Wenzhou Pilot Program
In April, 2012, it was announced that "Beijing’s latest financial reform will allow local residents in the wealthy city of Wenzhou to make investments abroad". The pilot program was not explicitly linked to QDII but came at the same time as an expansion of the QFII quota, the latter which allows investment in Chinese public markets with offshore foreign currencies and, in the RQFII, offshore renminbi. While the QFII announcement was seen as a potential threat to Hong Kong as a financial center, Hong Kong is considered likely one of the first investment destinations for Wenzhou investors. "Premier Wen Jiabao says the central government is determined to break the mainland's banking monopoly, and if pilot schemes in the special financial zone newly set up ... prove successful they can be promoted and implemented nationwide", the South China Morning Post reported.
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