FINANCE

BlackRock China Unit Wins QDII License for Overseas Investment

Published: Sep. 18, 2026 11:52 p.m. GMT+8

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BlackRock’s headquarters in New York. Photo: VCG

BlackRock Fund Management Co. Ltd. has won regulatory approval to invest domestic capital in overseas markets under China’s Qualified Domestic Institutional Investor (QDII) program.

The approval comes as Chinese investors seek greater global diversification, intensifying a longstanding shortage of outbound investment quotas.

The China Securities Regulatory Commission published the approval Friday, making BlackRock the fourth wholly foreign-owned mutual fund manager in China to obtain QDII qualifications. It joins JPMorgan Asset Management, Manulife Fund Management and Morgan Stanley. Neuberger Berman Fund Management (China) Co. Ltd. is also pursuing a license; the regulator accepted its application in July.

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China's CSRC approved BlackRock Fund Management for QDII status, making it the fourth wholly foreign-owned mutual fund firm in China to gain this license.
Approval followed BlackRock meeting the 20 billion yuan asset threshold via total assets, after missing the requirement in January.
QDII demand outpaces supply; SAFE issued $6.8 billion in new quotas in August, raising the total to $101 billion, yet many funds still cap purchases.

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Who’s Who

BlackRock Fund Management Co. Ltd.: BlackRock Fund Management Co. Ltd. has won QDII approval from China's securities regulator, becoming the fourth wholly foreign-owned mutual fund manager in China to gain such qualification. Its general manager is Yu Beihua. The firm operates a wealth-management JV with China Construction Bank and Temasek.

JPMorgan Asset Management: JPMorgan Asset Management is one of four wholly foreign-owned mutual fund managers in China to obtain Qualified Domestic Institutional Investor (QDII) qualifications, alongside BlackRock, Manulife, and Morgan Stanley. This approval allows it to invest domestic capital in overseas markets, reflecting its active participation in China's outbound investment landscape.

Manulife Fund Management: Manulife Fund Management is one of four wholly foreign-owned mutual fund managers in China to obtain Qualified Domestic Institutional Investor (QDII) qualifications, enabling outbound investment. It joins BlackRock, JPMorgan, and Morgan Stanley in this approved status for global diversification.

Morgan Stanley: According to the article, Morgan Stanley is one of four wholly foreign-owned mutual fund managers in China to obtain QDII (Qualified Domestic Institutional Investor) qualifications. It joins BlackRock, JPMorgan Asset Management, and Manulife Fund Management in receiving regulatory approval to invest domestic capital in overseas markets.

Neuberger Berman Fund Management (China) Co. Ltd.: Neuberger Berman Fund Management (China) Co. Ltd. is pursuing a QDII license; China's securities regulator accepted its application in July. Additionally, in May, Schroders Fund Management (China) transferred management of three mutual funds to Neuberger Berman.

China Construction Bank Corp.: China Construction Bank Corp. is a partner in a wealth-management joint venture with BlackRock and Temasek Holdings. The joint venture has issued 58 fixed-income QDII wealth-management products, as BlackRock expands its China presence in outbound investing.

Temasek Holdings: According to the article, Temasek Holdings is a partner in a wealth-management joint venture with BlackRock and China Construction Bank Corp. This joint venture has issued 58 fixed-income QDII wealth-management products, serving as part of BlackRock's expanded presence in China.

Schroders Fund Management (China) Co. Ltd.: According to the article, in May, Schroders Fund Management (China) Co. Ltd. transferred management of three mutual funds to Neuberger Berman. No other details about the company were provided.

Fidelity Fund Management (China) Co. Ltd.: Fidelity Fund Management (China) Co. Ltd. denied market rumors in August of preparing to leave China. However, the firm has faced substantial management turnover and declining assets over the past two years, according to the article.

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What Happened When

2025-07：: Neuberger Berman Fund Management (China) Co. Ltd.'s application for a QDII license was accepted by the regulator.

2026-01：: The CSRC said BlackRock had not met the 20 billion yuan asset threshold for QDII qualification.

2026-05：: Schroders Fund Management (China) Co. Ltd. transferred management of three mutual funds to Neuberger Berman.

2026-06-30：: By end of Q2 2026: BlackRock's total assets, including segregated accounts, exceeded 20 billion yuan, meeting the QDII requirement.

2026-08：: SAFE issued $6.8 billion in additional QDII quotas; $3.7 billion went to securities firms and fund managers; Fidelity denied rumors of leaving China.

2026-09-18：: Friday: CSRC published approval for BlackRock's QDII qualification, making it the fourth wholly foreign-owned fund manager to obtain it in 2026.

2026：: As of: The joint venture with China Construction Bank and Temasek has issued 58 fixed-income QDII wealth-management products; BlackRock's mutual fund assets totaled 12 billion yuan by end of Q2.

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