The Cross-boundary Wealth Management Connect (WMC) Pilot Scheme was upgraded and launched on December 4, enabling residents of the Chinese mainland, Hong Kong, and Macao to access each other's financial products within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
These advancements aim to lower entry barriers for local investors in the GBA while broadening the range of eligible financial 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,\" stated Wang Kai, chief strategy analyst at Guosen Securities, in an interview with China Media Group.
Ye Jingni, investment director in charge of international wealth management at China International Capital Corporation, highlighted that the new policy not only offers a wider product range but also provides greater convenience. Investors can now access various financial platforms via app links, allowing for 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 joined the cross-boundary WMC pilot scheme. This cohort 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.
The upgraded WMC scheme underscores the ongoing efforts to integrate financial markets within the GBA, fostering a more connected and accessible environment for investors across the region.
Reference(s):
Cross-border financial products now accessible via securities firms
cgtn.com
