中国暂停发放QDLP和QDII2额度 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.

据知情人士透露，北京方面暂停了两个开创性的对外投资计划，这是中国阻止资本外流和支撑人民币的最新努力。

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.

暂停额度分配反映了各方的担心，即随着经济增长放缓和人民币继续贬值，大量资金通过官方和非官方渠道转移到境外；一些经济学家估计去年流出的资金达到1万亿美元。

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.

上述对外投资计划本来是自由化举措的一部分，旨在打开中国居民从事境外投资的大门，并允许国内基金购买境外证券。但是，去年8月人民币贬值和随后的资本外流，已导致为资金流出中国开辟渠道的一系列计划被逆转或弱化。

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.

被暂停的计划包括所谓的“合格境内有限合伙人”(QDLP)计划，该计划旨在让境外资产管理公司——包括贝莱德(BlackRock)和安本资产管理公司(Aberdeen Asset Management)——在上海的自由贸易区向中国富人客户直接销售境外投资产品。

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.

包括上述两家资产管理公司在内的一些全球集团去年获得了许可证，但在某些情况下已经等了六个多月的额度。

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.

国家外汇管理局(SAFE)还延迟推出一个允许境内投资者投资境外股票的新计划，即“合格境内个人投资者计划”(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.

据一名知情人士称，该计划被搁置是显而易见的，但这不是正式措施。他称，这是“外管局监测资本流动的努力的一部分”。

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.

另一位熟悉该计划的人士表示，外管局正与各资产管理公司展开漫长谈判，目的是以一种新的形式挽救那些许可证。

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.

总部位于上海的泽奔咨询(Z-Ben Advisors)汇编的数据显示，自去年7月起，有七家全球资产管理公司获得许可证，但至今没有一家获得开展业务所需的额度。

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计划最早在2013年推出，允许对冲基金在中国境内募集资金用于境外投资。自那以来，在上海自由贸易区成立了全资子公司的10家境外资产管理公司已获得许可证和10亿美元以上的额度，以筹集境内资本投资于房地产和基础设施等另类资产类别。

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.

但该计划受到的相互冲突的监管意味着，尽管QDLP试点项目中的资产管理公司从中国证券监管机构以及上海金融办获得了许可证，但它们受到拒不发放额度的外管局的阻挡。

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.

为阻止资本流动，外管局在最近几个月已叫停三家外资银行的外汇业务。国内资产管理公司也报告称，外管局已停止发放“合格境内机构投资者”(QDII)的新额度；该计划允许境内公司到境外投资。

“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.”

“我认为停止发放额度是加强资本管制的整体监管努力的结果，”泽奔高级咨询顾问克里斯•鲍尔斯(Chris Powers)表示。“同样的道理也适用于……QDII2计划，该计划很可能已经被搁置，原因是外管局不愿放开更多流出渠道。”

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.

去年宣布时，新的QDLP计划曾被誉为一个突破，让传统资产管理公司有直接渠道吸引中国内地的财富。它也被视为基于香港的跨境投资渠道的强有力竞争对手。

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.”

贝莱德拒绝就额度分配置评，但一位发言人说：“贝莱德将继续与有关部门就QDLP计划密切合作。”

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

安本没有回应关于其额度的问题。外管局拒绝置评。