China's foreign exchange regulator said on Friday that it is accelerating preparations for the issuance of a new round of qualified domestic institutional investor (QDII) quotas, citing strong demand from market players.
Speaking at a press conference in Beijing, a senior official with the State Administration of Foreign Exchange (SAFE) said SAFE will steadily advance the two-way opening of the financial market and allocation of QDII quotas in an orderly manner. Institutions with strong investment management capabilities, well-recognized products, and sound compliance records will be encouraged to take on a greater role in the QDII business.
"We are stepping up preparations for the new round of QDII quota issuance. We will actively support and serve domestic residents' legitimate and compliant overseas securities investment needs," said Xiao Sheng, director of the Capital Account Management Department of SAFE, at the press conference.
China to accelerate allocating new QDII quotas
Political shows staged by certain individuals in the Philippines cannot distort the historical and legal fact that relevant islands and reefs in the South China Sea belong to China, Jiang Bin, a spokesman for the Ministry of National Defense, said on Friday.
He made the remarks in response to media reports that the Philippine defense secretary had recently visited Zhongye Dao to take part in the activities commemorating the 10th anniversary of the so-called "South China Sea Arbitral Tribunal Award".
"China has indisputable sovereignty over Nansha Qundao and its adjacent waters, including Zhongye Dao. The Philippine defense secretary, who is sanctioned by the Chinese side, is playing tough toward China by staging political shows and fanning nationalist sentiments in pursuit of personal political interests, which will ultimately undermine the fundamental interests of the Philippines and its people. The 'arbitration' is, from beginning to end, a political farce masqueraded as a legal process, and the so-called award carries no legal force in any sense. The Chinese side does not accept nor recognize the award. We do not accept any claims or actions based on it. No matter how certain individuals in the Philippines perform, they can never distort the historical and legal fact that relevant islands and reefs belong to China, and can never shake the firm determination of the Chinese military to defend China's territorial sovereignty and maritime rights and interests," said Jiang.
China rejects Philippine political shows over South China Sea islands: defense ministry
