They are QDII and QFII, two funds. QFII is the acronym for Qualified foreign institutional investor.

It is a transitional system for a country to introduce foreign investment to a limited extent and open the capital market when its currency has not achieved full convertibility and its capital account has not yet been opened.

This system requires that if foreign investors want to enter a country's securities market, they must meet certain conditions, obtain approval from the relevant departments of the country, remit a certain amount of foreign exchange funds, and convert them into local currency through a strictly supervised special account.

Invest in local securities markets.

QDII is the abbreviation of Qualified domestic institutional investor.

It is a securities investment fund established within the territory of a country and approved by the relevant departments of that country to engage in securities business such as stocks and bonds in overseas securities markets.

Like QFII, it is a transitional institutional arrangement that allows domestic investors to invest in overseas securities markets to a limited extent when the currency has not been fully convertible and the capital account has not yet been opened.