Moderator Shen Ming: The rise of the capital market, capital promotion is undoubtedly the key. What are the latest developments in pension funds, enterprise annuities, occupational annuities, QFII, Shanghai Stock Connect, and Shenzhen Stock Connect?

Thanks to many factors such as low valuation and policy support, foreign capital has rushed into the A-share market this year, and the “buy, buy and buy” situation has only increased.

According to the statistics of the "Securities Daily" reporters, as of yesterday, the net inflows of foreign capital through Shanghai Stock Connect and Shenzhen Stock Connect were 57.336 billion yuan and 48.537 billion yuan respectively. So far, the net inflow of funds to the north of the year reached 105.873 billion yuan. Compared with the 28.526 billion yuan in the same period of 2018, the net inflow of funds from the north increased by about 2.7 times.

Yesterday, Liu Zhe, deputy director of the Wanbo New Economic Research Institute, said in an interview with the Securities Daily that the recent acceleration of foreign capital into the A-share market was mainly affected by three factors: First, the need to passively track the index. From the history of the opening of capital markets in Korea and other countries, the early period will experience a period of continuous inflow of foreign capital; the second is the embodiment of the investment value of A shares. Decades of industrial development and a huge domestic demand market have made China grow up a lot of high-quality local listed companies. When these listed companies are placed on an international scale, they all have some unique advantages and investment values. At present, the A-share market is under evaluation. In the bottom area of ​​the value, the inflow of foreign-funded institutions reflects the value investment concept of the long-term layout of the A-share market. Third, due to the expected slowdown in US interest rate hikes, the pressure on the RMB exchange rate has decreased, which has reduced the pressure on capital outflows and improved A from the side. The configuration value of the stock.

It is worth noting that, apart from the current investment market value of the A-share market itself, this year, the loosening of a series of regulatory policies has also facilitated the entry of foreign capital into the A-share market.

From the perspective of QFII alone, since June 12 last year, the central bank and the State Administration of Foreign Exchange issued a new round of foreign exchange management reforms, which stipulated that the QFII and RQFII funds remittance restrictions were cancelled, and the QFII and RQFII principal lock-up period requirements were cancelled. The Foreign Exchange Administration announced on January 14 this year that it will increase the total amount of qualified foreign institutional investors (QFII) from US$150 billion to US$300 billion. Subsequently, the Securities and Futures Commission revised the QFII and RQFII systems on January 31. It is reported that the main contents of this revision include combining QFII and RQFII into one, relaxing access conditions, canceling quantitative indicator requirements, retaining institutional categories and compliance conditions, expanding investment scope, and optimizing custodian management. .

According to the data of 2018, as of the end of last year, a total of 309 overseas institutions were granted QFII status, and the approved quota was 101.1 billion US dollars. The RQFII system was expanded from Hong Kong, China to 19 countries and regions, with a total amount of 194 billion yuan. The overseas institution obtained the RQFII qualification and was granted a quota of 646.7 billion yuan.

“Fitting and QFII and RQFII channels have greatly simplified the application of overseas institutions and the fundraising process.” In the view of Chen Letian, strategist of BOC Securities, the revision of the QFII and RQFII systems by the CSRC has released a A strong signal is to further guide foreign capital into the A-share market. From the specific content, this revision goes further in terms of openness, investment scope and institutional convenience, and is more flexible and diversified in operation. The attraction of foreign institutions to enter China's capital market has greatly increased.

According to the current inflow rate, industry insiders expect that the amount of foreign capital flowing into the A-share market by the end of this year is expected to reach 500 billion to 600 billion yuan.

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