In order to implement the major policy decisions ofthe CPC Central Committee and the State Council on promoting the new pattern of comprehensive opening up and further expand the opening up of China's financial markets, with the approval of the State Council, the State Administration of Foreign Exchange has decided to cancel the investment quota limitations of qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII) (hereinafter referred to as "qualified foreigninvestors").

The qualified foreign investors scheme is one of the most important schemes for the opening-up of China's financial markets. Since the launch of QFII in 2002 and RQFII in 2011, more than 400 institutional investors from 31 countries and regions around the world have invested in China's financial markets through these channels, sharing the achievements of China's reform, opening up and economic growth, and also actively promoting the healthy development of China's financial markets.

Over the years, the State Administration of Foreign Exchange has been adhering to the premise of effectively preventing risks, actively promoting the opening up of financial markets, and continuously deepening the reform of foreign exchange administration of qualified foreign investors scheme, which has abolished relevant exchange restrictions in 2018. The abolition of the investment quota for qualified foreign investors this time is another major reform measure taken by the State Administration of Foreign Exchange, in the field of foreign exchange administration of qualified foreign investors. In the future, foreign institutional investors with corresponding qualifications will only need to go through registration procedure, so as to remit funds independently to make securities investment in accordance with the regulations.Therefore, the convenience of foreign investors to participate in the domestic financial market will be greatly improved again, and China's bond and stock market will be better and more widely accepted by the international market.

Looking forward, the State Administration of Foreign Exchange will continue to deepen the reform of foreign exchange administration, take effective measures to expand opening up, support foreign investors to invest in domestic financial markets, and enhance the facilitation ofcross-border investment and financing. At the same time, the SAFE will adapt tothe opening up, effectively prevent the risk of cross-border capital flows, and safeguard the national economic and financial security.