(Xinhua)
Updated: 2007-07-31 11:31

The China Securities Regulatory Commission (CSRC) allows fund management firms with net assets of more than 200 million yuan (US$26 million) and more than two years of operational experience and securities dealers with net assets of more than 800 million yuan and more than one year of investment management operations to apply for QDII status.

Related readings:  Southern Fund wins nod to invest abroad  Banks use only 26% of QDII quota in 1st half  Insurers to be allowed to increase overseas investment

About 20 Chinese fund management firms met the standards, said Li Zhengqiang, a CSRC official.

By the beginning of July, the State Administration of Foreign Exchange (SAFE) had approved a quota of US$20.5 billion: US$14.8 billion for 19 banks, US$5.2 billion for four insurance companies and US$500 million for one fund management company.

Last year, Shanghai-based Hua An Fund Management Co Ltd became China's first fund management firm to be allowed to invest overseas as a pilot QDII, with a quota of US$500 million.

Its first QDII product, launched in November last year, raised US$197 million and yielded five percent during the following six months.

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