QFLP refers to Qualified Foreign Limited Partner (QFLP). QFLP is a Foreign institutional investor who, after qualification examination and approval and the regulatory procedures of its Foreign exchange funds (including cross-border RMB), flows Foreign capital into the Foreign exchange and invests in the domestic PE (private equity) and VC (venture capital) markets. RQFLP is a qualified foreign limited partner that uses cross-border renminbi to subscribe for domestic fund shares. Compared with the QFII (qualified foreign institutional investor) system which has been implemented for many years, the QFLP system is for equity investment and the QFLP system is for securities investment. However, both of them can be regarded as a way for foreign capital to invest in the Chinese market by means of securitization when the current Chinese capital and financial projects have not achieved complete exchange.

　　According to incomplete statistics, from 2009 to 2019, six provinces, municipalities directly under the central government and five provincial-level cities across the country issued local policies to support foreign private equity investment funds, mainly in China's first-tier cities and municipalities directly under the central government. Most of these regions have gradually formed a local QFLP policy system by issuing a series of documents such as interim measures and implementation rules within a few years (see table 1 for details). The content of local QFLP varies from place to place, among which the relevant regulations of Shanghai, Tianjin and Shenzhen have strong operability and great reference significance. On the whole, the relevant policies in the above areas have the following commonalities.

　　（一）明确了 QFLP 政策的试点性质 / The pilot nature of QFLP policy is clarified.

　　Foreign capital PE is not common in the whole country, so QFLP policies basically develop independently, such as one city one policy. QFLP policies of different regions have different emphases and different conditions in terms of specific applicable regions and industries.

　　（二）明确了相关外资基金类企业的基本概念 / The basic concept of relevant foreign-funded fund enterprises is clarified.

　　In most local QFLP policy systems, the concepts of "equity investment fund" and "equity investment management enterprise" are defined. Take the earliest Beijing financial office [2009] no.5 document as an example, which defines: "equity investment fund (hereinafter referred to as" equity fund ", also known as PE) refers to the non-securities investment fund that is raised and set up from specific objects in a non-public way to invest equity in non-listed enterprises and provide value-added services. Equity funds may be organized in the form of corporations or partnerships according to law. Equity investment management enterprises (hereinafter referred to as "management enterprises") refer to enterprises that manage and operate equity funds. The management enterprise may adopt the corporate system, partnership system and other forms of enterprise organization according to law. Above - mentioned concept basically delimit the nature of fund kind enterprise, collect means and investment (business) limits. Most subsequent documents refer to the above definition. It was not until the Shenzhen financial rule [2017] No.1 that the restriction of PE investment in "equity of non-listed companies" was broken, and it was extended to "enterprises investing in equity of non-publicly traded companies". It can be seen that the core concepts in the QFLP policy system have a profound and significant impact on its policy framework.

　　（三）明确了该项政策的牵头单位和协同单位 / The leading unit and collaboration unit of this policy are clarified.

　　Most of the regions that have introduced QFLP policies have adopted the system of joint meetings led by local financial authorities. The joint meetings are mainly responsible for organizing relevant departments to formulate and implement various policies and measures, promoting the pilot work of foreign-invested enterprises, and coordinating and solving related problems in the pilot work.

　　In addition to the above areas to take the institutional leadership, there are some special circumstances. For example, the Guangdong-Macao cooperative development fund, which was established in Hengqin, Zhuhai, in 2016, was managed by relying on the existing institutional framework through joint meetings and case by case without establishing a complete institutional environment. During this period, specific obstacles in the process of fund establishment and investment were gradually removed, and the new system was completed within three years.