China is likely to take a more cautious approach to further capital account
liberalization, according to ANZ Research’s Greater China chief economist
Raymond Yeung. While the recent increase in outbound investment quota under the
QDII scheme signals support for portfolio flows into Hong Kong, Yeung said
policymakers are expected to prioritize stability amid external uncertainties.
He noted that QDII approvals have slowed since 2021, with authorities likely to
allow selective institutional flows rather than broad-based opening.
