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China-Japan-Koreas
Almost half China's richest want to emigrate
2011-11-01
Nearly half of China's wealthiest citizens are considering emigrating, with the United States and Canada the most popular destinations, according to a new report from the authors of China's rich list.

The survey by the Bank of China and the Hurun Report, which publishes luxury magazines and runs a research institute, found that 46 percent of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad.

Another 14 percent had already begun the process, it said. Many said they were seeking a better education for their children and cited concerns about the security of their assets in China.

Nearly a third of the respondents said they already had investments overseas, in many cases to enable them to emigrate. Some countries offer residency to foreign citizens who are prepared to invest large sums.

High inflation and the difficulty of investing overseas were also cited in the survey, which took in 980 people in 18 Chinese cities.
The problem with all repressive systems... the most productive have the resources and the will to flee. And usually do. Any bets on where most of these people are headed... especially once one repressive President is removed in '12?
Posted by:DarthVader

#12  Commies are still commies...
Posted by: tu3031   2011-11-01 22:01  

#11  From a comment by Michael Pettis:
I suspect I have trained and met more brilliant young Chinese finance professionals than you and most other people ever have, and have closer relationships. Unfortunately I have a lot of difficulty convincing my students who have gone to grad school or to work in the US to come back to China. They all say they will but almost none ever do.

Even with the recession in the US and a booming economy in China, many young Chinese
prefer seeking opportunities here in the US.
Posted by: Chuck   2011-11-01 19:47  

#10  Think before hitting send: "Spouting bile" is the wrong phrase. Expressing grief and frustration is a better one.
Posted by: mom   2011-11-01 17:51  

#9  Thanks for the info, Zhang Fei.

I'm hearing about the frustration with the school system from Chinese I know here, including teachers who come here to learn a way of teaching that doesn't involve stuffing one's head with info and spitting it out on the test and then forgetting it the next morning. The parents are also frustrated with the pressures the kids have to endure, no matter whether in public or private school. I've heard them spout plenty of bile about the One Child Policy, too.

I hadn't finished reading The Soong Dynasty; given your info I don't need to.
Posted by: mom   2011-11-01 17:48  

#8  For the rich, the advantage of the Chinese system is that they can buy prestigious degrees for their children relatively cheaply. Stateside, it's possible to buy an admission, but only via a massive donation to the school. Graduation from an elite school stateside is not only not guaranteed, it's made more difficult by the language barrier.
Posted by: Zhang Fei   2011-11-01 17:00  

#7  The cadres can't grasp the concept that in order for their economy to succeed, they cannot limit the free exchange of ideas. You cannot simultaneously have propaganda and progress.

Actually, it's quite possible. Korea and Taiwan were dictatorships that advanced much further than today's China before they were pressured by the US into becoming democracies. Singapore has the highest non-oil-related per capita income in Asia, and is arguably a dictatorship despite regular elections, because of press controls and out-of-control defamation suits (adjudicated by tame judges) by the ruling party against political opponents than bankrupt the opposition.

And, as I have noted here before, Chinese parents are getting fed up with the govt butting into the very basic personal issue of how many children to have, and the educational system is a mind-numbing rat race.

The rich have the option of enrolling their children in private schools for expatriate children. They can also have as many children as they want, since the $15K per-child fine is nugatory for even a millionaire.

The real problem is that their wealth can be confiscated at any time. For many businessmen, doing business profitably in China involves breaking a lot of laws. Chinese laws are both arbitrary and capricious, moderated somewhat by a lack of enforcement. However, when the heat is turned up on a given individual, all of his assets are on the line.
Posted by: Zhang Fei   2011-11-01 16:55  

#6  How're ya gonna keep 'em down on the farm
Once they've seen Paree?

The cadres can't grasp the concept that in order for their economy to succeed, they cannot limit the free exchange of ideas. You cannot simultaneously have propaganda and progress.

And, as I have noted here before, Chinese parents are getting fed up with the govt butting into the very basic personal issue of how many children to have, and the educational system is a mind-numbing rat race.
Posted by: mom   2011-11-01 16:43  

#5  Is the book you're thinking of The Soong Dynasty? About Mme Chang Kai-shek and her sisters and other dynasts?

The Soong Dynasty is a bunch of BS. The author, a left-wing nutjob, makes up stuff as he goes along. Like Upton Sinclair, he's a fabulist who's garnered an uncritical and undeserved audience, even among conservatives.
Posted by: Zhang Fei   2011-11-01 16:41  

#4  one extended Chinese family that was completely woven into the fabric of government, military, and business throughout SE Asia.

Is the book you're thinking of The Soong Dynasty? About Mme Chang Kai-shek and her sisters and other dynasts?
Posted by: mom   2011-11-01 16:28  

#3  They are only good for America if they leave their Chinese government and military connections behind. They seldom do that.

I once saw a rather amazing book, whose title escapes me, about one extended Chinese family that was completely woven into the fabric of government, military, and business throughout SE Asia.

They had commanding generals in the armies of four countries, hundreds of billions of dollars spread throughout their ranks, and generally owed loyalty only to their family.
Posted by: Anonymoose   2011-11-01 11:19  

#2  Maybe, but given the way things are going, America may not be good to them.
Posted by: gorb   2011-11-01 11:16  

#1  Rich Chinese with investor visas are good for America.
Posted by: gromky   2011-11-01 11:13  

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