BEIJING, Aug. 9 (Xinhua) -- China has decided to allow foreign-funded private equity (PE) products to invest in the Hong Kong stock market via the mainland-Hong Kong stock connect schemes.

The move is part of the efforts by the Asset Management Association of China to further open the PE market to foreign investors.

Other opening-up moves include allowing overseas institutions supervised by overseas regulators to be actual controllers of foreign-invested PE, the introduction of an English qualification test for foreign-invested PE's foreign senior management and investment managers.

These steps aim to create a business environment marked by fair competition for foreign PE managers, the association said Friday.

There are 21 foreign-invested PE institutions on registration with the association, including those invested by giants such as UBS and Blackrock, with assets worth about 5.4 billion yuan (about 765.1 million U.S. dollars).

Foreign-invested PE managers are welcome to expand business in China such as by applying for public fund management businesses while complying with related regulations, according to the association.