Industry welcomes China breakthrough
Richard Gilbert
The Australian funds management industry has secured a breakthrough with respect to the burgeoning Chinese investment market thanks to the Federal Government having secured Qualified Domestic Institutional Investor Scheme (QDII) status.
The granting of QDII status was confirmed by the Treasurer, Wayne Swan, this week and was immediately welcomed by the Investment and Financial Services Association (IFSA).
IFSA chief executive Richard Gilbert said Australian fund managers were now ideally placed to partner with Chinese institutional investors to assist in further diversifying their portfolios.
“Importantly, Australia is in the privileged position of now having the necessary memorandums in place with both the China Securities and Regulatory Commission as well as the China Banking and Regulatory Commission — two of the most important financial regulatory agencies in China,” he said.
Gilbert congratulated the Australian government agencies involved in securing the outcome.
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