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Foreign nationals holding the new version of the permanent residence permit in China can now open A-share accounts online, a significant advancement in financial accessibility.This development, reported on December 28 by Securities China, marks a major step forward in integrating foreign residents into the Chinese financial market.Previously, foreigners with permanent residence in China could open A-share accounts but had to do so in person. However, following a notice from the Beijing Securities Regulatory Bureau, brokerage firms, including CITIC Construction Investment, have launched an online account opening service for these individuals.This move aligns with the Bureau’s directive to adapt systems to the new version of the permanent residence permit by the end of December 2023, ensuring compatibility and seamless access to securities, futures trading, and investment fund subscription and redemption.The new permanent residence permit, which the National Immigration Administration officially began issuing on December 1, 2023, is technologically closer to the Chinese resident identity card.This change aims to make the application scenarios and effectiveness of the new permit more aligned with those of the resident identity card.In preparation for this integration, China Securities Depository and Clearing Corporation Limited (China Settlement) conducted technical tests.On December 11, they announced a special test for the adaptation of the new foreign permanent residence identity card on the central data exchange platform. This testing, which ran until December 24, 2023, aimed to ensure that market participants completed the necessary technical modifications in time.The account opening process has been optimized to be more convenient and user-friendly. The China Securities Regulatory Commission (CSRC) had already permitted five categories of expats to directly open A-share accounts:Expats with a Chinese permanent residence identity card.
Expats who have legally established foreign-invested joint-stock companies in China and are listed on the A-share market.
Foreign employees working in China for A-share listed companies and participating in the company’s stock incentive plans.
Foreign individual investors working in China.
- Foreign employees of A-share listed companies working abroad and participating in stock incentive plans.
With the introduction of the new permanent residence permit and the consequent adaptations made by brokers’ apps, the process of opening an A-share account for foreigners holding the permit has become significantly easier and more accessible, enhancing the overall convenience and integration of foreign investors into the Chinese financial market.Wish you a profitable Year of Dragon in 2024!
*The opinions expressed in the article are solely those of the author.* Follow Us
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