Foreign exchange pilot program for Lingang

A pilot program on high-level opening-up in foreign exchange management is to be launched in Shanghai's Lingang new area and other places.

It will accumulate experience in promoting high-level institutional opening in the field of foreign exchange, said Pan Gongsheng, deputy governor of the People's Bank of China and administrator of the State Administration of Foreign Exchange, at the 13th Lujiazui Forum.

Shanghai's Lingang new area, the Guangdong-Hong Kong-Macau Greater Bay Area, and part of Hainan Free Trade Port will be the first batch of pilot areas for the program.

Pan also revealed a plan to push forward reform in cross-border investment of private equity funds.

It will support private equity funds in conducting cross-border investment and industrial investment. The pilot programs of qualified domestic limited partners (QDLP) and qualified foreign limited partners (QFLP) will be further expanded, giving a boost to Shanghai's development into a key market for wealth management and asset management globally.

The scope for Chinese residents to allocate overseas assets, meanwhile, will also be widened.

Through financial market infrastructure such as the Stock Connect schemes linking Shanghai and Shenzhen with Hong Kong and the Bond Connect program, China will expand the scale of Qualified Domestic Institutional Investor, and improve the QDII management mechanism, Pan said.