It's terrible. The taxation on Hong Kong and US stocks isn't over yet, and they even want to close off the entry for newcomers. But is it useful? No one will stay in a market that doesn't make money.

Taxation on Hong Kong and US stocks

Internet brokerages continue to tighten account openings

The A-shares still lack profit-making effects

So where will people and funds go?

If internet brokerages can't open accounts, they can still go to Binance Alpha to make some money, and in the future, there will also be on-chain US stocks. You can buy stocks in crypto exchanges. China has always been a very important market with a lot of money and people, and tax rate arbitrage is still possible. After all, if you don't recognize crypto assets, you can't tax them. Seeing other countries charging 20-30% profit tax is quite painful.