Hey there! Have you ever thought about how people in different places can share and grow their money together? Well, exciting news! 🎉 On December 4, a new way for people in China’s mainland, Hong Kong, and Macao to invest together was launched! It’s called the Cross-boundary Wealth Management Connect (WMC) Pilot Scheme. 💰🌏
So, what does this mean? Imagine you’re playing an online game, and now you can trade cool items with your friends in other cities easily. This scheme is kind of like that, but with money and investments!
The WMC allows people living in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to buy and sell financial products from each other’s markets. Before, it was a bit tricky to do that, but now, the rules have been relaxed, making it easier and more fun! 😊
Wang Kai, a smart analyst from Guosen Securities, says that these new changes help people invest across borders more easily. It also connects the financial markets in the region better, which is like building new bridges between banks and investors! 🏦🤝
Another cool thing is that investors can now use apps to access different financial platforms. Ye Jingni, who works with international wealth management, says that people can open accounts with just one click! No need to travel to another place. It’s as easy as downloading a new game on your phone! 📱🚀
By the end of October 2023, over 120,000 investors joined the WMC scheme. That’s like filling up a big stadium with people who are excited about investing! 🏟️✨
These investors include more than 50,000 people from Hong Kong and Macao, and over 70,000 from mainland China. Together, they’ve moved over 95 billion yuan (which is about $13 billion US dollars) through banks that make sure everything is done correctly. That’s a lot of money helping people grow their savings! 💵💪
This new scheme is a big step in helping people in the Greater Bay Area manage their money together, making investing easier, and bringing everyone closer. Isn’t that amazing? 🌟
Reference(s):
Cross-border financial products now accessible via securities firms
cgtn.com
