TMTPost-- China publishes new measures to promote overseas venture capital investment in its technology industry.

Credit：Xinhua News Agency

China will expand the opening up of venture capital investment by revising regulations and boosting accessibility for foreign investors, the state media Xinhua News Agency cited a raft of measures unveiled by the State Council, as the country aims to develop patient capital.

The governmentwill revise the regulations on the administration of foreign-invested venture capital investment enterprises to facilitate foreign investors in engaging in venture investment within the territory, according to one of the measures.Support will be provided to international professional investment institutions and teams to establish renminbi funds within the territory, and leverage their investment experience and comprehensive service advantages.

The country will deepen the pilot program to facilitate cross-border financing, further optimize foreign exchange management under foreign direct investment (FDI), and facilitate venture capital institutions and other operating entities to handle foreign exchange business. It will explore regulation of the pilot mechanism and institutional framework of qualified foreign limited partners (QFLP), further expand the scope of the pilot program, and guide overseas venture capital institutions to carry out cross-border investment in a standardized manner.

The measures unveiled the same day in which a Chinese senior official stressed China will facilitate foreign investors investing in domestic securities.China will simplify and improve fund management for the dollar-denominated Qualified Foreign Institutional Investor scheme (QFII) and its yuan-denominated sibling, RQFII, Zhu Hexin, deputy governor of the People's Bank of China, said on Wednesday.

"We are revising relevant fund management regulations," said Zhu, who is also the head of the State Administration of Foreign Exchange, at the annualLujiazui Forum held in Shanghai. Zhu called for efforts to facilitate foreign investors' participation in domestic securities investment and promote financial market connectivity.

Zhu urged efforts to support multinationals in establishing global or regional fund management centers in Shanghai, promote the cross-border investment business of equity investment funds, support the China Foreign Exchange Trade System in enhancing financial infrastructure functions and relevant services, and support Shanghai in building a high-level international financial assets trading platform.

Zhu highlighted Shanghai’s role infurther bolsteringChina's financial market, stating it is required to leverage the city's leading role in promoting China's financial opening up.Efforts should be made to replicate and promote Shanghai's high-level opening-up policies to the Yangtze River Delta and even the whole country, to achieve greater breakthroughs in the integrated development of the Yangtze River Delta and forge new advantages for an open economy at a higher level, Zhu said.

TheChina Securities Regulatory Commission (CSRC)will work with relevant parties to create favorable conditions to attract more medium-and long-term funds into the capital market, Wu Qing, head of the commission, said at the same forum in Shanghai.

The commission led by Wu rolled out new measures to further reform its STAR market to better serve sci-tech innovation and promote the development of new quality productive forces. The measures will focus on improving the board's institutional mechanisms for issuance and underwriting, mergers and acquisitions, equity incentives, and trading.One of the major measures is to further support the listing of enterprises making breakthroughs in new industries, new business patterns and new technologies, and improving the pricing mechanisms for initial public offerings (IPOs)