Chinese investors are racing to put funds in offshore assets as Beijing fails to successfully prop up the country’s ailing economy, according to Reuters.
China’s Qualified Domestic Institutional Investor program, which serves as an avenue for investors in the country to buy foreign securities, jumped 50% in January year-over-year, butting up against the $165.5 billion limit that Beijing has set on the fund, according to Reuters. Li Qiang, China’s premier, announced on Tuesday steps to transform the country’s development model and increase growth that has failed to pick up since the COVID-19 pandemic, with factors like deflation, poor household consumption and huge real estate debts dragging down the economy.
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