# Cross-Border Investment

Closing the Offshore Loophole: Beijing Dismantles the Gray Market for Cross-Border Brokerage

China has initiated a two-year campaign to eliminate unauthorized cross-border securities trading, levying over 2.2 billion RMB in fines on major platforms like Futu and Tiger Brokers. The policy aims to force retail capital into state-regulated channels while tightening control over capital outflows and financial data.