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Dutch bank ING has won approval from the China Securities Regulatory Commission to become the eighth qualified foreign institutional investor (QFII) in China.
According to relevant regulations, ING still needs to apply for a QFII investment line from China's State Administration of Foreign Exchange (SAFE).
Foreign companies must obtain QFII status to invest on China's stock market, which is gradually opening to foreign investment.
The first seven foreign companies that have won QFII status in China include Citigroup Global Markets Ltd., Morgan Stanley and Co, International Ltd. and Goldman Sachs and Co. Some of them have begun investment activities on China's stock market.
(Xinhua News Agency September 17, 2003)
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