<img src='https://news.cgtn.com/news/2024-12-04/Cross-border-financial-products-now-accessible-via-securities-firms-1z3PjTIob1S/img/7cb56a5f1c7845c5a53262b23416efd1/7cb56a5f1c7845c5a53262b23416efd1.png' alt='An investor is holding smart devices to choose financial products in Guangzhou, China, April 14, 2024. /CFP'
The upgraded Cross-boundary Wealth Management Connect (WMC) Pilot Scheme was launched on December 4, allowing residents of the Chinese mainland, Hong Kong, and Macao to access each other’s financial products in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
The advanced scheme lowers entry barriers for local investors in the GBA and broadens the range of eligible 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.
The new policy offers not only a broader product range but also greater convenience, said Ye Jingni, investment director in charge of international wealth management at the 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.
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, 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.
