Somewhat representative, let's have a chat: The version of the "Application for Personal Foreign Exchange Purchase" by the State Administration of Foreign Exchange of China. It is clearly stated that domestic individuals are not allowed to purchase foreign exchange for capital projects that have not yet been opened, such as buying houses overseas, securities investment, purchasing life insurance, and investment return dividend insurance. Those who violate the rules may be listed on the watchlist, and will not be entitled to personal facilitation quotas for the current year and two consecutive years thereafter, and may be punished according to the Foreign Exchange Management Regulations and other regulations. Many people here misunderstand the $50000 limit. It's not that China allows free overseas investment of $50000 per year, but rather that individuals within the country have a convenient foreign exchange purchase quota equivalent to $50000 per year. Within this quota, banks can easily apply for it with their identification documents and declared purposes. If it is a real demand for regular projects such as studying abroad or medical care, exceeding $50000 is not absolutely impossible. Instead, real purpose materials must be provided and processed after being reviewed by the bank. Why can't it be used to buy stocks and houses overseas? Because China has not fully opened up the free exchange of personal capital. Individuals who directly exchange Chinese yuan for US dollars and then buy US stocks and overseas properties are essentially capital outflows from residents. For a country whose capital account is not fully open, it can affect foreign exchange reserves, RMB exchange rate, cross-border capital flows, domestic asset prices, monetary policy independence, and financial stability. Is it the same in other countries? Not exactly the same. Most countries in the United States, Singapore, and the European Union do not have such restrictions on individual annual foreign exchange purchase quotas. For example, EU law generally prohibits capital flows and payment restrictions between member states and between member states and third countries, although taxation, anti money laundering, financial prudence, and sanctions still need to be regulated. But not all countries are completely free either. India is a typical example. India has a Liberalized Remittance Scheme (LRS) where individual residents can remit up to $250000 per fiscal year for designated purposes, including tourism, study abroad, immigration, family support, and some allowed overseas investments. As for the question of 'why can't I transfer as much money as I want', it is easy to understand from the perspective of individual rights. But from the perspective of the national foreign exchange system, the RMB is not a completely freely convertible currency, and China is not a country with a completely open capital account. Having RMB assets does not necessarily mean having unlimited rights to convert RMB into US dollars and transfer it overseas. Cross border exchange and capital transfer are regulated and licensed financial activities in China. If the funds of 1.4 billion people can be freely exchanged for US dollars to buy stocks, houses, and deposits abroad, it is easy to form a one-way capital outflow when the expectation of RMB depreciation, domestic asset returns decline, and external risks rise. Capital outflows will deplete foreign exchange reserves, impact exchange rates, and force central banks to raise interest rates or strengthen regulations. I can't say much about the rest ， Develop your own associative skills.