Chinese regulators are promoting the opening-up of the country's capital market by raising the quotas for foreign investment at a record pace.

In doing so, they are hoping to attract more overseas money to boost the domestic economy and accelerate market reforms of the financial system.

The country's top stock market watchdog, the China Securities Regulatory Commission, decided to modify the amount that qualified foreign institutional investors, or QFII, can invest, raising it by $50 billion. That was the largest increase adopted since the QFII policies were introduced in 2002.

The total amount of money that can be invested under the QFII limit is now $80 billion, a statement from the commission said on its website on Tuesday evening.

The statement also said it would allow foreign investors to plough more of their offshore yuan holdings into mainland securities.

The renminbi qualified foreign institutional investor scheme, or RQFII, is being boosted by 50 billion yuan ($7.9 billion), the commission said. ?

The previous limit had been set at 20 billion yuan, and that money could be invested in mainland stocks, bonds and bank deposits.

A quick inflow in foreign investments can boost the country's economic growth, which has been stalled by a slowdown in exports and a cooling property sector, said Cao Yuanzheng, chief economist with the Bank of China.

"It is a signal of the further liberalization of China's capital account, which is laying the groundwork for the complete convertibility of the yuan and is pushing for a deeper reform of the financial system," Cao said.

The reporter can be reached at chenjia1@chinadaily.com.cn