QDII program expected to roll out in 2004

State Administration of Foreign Exchange (SAFE) head Guo Shuqing said he expects the initiation of China's qualified domestic institutional investor (QDII) program in 2004. The QDII scheme will allow investment by Chinese investment banks, pension funds and insurance companies in foreign capital markets for the first time. The QDII program is expected act as a pressure valve for China's liquidity imbalance.