The upgraded Cross-boundary Wealth Management Connect (WMC) Pilot Scheme was launched on December 4, opening new avenues for residents of the Chinese mainland, Hong Kong, and Macao within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). This enhancement allows investors to access a broader range of financial products across the borders, fostering deeper financial integration in the region.
The advanced scheme lowers entry barriers for local investors and expands the eligibility of products available. “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.
Beyond offering a wider selection of financial instruments, the new policy introduces greater convenience for investors. According to Ye Jingni, investment director overseeing international wealth management at China International Capital Corporation, investors can now access various financial platforms through app links, enabling one-click account setup. “This seamless customer experience eliminates the need for cross-border travel, making investment more accessible than ever,” Ye remarked.
By the end of October 2024, over 120,000 individual investors had participated in the cross-boundary WMC pilot scheme. This 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 ($13.06 billion) through compliant management practices, highlighting the scheme’s significant impact on regional finance.
The upgraded WMC scheme is a milestone in the financial collaboration within the GBA, reflecting a commitment to innovation and openness. As the GBA continues to develop into a world-class bay area, such initiatives are poised to contribute substantially to its economic dynamism and global competitiveness.
Reference(s):
Cross-border financial products now accessible via securities firms
cgtn.com
