are allowed to offer QDII services. More banks are expected to be given green light to carry out QDII services.

 

Deng said the government would ensure smooth and orderly cross-border capital flows with more supervision of investments of foreign funds in the real estate market.

 

(Xinhua News Agency December 13, 2006)