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QFII制度是在发展中国家和地区尚未取消外汇管制时,对外国投资者有限开放国内股市的一种特殊制度。QFII是QualifiedForeignInstitutionalInvestors(合格的外国机构投资者)的缩写。我国指的合格境外机构投资者(简称合格投资者,英文缩写QFII)是指符合《合格境外机构投资者境内证券投资管理暂行办法》规定的条件,经中国证监会批准投资于中国证券市场,并取得国家外汇管理局额度批准的中国境外基金管理机构、保险公司、证券公司以及其他资产管理机构。合格投资者应委托境内商业银行作为托管人托管资产,委托境内证券公司办理在境内的证券交易活动。QFII制度设定合格机构的条件、QFII资金的总规模和在股市中的比例、QFII单个股票投资额和比例、QFII投资行业和公司的限制、资金出入境的管理等。这些制度和规定的目的在于保证所在国(地区)在享受外资流入的同时,防范国际间资金流动造成的股价大幅波动,保持经济的自主性等。
The QFII system is a special system for foreign investors to open their domestic stock markets only when foreign exchange controls have not been lifted in developing countries and regions. QFII is an acronym for Qualified Returstitutional Investors (qualified foreign institutional investors). The qualified foreign institutional investors (referred to as QFIIs) in our country refer to the conditions that meet the requirements of the Interim Measures for the Administration of Domestic Securities Investment by Qualified Foreign Institutional Investors and are approved by China Securities Regulatory Commission to invest in the securities market of China and China Overseas Fund Management Institutions, Insurance Companies, Securities Companies and Other Asset Management Institutions Approved by the State Administration of Foreign Exchange. Qualified investors should entrust domestic commercial banks to act as trustees to host assets and entrust domestic securities companies to handle domestic securities trading activities. QFII system to set the qualifications of qualified institutions, the total size of QFII funds and the proportion in the stock market, QFII investment and the proportion of a single stock, QFII investment industry and the company’s restrictions on the management of capital entry and exit. The purpose of these systems and regulations is to ensure that the host country (region) can prevent the inflow of foreign funds while preventing the volatility of stock prices caused by international financial flows and maintaining the autonomy of economy.