China's capital markets are no longer hermetically sealed like when the country's economy began to open up in 1978. After a slow start that saw decades of minimal progress, in recent years the government has begun tentatively opening its markets up to the rest of the investment world. In the latest development, at the end of 2020 foreign investors were permitted to access China's futures markets. Prior to November 1, investors were restricted to the rules of the Qualified Foreign Institutional Investor (QFII) and the RMB Qualified Foreign Institutional Investor regime. Under the new rules, investors can now more easily and quickly apply for licences, with approval time reduced from 20 days to 10 days. The eligibility criteria to become a QFII have been relaxed, and requirements such as minimum term of operation and the size of assets under management have been removed.
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