The first is to introduce the leapfrog development of the QFII system in one step.

According to general international experience, the opening of the capital market must go through two stages. In the first stage, you can first establish an "overseas fund" (Taiwan model) or an "open international trust fund" (South Korea model); and this

The stage took Taiwan 7 years and South Korea 11 years.

Our country has bypassed the first stage and achieved it in one step, and the advantages of subsequent development are immeasurable.

Second, the scope of QFII access entities has been expanded and the requirements have been raised.

In order to strengthen supervision and control, countries and regions in emerging capital markets generally clearly stipulate by enumeration what types of foreign institutional investors can enter the country or region. In addition, the amount of registered capital and financial status of QFIIs

, operating period, etc. have relatively strict requirements.

On the contrary, my country has a relatively broad definition of the scope of QFII entities and has given foreign investors more autonomy.

However, in order to ensure the stability and healthy development of the domestic securities market, our country has further improved the requirements for indicators such as the amount of registered capital, financial status, and operating period.