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China issues third round of QDII quotas this year

A total of $12bn worth of quotas were issued this year.

China has issued $4.3bn worth of quotas to 23 firms under the qualified domestic institutional investor (QDII) scheme in end-November, according to data from the State Administration of Foreign Exchange (SAFE).

Launched in 2006, the QDII programme allows domestic institutions and fund managers to invest in offshore investments within allowable quotas.

This is the third time that the country has issued QDII quotas this year. In early-November, SAFE issued $5.06bn worth of quotas and $3.36bn in September. Before that, the last time the regulator issued quotas was in April 2019.

In total, SAFE has issued $12.72bn in quotas this year.


A total of 23 firms received QDII quotas last week, which include six first time recipients – all of which are trust companies, according to SAFE records.

First-time recipients

FirmQuota ($m)
China Resources SZITIC Trust100
COFCO Trust26
Minmetals International Trust100
Huaneng Guicheng Trust100
Everbright Xinglong Trust100
China Fortune International Trust100
Total quotas granted526
Source: SAFE

Meanwhile, 17 firms received additional quotas of $3.77bn.

Of the 17 firms, 11 were fund management companies, two banks, two insurance companies and one securities firms, according to SAFE data (see below).

In total, there are 169 QDII quota holders, with Ping An Insurance Group having the largest quota of $7.59bn, followed by Sino Life Insurance ($4.41bn), China Asset Management ($3.85bn), Harvest Fund Management ($3.6bn) and China Life Insurance ($3.55bn).

Since the programme began, SAFE has granted $116.7bn in QDII quotas, according to SAFE data.

Firms that received additional quotas

FirmQuota given on 30 Nov 2020 ($m)Total quota as of 30 Nov 2020 ($m)
Bank of China (BOC Wealth Management)2001000
UBS (China)200230
China Merchants Fund Management2501300
Bosera Asset Management2502050
GF Fund Management2501650
Guotai Asset Management250800
CCB Principal Asset Management250550
Lion Fund Management250550
Fullgoal Fund Management2501330
Manulife Teda Fund Management140240
Chang Xin Asset Management250700
Shenwan Hongyuan Securities80480
AXA SPDB Investment Managers250480
SWS MU Fund Management200400
Ping An Insurance4007590
New China Life Insurance2002400
Hwabao Trust1002000
Total quotas granted3,770
Source: SAFE

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