Wealthy Chinese Are Leaving Their Country: Is It the Beginning of the End for China?
deBrice
2012/08/09 23:00:00
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For the first time, the budget of China is in deficit, as the capital exiting the mainland exceeded $100 billion, leaving the country with a deficit of $11 billion -- which is still under 0.5% of China's internal reserve.
The “Hurun Report,” which keeps tracks of China's wealthy citizens, announced that 16 percent of China's rich already left the country and they expect this number to grow as 44 percent intend to do the same very soon. Is socialism not attractive enough to wealthy people? And does this news mark the beginning of the end for China?
ECONOMIST.COM reports:
The “Hurun Report,” which keeps tracks of China's wealthy citizens, announced that 16 percent of China's rich already left the country and they expect this number to grow as 44 percent intend to do the same very soon. Is socialism not attractive enough to wealthy people? And does this news mark the beginning of the end for China?
ECONOMIST.COM reports:
MAINLAND China can now boast over 1m wealthy citizens (qianwan fuweng) each with over 10m yuan ($1.6m), says the latest edition of the 'Hurun Report.'
Read More: http://www.economist.com/node/21559949?utm_source=...
Top Opinion
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FanOreilly 2012/08/09 23:45:28
When you go shopping, take a few minutes to look at where things are made. You may spend a little more to buy non-Chinese, but the job you save may be your own.
I too, have a few left-wing beliefs but realize its got to be those things that must be beneficial to the majority of people to make it work efficiently. My views and priorities have changed somewhat over the years as my lifestyle changed. I served my Country and raised my children the best I could and have my own business which I believe holds me somewhat accountable for seeing that my employees remain employed even when it means not receiving a pay check for over 4 years just to keep them on......
So if you want to really see the whole picture, see all sides of the coin. Watch news from the left (like MSNBC) and from the middle/right (like FOX news) and make your OWN evaluations on whats right and whats wrong. As a younger person its to your advantage to be up on political issues. Very few young people are. It can be rather boring at first, but once you see how important it affects your every day living, it becomes necessitous to know.
Where are they going to go? America and W. Europe?
*PingPong
They are studying the option of removing this law, as right now, most factories are not able to find enough workers to keep the business.
Also, recesion is quite normal, once the base salary was increased so much in last years, around 400% in last 2 years, they are not anymore the best option as production and exportation units, so many international business are moving to another countries in development, such as India, Cambodia, Laos, and even to some South America and Africa countries.
This is a natural economic step, but they will land on their feets, as now most money goes to technology, and own market, instead of focusing so much in export.
That will be very rough for areas as Hong Kong, but not so much for other areas
They can have a second child, if they have enough money to pay the "special tax" for it, but it is not common.
Big problem is when a second child comes unplanned, they can not go to school, they don't legally exist, so, if they can afford it, this second child will go abroad, if not, he/her is in the street, no rights, no future, nothing to do with them... really sad
The OPEC people are demanding higher and higher gasoline prices just as before the 2008 election. It worked then to cripple the world economy and herd the ignorant sheep into a frightened stampede toward the false savior Obama who has heavily implied Americans should be paying the Saudis ten dollars per gallon. Those people stil own slaves and consider all the population of the planet their property.
The tactic worked then, and so it is being renewed by the Saudis yet again. Study of arab news feeds , the war of independence, and the constitution would quickly clear up any stupidity by ignorant legal americans and illegal theives living in america.
The Chinese wealthy want to protect themselves , that is natural. Those who are capiltalists at heart but who also love freedom should move only to America and oust the socialists and communists and islamists and carefully consider how our constitution works to protect americans who love freedom.
I tend to believe the wealthy Chinese are also much of the government body of China and families and friends of the government of China.
I think Obama used them just as he uses all of us anywhere in any situation he is able.
I often wonder how much wealth Obama has now amassed since he has become president of the USA .
I try to think globally ather than tiny bits and pieces here and there.
Dale, I am an American who LOVES my country and ALL our freedom, even yours to whine about political complaints.
NOT all Chinese are communists and many may have for many decades hoped and hoped for a way to escape communism ... and not all of Americans are loyal to American freedom and constitution, such as Obama . Obama should be purged from our nation, all capitalists who crave freedom and choose our constitution and our rule of law , are welcome here if they arrive LEGALLY.
If some Chinese want to emigrate here to become legal capitalists I say HURRAY.