China

经济与产业概览

China is the world's second-largest economy by nominal GDP, recording real GDP growth of 5.0 percent in 2025, meeting the government's official target, driven by strong exports and policy stimulus. Headline inflation averaged 0 percent in 2025 and the GDP deflator remained in negative territory, reflecting persistent deflationary pressures and subdued domestic demand. The economy is dominated by state-owned enterprises across banking, energy, and telecoms, while private-sector technology and consumer companies — many listed in Hong Kong or on US exchanges via VIE structures — are also significant. Key industries include financial services, energy, electric vehicles and batteries, semiconductors, consumer staples, and telecommunications. China's population declined for the fourth consecutive year in 2025, reaching approximately 1.405 billion, underscoring longer-term demographic headwinds facing the economy.

主要行业

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宏观

GDP 名义, 美元	$19.40T
GDP增速 实际, 年度	5.0%
通胀率 年度	0.0%
人口 人口	1.40B
人均GDP 美元	$13,800
市值 上市总额, 美元	$15.45T
市值/GDP	79.6%
失业率	5.2%
上市公司数量	5,300
交易所	Shanghai Stock Exchange (SSE)

数据年份: 2025. 数据来源: IMF World Economic Outlook April 2026 (GDP, growth, inflation figures), IMF 2025 Article IV Consultation with China (February 2026), China National Bureau of Statistics Statistical Communique 2025 (population, unemployment), CEIC Data — China Market Capitalization SSE+SZSE December 2025, companiesmarketcap.com — Top Chinese companies by market cap (June 2026), Shanghai Stock Exchange official website english.sse.com.cn, iShares.com — MCHI and FXI fund pages, KraneShares — KWEB fund page, State Street SPDR — GXC fund page, Invesco — CQQQ fund page, Interactive Brokers — Shanghai-Hong Kong Stock Connect documentation, Norton Rose Fulbright — QFII regime analysis, SSE Overseas Investors Ownership Statistics page, Worldometer — China population 2025, straitsresearch.com — Top Chinese companies by market cap March 2025 (est.), topforeignstocks.com — Chinese ADR list.

本地交易所与准入

交易所	Shanghai Stock Exchange
代码	SSE
网站	english.sse.com.cn
货币	CNY

本地券商准入

Interactive Brokers (IBKR) provides access to Chinese A-shares via the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, allowing clients globally to trade SSE and SZSE-listed stocks through their Hong Kong sub-account. Saxo Bank also offers Chinese A-share trading via Stock Connect for most clients (excluding UK and Japan). Other international brokers offering China exposure via Stock Connect or QFII routes include Futu (moomoo), Tiger Brokers, and HSBC. To open a Chinese domestic brokerage account (for direct A-share trading without Stock Connect), foreign residents in China must present a valid visa, Chinese bank account, and go through an in-person account opening process at a licensed Chinese securities firm such as CITIC Securities or Haitong Securities; non-residents generally cannot open domestic brokerage accounts directly and must use Stock Connect or QFII channels.

支持外国市场准入的全球券商

• Interactive Brokers — Direct access to 90+ markets worldwide, including many emerging exchanges.
• Saxo Bank — Multi-market access across Asia, Europe and the Middle East.
• Charles Schwab (Global) — Foreign ordinary shares on select markets; US-listed ADRs and ETFs.
• Fidelity International Trading — International stock trading on a number of developed and emerging markets.

仅供参考，不构成推荐。不同券商及您所在国家/地区的可用市场、费用及开户规定各有不同。

移居与居留权

外资准入

Foreign investors can access Chinese A-shares (listed on SSE and SZSE) through two main channels: (1) the Qualified Foreign Investor (QFI/QFII) regime, which requires institutional registration with the CSRC — as of late 2025, 913 foreign institutions held QFI licenses with aggregate investment exceeding RMB 1 trillion; (2) the Stock Connect program linking the Shanghai, Shenzhen, and Hong Kong exchanges, which allows foreign retail and institutional investors to buy eligible A-shares via a Hong Kong broker without a separate QFII license. Foreign aggregate ownership of any single A-share company is capped at 30% (with SSE disclosures triggered at 24% and buying restrictions at 28%). There are no individual foreign-ownership limits per se, but single foreign entity limits apply in certain strategic sectors. Foreign individuals residing in China may open domestic brokerage accounts, but must comply with SAFE foreign-exchange rules for fund repatriation.