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China Regulators Set $23.2 Billion Quota for Greater Bay Area Wealth Management Connect

6th May 2021 | Hong Kong

The Central Bank of China and China regulators have set a net $23.2 billion (CNY 150 billion) quota for the Wealth Management Connect in the Greater Bay Area, comprising of Guangdong, Hong Kong and Macao with total GDP of $1.64 trillion and population of 71.2 million people.  The net cashflow movement between Mainland China and Hong Kong cannot exceed $23.2 billion (CNY 150 billion) while the individual investor investment quota is set at $155,000 (CNY 1 million).

” Net cashflow movement between Mainland China and Hong Kong cannot exceed $23.2 billion “

The Wealth Management Connect was proposed to allow investors between Mainland China and Hong Kong to open banking & investment accounts, invest in stocks & bonds, purchase financial products and remit renminbi (RMB / CNY) & foreign currencies.

The Wealth Management Connect announcement was made by PBOC (People’s Bank of China), CBIRC (China Banking and Insurance Regulatory Commission), CSRC (China Securities Regulatory Commission).

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Greater Bay Area – 71.2 million population, GDP $1.64 trillion

Shenzhen 2
Shenzhen, China

The Greater Bay Area (GBA) comprises of 3 territories of China – Guangdong (includes Shenzhen, Guangzhou), Hong Kong and Macao.  In the 2020 report released by The Hong Kong Financial Services Development Council (FSDC), the Greater Bay Area has a total population of 71.2 million, GDP of $1.64 trillion and GDP per capita of $23,075.

Currently, for individual investors, Hong Kong and Macau investors cannot invest direct into Mainland stocks while Mainland investors cannot invest into Hong Kong stocks.  The current regulations only allow qualified institutional investors to invest under the QFII, RQFII and QDII schemes.

 

Background of the Greater Bay Area (GBA)

The concept of “Guangdong-Hong Kong-Macao GBA” was included in national documents for the first time in 2015.  In July 2017, the National Development and Reform Commission (NDRC) and local governments of Guangdong, Hong Kong and Macao jointly signed a “Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Greater Bay Area” in Hong Kong, marking the official starting point of the GBA strategy.

In February 2019, the Outline Development Plan was released, setting out the overall development blueprint for the GBA and specifying the strategic advantages and roles of each city in the area. 

 

Capital Market Connectivity Schemes

Existing capital market connectivity schemes include Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Bond Connect and Mutual Recognition of Funds.  The new scheme will be Wealth Management Connect.

  • Shanghai-Hong Kong Stock Connect
  • Shenzhen-Hong Kong Stock Connect
  • Bond Connect
  • Mutual Recognition of Funds
  • Wealth Management Connect (New)

 

China and Hong Kong

China City 3
Shanghai Pudong City | Leading Financial Centre in Asia

China is the 2nd largest economy in the world with GDP of $14.3 trillion in 2020, representing 16.34% of global GDP ($87.7 trillion).  China also has the largest population in the world with 1.39 billion, representing 18.21% of global population (7.67 billion).

China also have 3 of the world’s largest stock exchange – Shanghai Stock Exchange, Hong Kong Exchange and Shenzhen Stock Exchange. In the 2021 Global Financial Centres Index 29 Report, 4 of China’s cities are in the top 10 ranking – Shanghai, Hong Kong, Beijing, Shenzhen.

 

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