Yes — but not simply by walking into a Chinese brokerage. A foreigner can buy and sell Chinese shares if they fall into an eligible category, and most investors who live outside China get their exposure through a Hong Kong broker or a licensed institutional channel rather than a direct mainland account.

Who can open a mainland A-share account

In August 2018 the CSRC amended the Securities Registration and Settlement Measures (CSRC Order No. 147) and the equity-incentive rules for listed companies, effective 15 September 2018. Since then two groups of foreigners may open an A-share account directly: those who hold a Chinese permanent residence ID (the “green card”), and those lawfully employed in China whose home securities regulator has signed a cooperation MOU with the CSRC. In practice you apply at a broker with your passport, proof of legal employment and a valid residence permit. Foreign staff of A-share listed companies can also receive share incentives.

Investing from outside China

If you do not live in China, the routes are different. Institutional investors use the QFII/RQFII programme — the CSRC, PBOC and SAFE Measures (Order No. 176 of 25 September 2020) merged the old QFII and RQFII schemes and removed the quota cap. Individual international investors normally use Stock Connect, the northbound link that lets overseas clients of Hong Kong brokers trade eligible Shanghai (since 2014) and Shenzhen (since 2016) shares.

What this means in practice: eligibility is not unrestricted access. Which shares you can buy can depend on the channel, eligibility lists and daily quotas, and some products (for example margin trading or certain boards) are limited. Dividends and gains may also trigger Chinese tax, which the broker usually withholds, so check the current rules and any tax treaty.

Scenario (hypothetical): A British engineer working in Shenzhen on a work-type residence permit opens an A-share account at a local broker and buys listed shares directly. Her brother in London buys the same company through a Hong Kong broker using Stock Connect — a different route that may give him a narrower menu of stocks.

The bottom line: foreigners can invest in China’s stock market, but the lawful route depends on where you live — a direct A-share account for qualifying residents, and QFII/RQFII or Stock Connect for everyone else.

Wang Guan | Co-founder, Beijing Haolue Law Firm | +86 17813108512