The Chinese Securities Regulatory Commission said Wednesday that it would reduce the approval requirements for foreign funds to invest in China, part of an ongoing effort to develop the country’s capital markets, Bloomberg reported. The regulator said in a statement posted to its website that the minimum required assets under management for foreign funds to be approved under the Qualified Foreign Institutional Investor (QFII) program would be cut to US$500 million from US$5 billion previously. The funds’ minimum years in operation will be reduced to two from the current requirement of five. QFII-approved institutions will also be able to tap China’s interbank bond market for the first time and may hold a combined maximum 30% stake in any single Chinese stock, compared with 20% before. Many analysts see the loosened restrictions as part of a broader push by Guo Shuqing, head of the CSRC, to open Chinese markets to foreign investors.