Afaik, there is effectively "the Chinese domestic stock market" and "the rest of the world's stock market." Chinese citizens can invest in the former, but (via

Afaik, there is effectively "the Chinese domestic stock market" and "the rest of the world's stock market." Chinese citizens can invest in the former, but (via government currency exchange controls) can't participate meaningfully in the latter. So if China exits global stock markets... there isn't that much Chinese money being pulled out of them, because there wasn't that much in them. What money China is investing internationally appears to mostly go to bonds, construction financing, and asset leases / purchases. PS: What this appears to really be about is severing links for extraordinarily wealthy Chinese citizens to move money outside the reach of the PRC. Which, if you were running an expansionist monetary policy intended to facilitate domestic economic growth, while simultaneously cracking down on the wealthy in pursuit of equality, is presumably something you'd take very seriously (as a command economy). Lest all that new & old money just fly offshores.