Does anyone buy China stocks/bonds direct? How does that work and are there tax implications?

You might want to buy ETFs or China stocks listed locally. Another way is to buy HK stocks. China stocks are not tradable due to restrictions in stock exchange and currency.

It is almost impossible for foreigners to buy the “mother” shares of chinese companies listed on the Shanghai or Shenzhen indexes. That said, you can buy most of the companies that matter on the HKSE or US exchanges.

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Not really a tax expert but I imagine you will be subject to the prevailing taxes depending on which exchange you buy. HK has no capital gains tax but 10% dividend withholding tax.