China announced Friday its revised rules on qualified foreign institutional investors (QFII) in a bid to attract more non-speculative overseas investment for its stock markets.

Under the new rules, more overseas foreign institutional investors will be eligible as qualified investors in the Chinese A-share markets as the threshold for QFII was slashed significantly.

The China Securities Regulatory Commission, which made public the rules in cooperation with the country's foreign exchange watchdog and the central bank, said it will also increase the quota of foreign investment in the Chinese stock markets.

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