Take your money and get lost
Many from the richest part of today’s China did not believe in talks about common prosperity and so from Hong Kong in years 1984-1997 (when HK was returned under Chinese control) nearly 1 million people emigrated (about one eight of population).
(Despite different average in Hong Kong is economical inequality even bigger than in rest of China.)
Even more people did not return from study abroad. To be more concrete: in years 1987-2009 it was about 1 160 000 people. But gradually returns more and more, during for world crisis year 2009 it was already 56 percent.
In that time they returned because of problems abroad, many with foreign passport (although sometimes hidden – China does not allow double citizenship), to try find a job at home or to outsource their business to country with lower costs.
But together with growing return of so called “sea turtles” another escape began – this time of the richest Chinese.
To be fair: people with money were escaping from China already before. In connection with this it is common to mention leaving corrupt officials running off with 50 billion US dollars. But, how China Media Project points out, quoted number comes from year 2002, so it needs serious update.
Since 2009 began mass exodus in group of rich.
In recent study released by China Merchants Bank is mentioned that till now emigrated abroad more the quarter of 20 000 Chinese multimillionaires (with more than 100 million yuan in assets, over USD 15 million), and around 60% of those with more than USD 1,500,000 in assets – this number is close to million – have already or are planning to do so.
The richest are emigrating economically, what means they buy new citizenship by big enough investment typically to American, Canadian or Australian economy. Together with investment to already cheaper Western properties.
Translated from cina.exil.sk, author Tibor Blazko.
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