The central bank and five other departments: Support cross-border purchases of qualified investment products sold by financial institutions in Hong Kong and Macao in accordance with the law

Odaily reports that the People's Bank of China and five other departments have jointly issued the "Opinions on Promoting Institutional-level Opening-up in the Free Trade Zones (Port) with Conditions to Align with International High Standards in the Financial Sector". The "Opinions" propose 20 policy measures in six aspects, including allowing foreign financial institutions to engage in the same type of new financial services as domestic financial institutions, making decisions on applications for financial institutions to engage in relevant services within 120 days, supporting the lawful cross-border purchase of certain types of overseas financial services, facilitating the investment and remittance of foreign investors, improving the arrangements for cross-border flow of financial data, and comprehensively strengthening financial regulation. Among them, it includes continuously optimizing the "Wealth Management Connect" pilot in the Guangdong-Hong Kong-Macao Greater Bay Area, supporting residents of the mainland of the Greater Bay Area to purchase qualified investment products sold by financial institutions in Hong Kong and Macao through Hong Kong and Macao financial institutions, and expanding the scope of participating institutions and qualified investment products. (Jinshi)