China to open up to more outside investment to boost Shanghai markets
he pilot program is likely to allow residents of Hong Kong and Macao, who can reach the investment thresholds, to buy shares on the Shanghai and Shenzhen stock exchanges, he said.
The total QFII quota has been extended to $80 billion from $30 billion and the quota for renminbi qualified foreign institutional investors, or RQFIIs, increased to 270 billion yuan ($43.4 billion) from the initial 20 billion yuan when the pilot program was launched in December 2011.
The Shanghai Composite Index, China's benchmark stock index, continued to retreat, hitting 2,318.61, a 0.24 percent decline, at Friday's close.
On Tuesday, at the opening of the 12th National People's Congress annual session, Premier Wen Jiabao pledged to continue accelerating the internationalization of the financial system and building a multi-level capital market.