The People's Bank of China (PBoC) and others have issued the Implementation Rules for the Cross-boundary Wealth Management Connect Pilot in the Guangdong-Hong Kong-Macao Greater Bay Area (Draft for Comments) to solicit public opinions, including lowering the business access threshold, expanding the scope of the pilot program, and optimizing the handling process, so as to better play the role of the cross-boundary wealth management connect pilot business.

Further improve the convenience for investors to participate in the business pilot. The first is to lower the entry threshold for investors. The threshold for Mainland investors to participate in the Southbound Scheme has been lowered from "5 consecutive years" to "2 years". At the same time, the average annual income of not less than 3,40 yuan in the past three years will be added as one of the alternative conditions for the access of family financial assets. Second, the quota for individual investors has also been appropriately increased. Increase the investment limit for a single investor from RMB100 million to RMB300,150,<>. If an individual participates in the pilot through a bank and a securities company at the same time, the two channels will each have a quota of <>.<> million yuan.

Expand the scope of the Cross-boundary Wealth Management Connect pilot business in various ways. The first is to expand the scope of participating institutions. Increase the participation of securities companies in the pilot program, and clarify their participation methods and related business arrangements. The second is to expand the scope of eligible products. In the scope of investment products under the Northbound Scheme, the RMB deposit products of Mainland distributing banks will be added. At the same time, the scope of R1 to R3 risk level public securities investment funds will be expanded to R1 to R4 risk level public securities investment funds, excluding commodity futures funds.

In addition, the cross-boundary WMC business handling process has been optimized and clarified. The first is to refine the guidelines for cross-border publicity and sales. Cross-border promotional sales activities that can be carried out by domestic sales agencies and domestic cooperative institutions have been added. The second is to clarify the pilot exit mechanism. Clarify the exit mechanism for pilot businesses.

According to the disclosure of the Guangdong Branch of the People's Bank of China, at present, 6,29 individual investors in Guangdong, Hong Kong and Macao have participated in the "Cross-border Wealth Management Connect" business, involving 86.58 billion yuan of cross-border remittance and transfer of related funds.