The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is set to witness a significant boost in cross-border investment activities as the upgraded Cross-boundary Wealth Management Connect (WMC) Pilot Scheme launched on December 4. The new scheme allows residents of the Chinese mainland, Hong Kong, and Macao to access each other’s financial products through securities firms, marking a milestone in regional financial integration.
The enhanced WMC scheme lowers entry barriers for local investors in the GBA and broadens the range of eligible financial products. “These measures will better address cross-border investment needs, enhance financial market connectivity in the region, and support high-level opening up of China’s financial sector,” said Wang Kai, chief strategy analyst at Guosen Securities, in an interview with China Media Group.
Investors are set to benefit not only from a wider array of products but also from increased convenience. “The new policy offers greater convenience,” stated Ye Jingni, investment director in charge of international wealth management at China International Capital Corporation. “Investors can now access different financial platforms via app links, enabling one-click account setup and a seamless customer experience without traveling cross-border.”
The original WMC pilot scheme has already shown promising engagement. By the end of October 2024, over 120,000 individual investors had participated, including more than 50,000 investors from Hong Kong and Macao, and over 70,000 from the Chinese mainland. Domestic banks facilitated cross-border fund transactions exceeding 95 billion yuan ($13.06 billion) through compliant management practices.
The upgraded scheme is expected to further stimulate investment activities within the GBA, offering new opportunities for global readers, investors, academics, and the Asian diaspora. It stands as a testament to the region’s commitment to financial openness and innovation, reinforcing the GBA’s role as a dynamic hub in Asia’s economic landscape.
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Cross-border financial products now accessible via securities firms
cgtn.com
