JP Morgan: QDII to reach US$90b next year

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预计合格境内机构投资者(QDII)的投资额度明年将达到900亿美元，这一投资额度将来自银行、基金公司、证券公司及保险公司等多个渠道。尽管海外投资增加，但预计不会对国内市场造成负面影响。随着更多QDII资金流出，中国内地和香港市场的股价差异有望逐渐缩小。

The investment quota for Qualified Domestic Institutional Investors (QDII) will reach US$90 billion next year, but huge overseas investments won't dampen domestic markets, Li Jing, general manager and chairman of the Chinese securities department of JP Morgan Chase, told the China Securities Journal on Monday.

According to the estimation of JP Morgan, the 90-billion quota will come from banks, fund management companies, securities companies and insurers.

Shares of mainland companies listed in the Hong Kong market will benefit more from the QDII funds in the short term. Stocks with large price discount from their A-share counterparts or possibility to return to the mainland market are particularly preferred. From a longer perspective, however, QDII will appoint experienced overseas fund managers to invest more in other markets, Li said.

She anticipated that with more QDII funds flowing out, and more Chinese firms launching IPOs in Hong Kong in the second half of the year, the price difference between A-shares and H-shares would gradually disappear.

Although the US sub prime loan crisis caused some fluctuations of the Asian market recently, Li did not believe it would affect the domestic market since almost no banks in China had invested in foreign credit loan products.

Instead, both the mainland and Hong Kong stock markets will continue to grow backed by the nation's economic development, according to Li.

The corporate revenue will keep growing, and huge funds are flowing from the banks to the stocks market, which may serve as driving force of the stock prices. Although a structural adjustment was needed currently to ensure a sustainable development, the upward trend of the nation's economy as well as the market would not change, she noted.