In a significant move towards financial integration, the upgraded Cross-boundary Wealth Management Connect (WMC) Pilot Scheme was launched on December 4, enabling residents of the Chinese mainland, Hong Kong, and Macao to access each other’s financial products across the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
The enhanced scheme not only lowers entry barriers for local investors but also broadens the spectrum of eligible financial products, marking a milestone in cross-border investment accessibility within the GBA.
“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,” remarked Wang Kai, chief strategy analyst at Guosen Securities, during an interview with China Media Group.
Emphasizing the convenience brought by the new policy, Ye Jingni, investment director overseeing international wealth management at China International Capital Corporation (CICC), noted, “Investors can now access different financial platforms via app links, enabling one-click account setup and a seamless customer experience without the need for cross-border travel.”
By the end of October 2024, over 120,000 individual investors had participated in the cross-boundary WMC pilot scheme. This impressive figure includes more than 50,000 investors from Hong Kong and Macao, and over 70,000 from the Chinese mainland. Domestic banks have facilitated cross-border fund transactions exceeding 95 billion yuan (approximately $13.06 billion), adhering to compliant management practices.
The upgraded WMC is anticipated to further stimulate cross-border financial collaboration and investment within the GBA, fostering economic growth and offering new opportunities for investors across the region.
Reference(s):
Cross-border financial products now accessible via securities firms
cgtn.com
