QFII与RQFII制度的合并改革

The Study on the Unified QFII and RQFII Schemes in China

我国合格境外机构投资者市场方兴未艾,QFII和RQFII制度作为一种过渡性的制度安排,长期面临着行政监管干预明显、市场开放带来的金融风险隐患、机构投资者操纵市场的风险以及机构投资者保护不足等问题。因此,QFII和RQFII制度的共性与差异是推进制度合并改革的基础,在新常态下资本市场背景下具有积极意义,是市场法治化、自律监管强化和市场国际化的必要举措。与此同时,还应当注意在统一立法框架下发挥二者各自的功能,提高政府监管和市场监管的协调性,完善信息公开制度,增加投资者权利保护和便利投资有关规则,以及完善金融风险防范制度。

The market for international qualified institutional investors is thriving.The QFII and RQFII systems,as a transitionally temporary institutional arrangement,have faced the obviously administrative intervention,the financial risks for market opening,the risks of QFII manipulation and insufficient protection of QFII.Therefore,QFII and RQFII still face many problems at the institutional level and risk level,resulting in two sets of parallel management rules that are out of date in the current market.Therefore,the commonalities and differences between QFII and RQFII systems are the basis for the reform,which plays positive role in the rule-based and nationalized market as well as market selfregulation.At the same time,the coordination of QFII and RQFII government supervision and market supervision should be improved,as well as the transparency of the market.And the information disclosure system should be perfectly built up,while investment protection and facilitation rules and financial risk prevention legal system should be adopted in the administrative regulations.