Kunming Economic Development Zone (Kunming Pilot Free Trade Zone) Innovation and QFLP Pilot Work Process | Enterprise | Kunming
The Kunming Economic Development Zone has innovatively introduced the Implementation Rules for the Pilot Work of Qualified Overseas Limited Partners and the Working Mechanism of the Leading Group for the Pilot Work of Qualified Overseas Limited Partners based on actual conditions, marking the official launch of the QFLP pilot work in the Kunming Economic Development Zone.
QFLP, also known as Qualified Overseas Limited Partner, refers to qualified overseas limited partners such as natural persons, industrial capital, and institutional funds participating in pilot funds. Raising funds through non-public means from domestic and foreign investors to invest in equity of domestic non listed companies is an important channel for foreign investors to participate in domestic investment, and is a new type of foreign investment model. The implementation rules are divided into 6 chapters and 29 articles, including general provisions, pilot applications, pilot operations, supervision and management, support policies, and supplementary provisions. The main content includes: clarifying the basis for the formulation of documents and the relevant laws and regulations that need to be followed, ensuring that the documents comply with relevant national regulations. It is clear that the pilot work will be coordinated and promoted by a leadership group established by the Kunming Economic Development Zone Management Committee in conjunction with relevant departments at the municipal level in Kunming. The office will be located at the District Commerce and Financial Services Bureau. Clarify the application conditions and process for pilot enterprises. Clarify the requirements for pilot enterprises, investor qualifications, application submission materials and approval processes for pilot enterprises, and registration requirements. The third is to clarify the operational requirements of pilot enterprises. Clarify the qualifications of the custodian bank, pilot enterprises need to regularly submit information, engage in business scope, change requirements and processes, and cancellation procedures. The fourth is to strengthen supervision and management. Clearly define that relevant departments should strengthen their daily supervision of pilot enterprises according to their functions and collaborate to carry out dynamic supervision.
According to these regulations, fund management enterprises applying for QFLP pilot funds are not limited by their registered location. They only need to complete registration with the China Securities Investment Fund Industry Association. Fund managers with a cumulative management scale of over 5 billion yuan can apply to become pilot fund management enterprises. After the pilot fund is registered and established in Kunming Economic Development Zone or Mohan Moding Economic Cooperation Zone, it can be invested in projects that comply with relevant national laws and regulations in various regions.
The QFLP pilot program is an innovative business trial implemented by Yunnan Province in Kunming Economic Development Zone, with the aim of further improving the utilization of foreign investment system and promoting industrial upgrading. Especially under the current situation, the QFLP pilot work will play an important role in expanding the scale of foreign investment utilization, optimizing the structure of foreign investment utilization, and stabilizing the basic situation of foreign investment, and will become a strong booster for Yunnan's growth of the three major economies.
Next, with the guidance and support of relevant departments at the provincial and municipal levels, Kunming Economic Development Zone will fully leverage the advantages of QFLP, such as strong driving ability, active organizational form, and multiple profit models, to explore and promote QFLP pilot work in accordance with laws and regulations, and provide a more convenient channel for expanding overseas capital investment in the real economy. At the same time, make good use of the working mechanism of the pilot leadership group, timely identify the problems that exist in the pilot promotion process, coordinate and solve the difficulties and bottlenecks, give full play to the pilot role of the free trade zone, promote the rapid landing of QFLP pilot business, attract and utilize foreign investment to better serve the local real economy.