Industry welcomes China breakthrough


Richard Gilbert
The Australian funds management industry has secured a breakthrough with respect to the burgeoning Chinese investment market thanks to the Federal Government having secured Qualified Domestic Institutional Investor Scheme (QDII) status.
The granting of QDII status was confirmed by the Treasurer, Wayne Swan, this week and was immediately welcomed by the Investment and Financial Services Association (IFSA).
IFSA chief executive Richard Gilbert said Australian fund managers were now ideally placed to partner with Chinese institutional investors to assist in further diversifying their portfolios.
“Importantly, Australia is in the privileged position of now having the necessary memorandums in place with both the China Securities and Regulatory Commission as well as the China Banking and Regulatory Commission — two of the most important financial regulatory agencies in China,” he said.
Gilbert congratulated the Australian government agencies involved in securing the outcome.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.