中國暫停發放QDLP和QDII2額度 China halts overseas investment schemes

Beijing has mothballed two pioneering outbound investment schemes, according to people with knowledge of the situation, in its latest bid to stem capital outflows and shore up the renminbi.

據知情人士透露，北京方面暫停了兩個開創性的對外投資計劃，這是中國阻止資本外流和支撐人民幣的最新努力。

The halt in the allotment of quotas reflects fears over the massive amount of cash — some economists estimate up to $1tn last year — that has left the country through official and unofficial channels as economic growth slows and the renminbi continues to depreciate.

暫停額度分配反映了各方的擔心，即隨着經濟增長放緩和人民幣繼續貶值，大量資金通過官方和非官方渠道轉移到境外；一些經濟學家估計去年流出的資金達到1萬億美元。

The schemes were part of liberalisation moves designed to facilitate overseas investment in China and allow domestic funds to buy foreign securities. But last August’s renminbi devaluation and subsequent capital flight has triggered a spate of reversals and watering-down of schemes that enable China’s currency to leave the country.

上述對外投資計劃本來是自由化舉措的一部分，旨在打開中國居民從事境外投資的大門，並允許國內基金購買境外證券。但是，去年8月人民幣貶值和隨後的資本外流，已導致爲資金流出中國開闢渠道的一系列計劃被逆轉或弱化。

The casualties include the so-called Qualified Domestic Limited Partner scheme, designed to allow foreign asset managers — including the likes of BlackRock and Aberdeen Asset Management — in Shanghai’s free trade zone to sell overseas investment products directly to wealthy Chinese clients.

被暫停的計劃包括所謂的“合格境內有限合夥人”(QDLP)計劃，該計劃旨在讓境外資產管理公司——包括貝萊德(BlackRock)和安本資產管理公司(Aberdeen Asset Management)——在上海的自由貿易區向中國富人客戶直接銷售境外投資產品。

The two asset managers were among global groups that received licences last year but have waited in some cases more than six months for quotas.

包括上述兩家資產管理公司在內的一些全球集團去年獲得了許可證，但在某些情況下已經等了六個多月的額度。

The State Administration of Foreign Exchange has also delayed the launch of an updated programme for domestic investors to invest in equities abroad, known as the Qualified Domestic Institutional Investor 2 scheme, or QDII2.

國家外匯管理局(SAFE)還延遲推出一個允許境內投資者投資境外股票的新計劃，即“合格境內個人投資者計劃”(QDII2)。

According to one person familiar with the matter, the suspension was clear but not an official measure. It was “part of Safe’s effort to monitor capital flows”, he said.

據一名知情人士稱，該計劃被擱置是顯而易見的，但這不是正式措施。他稱，這是“外管局監測資本流動的努力的一部分”。

Another person familiar with the scheme said Safe was in prolonged negotiations with the asset managers on how to salvage the licences in a fresh format.

另一位熟悉該計劃的人士表示，外管局正與各資產管理公司展開漫長談判，目的是以一種新的形式挽救那些許可證。

Seven global asset managers were issued licences starting in July last year but none of them have been issued the quota necessary to launch the business, data compiled by Shanghai-based consultancy Z-Ben Advisors show.

總部位於上海的澤奔諮詢(Z-Ben Advisors)彙編的數據顯示，自去年7月起，有七家全球資產管理公司獲得許可證，但至今沒有一家獲得開展業務所需的額度。

The QDLP programme was originally launched in 2013 and allowed hedge funds to raise capital onshore for investment offshore. Since then, 10 foreign asset managers with wholly owned companies in Shanghai’s free trade zone have received licences and upwards of $1bn in quotas to raise onshore capital for other alternative asset classes such as property and infrastructure.

QDLP計劃最早在2013年推出，允許對衝基金在中國境內募集資金用於境外投資。自那以來，在上海自由貿易區成立了全資子公司的10家境外資產管理公司已獲得許可證和10億美元以上的額度，以籌集境內資本投資於房地產和基礎設施等另類資產類別。

But conflicting regulation of the scheme meant that, while asset managers in the QDLP pilot secured licences from China’s securities regulator and a local bureau called the Shanghai Finance Office, they were stymied by Safe withholding quota approval.

但該計劃受到的相互衝突的監管意味着，儘管QDLP試點項目中的資產管理公司從中國證券監管機構以及上海金融辦獲得了許可證，但它們受到拒不發放額度的外管局的阻擋。

Safe’s efforts to stem capital flows have seen it halt foreign exchange businesses at three foreign banks in recent months. Domestic asset managers have also reported that Safe stopped issuing new quotas for the Qualified Domestic Institutional Investor (QDII) licence, allowing local companies to invest abroad.

爲阻止資本流動，外管局在最近幾個月已叫停三家外資銀行的外匯業務。國內資產管理公司也報告稱，外管局已停止發放“合格境內機構投資者”(QDII)的新額度；該計劃允許境內公司到境外投資。

“I think the quota suspension is a result of a broader regulatory push for capital controls,” said Chris Powers, a senior consultant at Z-Ben. “The same rationale can be applied to the … QDII2 programme, which likely has been suspended due to Safe’s reluctance to open additional outbound channels.”

“我認爲停止發放額度是加強資本管制的整體監管努力的結果，”澤奔高級諮詢顧問克里斯•鮑爾斯(Chris Powers)表示。“同樣的道理也適用於……QDII2計劃，該計劃很可能已經被擱置，原因是外管局不願放開更多流出渠道。”

When announced last year, the new QDLP scheme was hailed as a breakthrough for traditional asset managers looking for direct access to mainland wealth. It was also seen as a strong competitor to cross-border investment channels based in Hong Kong.

去年宣佈時，新的QDLP計劃曾被譽爲一個突破，讓傳統資產管理公司有直接渠道吸引中國內地的財富。它也被視爲基於香港的跨境投資渠道的強有力競爭對手。

BlackRock declined to comment on the allotment of quota but a spokesperson said: “BlackRock continues to work closely with the authorities in connection with the QDLP programme.”

貝萊德拒絕就額度分配置評，但一位發言人說：“貝萊德將繼續與有關部門就QDLP計劃密切合作。”

Aberdeen did not respond to questions concerning its quota. Safe declined to comment.

安本沒有迴應關於其額度的問題。外管局拒絕置評。