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加中金融

据蚂蚁金服数字金融总裁黄浩介绍，他们在支付宝上发起 Huang Hao, president of digital finance at Ant Financial, introduced that the
company launched a small survey on Alipay about customers’ financial
了一个关于客户喜欢怎样理财方式的小调查。目前，该调
management methods. So far, more than 80,000 people have participated in
查已有 8 万多人参与，结果显示 84%的人觉得理财要靠自 the survey. 84% of recipients said they wanted to manage their money on
己，只有 16%选择找人打理。可见，基金投顾服务的发展 their own, and only 16% said they were looking for someone to manage
还任重道远。 their money for them. Clearly, there is still a long way to go for the
development of fund investment consulting services.
金融市场对外开放
Opening Up The Financial Market
“走出去”与“引进来”是金融开放的两扇门。
“Bringing in” and “going global” are the two pathways for opening up the
为了给投资者提供多元化的资产配置，境内投资机构可通 financial market.
过 QDII 或港股通“走出去”，投资境外资产。目前， In order to provide investors with more diversified asset allocation,
158 家境内机构具备 QDII 资格，额度总计 1039 亿美元。 domestic Chinese investment institutions can “go global” through QDIIs
其中，44 家公募基金公司有 361 亿美元的 QDII 额度，截 (Qualified Domestic Institutional Investors) or Hong Kong’s Stock Connect
to invest in overseas assets. At present, 158 domestic institutions are
至 6 月，共存续 296 只 QDII 基金，规模 261 亿美元。不
qualified for QDII, at a total figure of USD 103.9 billion. Among them,
过，囿于对海外市场的理解程度，不少 QDII 基金的主要 there are 44 publicly offered fund companies with a QDII quota of USD
配置方向是海外中概股。 36.1 billion. As of this June, there are still 296 QDII funds remaining, with
a total of USD 26.1 billion. However, many QDII funds are mainly allocated
过去十年，外资在 A 股的话语权不断提升，与政策支持 to overseas China concept stocks, owing to limited understanding of
“引进来”密不可分。海外投资者持有 A 股市值的比率， overseas markets.
从 2010 年的 0.3%上升至 2020Q1 的 3.1%，是增长最快的一 Over the past ten years, foreign capital has held an increasing sway in A-
类投资者。外资的流入主要通过两个渠道：QFII/RQFII 和 shares, which is closely linked to the policy support designed to bring in
陆港通（包括沪港通与深港通）。截至 2020Q1,两者的总 foreign investment. The proportion of overseas investors holding A-shares
rose from 0.3% in 2010 to 3.1% in 2020 (Q1), making this the fastest
规模达到 1.7 万亿元，日益成为中国资本市场中一支不可
growing category of investors. The inflow of foreign capital is mainly
忽视的力量。 passing through two channels: QFII/RQFII (RMB Qualified Foreign
Institutional Investor) and the Stock Connect (including the Shanghai-Hong
2019 年 7 月，国务院金融稳定发展委员会办公室公布了 11 Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect). By
条金融业进一步对外开放的政策措施，并宣布将原定于 2020 (Q1), the total scale of these two channels has reached RMB 1.7
2021 年取消证券公司、基金管理公司和期货公司外资股比 trillion, and they are constantly proving themselves as a force to be reckoned
with in the Chinese capital market.
限制的时点提前到 2020 年。今年 4 月 1 日起，中国允许国
外机构设立全资子公司。 In July 2019, the Financial Stability and Development Committee under the
State Council released 11 measures to further open up the financial sector
2019 年 9 月 10 日，外管局宣布全面取消合格境外投资 to foreign participation, and announced that the deadline for removing
者（QFII）和人民币合格境外机构投资者（RQFII）的投 foreign shareholding restrictions in the securities, fund management and
futures sectors has been brought forward by a year to 2020. Since April 1 of
资额度限制。2020 年 5 月 7 日，相关政策进一步细化和落
this year, foreign institutions have been allowed to set up wholly foreign-
地，金融开放步伐向前，境外投资者参与境内金融市场的 owned subsidiaries in China.
便利性大幅提升，外资流入将是长期趋势。作为 A 股市场
On September 10, 2019, SAFE (State Administration of Foreign Exchange)
重要的增量资金，外资的边际影响逐渐增强，将促进 A 股 announced that it would completely abolish restrictions on the investment
走向成熟的机构化市场。 quotas for QFII and RQFII. On May 7, 2020, the related policies will be
refined further and fully implemented. With the pace at which financial
“外来的和尚”是否会对本土选手形成威胁呢？海外机构 opening up moving forward, the convenience for overseas investors to
的核心竞争力主要体现在完善的制度流程、体系化的投研 participate in Chinese financial markets will be greatly improved, meaning
规范、严谨的风控框架和国际化视野，尤其在衍生品定价 that there will be a substantial long-term inflow of foreign capital. As an
important incremental capital in the A-share market, the marginal influence
和交易能力上更具优势。而国内公募基金管理人可能更熟
of foreign capital is gradually increasing, helping to turn the A-share market
悉国内的经济环境、法规体系、市场特征和投资者行为， into a mature, institutional market.
在股票、债券等基础资产的投资管理方面更具优势。
Will this foreign competition pose a threat to our local players? The core
competencies of overseas institutions mainly consist of sound institutional
processes, systematic investment and research standards, rigorous risk
control frameworks and an international mindset, especially in the pricing
of derivatives and trading capabilities. However, domestic public fund
managers may be more familiar with the domestic economic environment,
the regulation systems in place, local market characteristics and Chinese
investor behavior. Furthermore, Chinese publicly offered fund managers
have more advantages in managing underlying assets such as stocks and
bonds.

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