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
Yen? Seriously?
*were
Learn what Chinese currency is.
Learn what Japanese currency is.
-_-
Just think what our government could do if it acted like China just take all of the SSI payments from last year and go out shopping instead of paying benefits ...your the one who belongs in a padded cell kid
The Republicans are a disaster! The Demorats are just as bad. How can anyone vote for an idiot that has not kept a single promise. Then his mafia style hit on Bin Ladin. He orders the illegal hit, not filmed.
Was it really Bin ladin, was he unarmed, did he wish to surrender? They murder him in cold blood and then fit him with cement booties and dump his body in the ocean! Then a month later all three squads of Seal Team six are dead in a totally bogus attack. I dont believe any of it. This fking AH should be in jail and not running for President. Anyone that condones this type of behavior is a scumbag, period.
Youre the one who belongs in a nut house.
Bye bye sovereignty.
Your leaders hate Unions and so do the Chinese!
You are an idiot.
China is NO LONGER a communist country. It is now a 'Capitalist Dictatorship'.
Let me tell you, everyone in China already knows about this and a great many of those 16% of the rick are in fact party members, government officials and businessmen and family and this is put together through bribery and 'Guanxi' which is a kind of bribery so complicated that us laowei may never comprehend it.
And I have to say, standing outside the government conference in Beijing Tiananmen or outside government buildings in other Chinese cities - I have never seen so many brand-new BMW's driven by leopard print wearing 50 year old wives in gigantic sunglasses.
And I've never seen such desperately poor slums (and I can assure you we will never see this in North America) but such brutal poverty just a block and a corner away,
and,
What I'm going to tell you is not exactly sociological research (well.. it is) but I want to tell you I can 'smell it in the air'. What's coming. And China isn't like here. You have to understand. You won't know when the next uprising is. The next revolution. But you can... sense it.
And it might be a very good thing BTW. Ultimately. Because right now 16% are gaming the ...
China is NO LONGER a communist country. It is now a 'Capitalist Dictatorship'.
Let me tell you, everyone in China already knows about this and a great many of those 16% of the rick are in fact party members, government officials and businessmen and family and this is put together through bribery and 'Guanxi' which is a kind of bribery so complicated that us laowei may never comprehend it.
And I have to say, standing outside the government conference in Beijing Tiananmen or outside government buildings in other Chinese cities - I have never seen so many brand-new BMW's driven by leopard print wearing 50 year old wives in gigantic sunglasses.
And I've never seen such desperately poor slums (and I can assure you we will never see this in North America) but such brutal poverty just a block and a corner away,
and,
What I'm going to tell you is not exactly sociological research (well.. it is) but I want to tell you I can 'smell it in the air'. What's coming. And China isn't like here. You have to understand. You won't know when the next uprising is. The next revolution. But you can... sense it.
And it might be a very good thing BTW. Ultimately. Because right now 16% are gaming the system and does it sound bizarre to say 'cheating capitalism out of capitalism'? Well they are.
Another 16% live in slums you and I are not actually allowed to see. I've seen it. Illegally you know. I was in Hutongs and neighbourhoods 100% forbidden to any foreigners and it would scare the hell out of you.
But here is the bright side. China is still outpacing us at such a staggering rate. Most North Americans CANNOT COMPREHEND the pace and progress. You spent over a decade making 1 building in New York.
They built ONE HUNDRED SKYSCRAPERS IN A YEAR. Also 2 of the Worlds largest bridges (DWARFING the quaint old Golden Gate) and a Dam that makes Hoover Dam look like a little toy.
In 5 year the typical American city will look exactly the same as it did 20 years ago. In 5 years China will create an ultra-modern ENTIRELY NEW SUPERCITY THAT NEVER EXISTED BEFORE.
In the last 10 years, North America hasn't done a thing. Except crumble a little more. Slow down. Meander about. One or two new arenas.
Wait .. what was the question? Oh yeah.. well of course China will not be finished. It's gone through an 'Apocalypse' of epic proportions us Westerners can barely comprehend. And about 20 times in its history. For better or worse they will of course survive and rise again.
First, to help you out for next time. China is around 1.4 billion people. Not 3 billion.
No, nowhere near 98% of their population is living in the disgusting impoverished conditions I described.
About 16% (the given est. in the article) are upper-class, wealthy, super-wealthy and throw in a few mega-billionaires insane rich.
About 16% live in those 3rd world conditions I described.
Everyone else in the middle? Life's not so bad. *except that ever-increasing pressure to worry and wonder if you will end up super-rich or super-poor...whether you like it or not.*
But here is the thing. You don't help yourself or anyone else making up total nonsense post for not other purpose but to bluff and BS and insult. Cuban land owners, investments, silly made-up numbers. You just felt angry and wrote a fake post?
Baidu founder Robin Li is worth 9.4 billion dollars (but Forbes has him as 10.2 Billion).
Liang Wengen: 8 Billion
Zong Qinghou $5.9 billion
Li Li $5.7 billion
He Xiangjian $5.5 billion
(your mom wants my attention so lets skip down to the 10th richest billionaire in China:
Wang Jianlin $4.6 billion
Your mom also reminds you that the USA does still have the most Billionaires but China has the 2nd most Billionaires:
US Billionaires: 412
China Billionaires: 115
Of course, this doesn't get into the gigantic pool of multi-millionaires in China which wiki wants to say is:
535,000 Millionaires.
That could be 1 million or 999 million i suppose.
That other interesting stat though:
China has one of the fastest rates of 'millionaire growth'.( 5) so they are adding new ones faster than say the USA or many others.
But these are the official above-board numbers. (its kinda hard to hide these figures) but what we do not know?
The astonishing amount of cash millionaires who will NOT be reporting it to anyone anywhere because its essentially a massive bribery/skimming/scamming guanxi scheme involving party officials and their relatives.
Well, so your m...
Baidu founder Robin Li is worth 9.4 billion dollars (but Forbes has him as 10.2 Billion).
Liang Wengen: 8 Billion
Zong Qinghou $5.9 billion
Li Li $5.7 billion
He Xiangjian $5.5 billion
(your mom wants my attention so lets skip down to the 10th richest billionaire in China:
Wang Jianlin $4.6 billion
Your mom also reminds you that the USA does still have the most Billionaires but China has the 2nd most Billionaires:
US Billionaires: 412
China Billionaires: 115
Of course, this doesn't get into the gigantic pool of multi-millionaires in China which wiki wants to say is:
535,000 Millionaires.
That could be 1 million or 999 million i suppose.
That other interesting stat though:
China has one of the fastest rates of 'millionaire growth'.( 5) so they are adding new ones faster than say the USA or many others.
But these are the official above-board numbers. (its kinda hard to hide these figures) but what we do not know?
The astonishing amount of cash millionaires who will NOT be reporting it to anyone anywhere because its essentially a massive bribery/skimming/scamming guanxi scheme involving party officials and their relatives.
Well, so your mom tells me. She also said you were a nice kid when you were a boy. She doesn't know what went wrong.
It's not hard to build that much when you have no reason to care how the money is spent and your goal is to spend it as quickly as possible. It's essentially the same thing the last two presidential administrations have done (more actually, but these have been rather more brazen) except instead of using the money to feed the military industrial complex, kill over a million people around the world, sell us to insurance companies and pharmaceutical companies they Chinese government built empty cities. Different mafias using different methods to fleece the population.
But yeah, it will always be connected to some party official in some way.