Wealthy Chinese Are Leaving Their Country: Is It the Beginning of the End for China?

by deBrice Posted 2012/08/09 23:00:00

Related Topics: Deficit, China, Chinese, Time, Media, Budget, Socialism, Mainland, Image, The End, Living, Feed, Images

486 votes
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	Yes	168 votes	35%
	No	318 votes	65%

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:
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.'

citizens qianwan fuweng 10m yuan 1 6m latest hurun report

+15

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FanOreilly 2012/08/09 23:45:28

No

+15
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More polls by deBrice

nightcrawler2005 2012/08/10 03:28:13

No

+2
A lot of rich Chinese are not leaving their country what they are doing is buying homes, setting up investments and transferring some of their assets to other countries. In British Columbia a hell of a lot of Chinese have come in and done that over the last decade or two. They go back to China to make money and live but transfer some of it over here.

Wealthy Chinese aren't stupid they know that as fast as their country has become free market it can easily swing back to a hard line Maoist Communist state. This way if crap hits the fan they can bail out quickly with the family and everything is set up elsewhere.

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Shawee to nightcr... 2012/08/10 04:51:05

+1
A lot move here because of the environment but keep their business in china due to lower wages. That benefits the US so its a good thing.

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nightcr... to Shawee 2012/08/10 05:10:17

+1
It's also easier to make money in China. A friend of mine was in China and said it would scare the hell out of you. You can get up at 5:30 in the morning and the streets are already packed with people doing business and the construction. In some areas you can go for miles with solid construction.
The more assets that come into the U.S. or in my case Canada the better for our economies. Don't worry about their low wages eventually they will increase and businesses will just move on to a cheaper jurisdiction it happened to Japan, Hong Kong, Taiwan. Besides if your going to have anyone immigrate to your country I'd sooner they be millionaires. haha

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JCD aka... to Shawee 2012/08/10 06:50:38

Wages are rising in China, and they are outsourcing jobs to Vietnam and other lower labor cost countries.

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apachehellfire65 2012/08/10 03:26:53

No

+1
as a communist nation they will always be able to support themselves off the backs of their people. but it does show how as a people learn and have access to personal wealth. and see the fruits of their own labor and ideas. that they are less likely to want to share large portions of that with people content to sit by with their hands out.

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sundance 2012/08/10 03:06:35

No

I doubt it. Any idea how many times the entire population of the US could leave China, and still not make a dent? Try that out on your calculator, and then ask that question. This is just a shift in the sands..Just a thought...

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Dan der Mensch 2012/08/10 02:44:58

No

I doubt it. But where are they all going? The rich are getting ready to bail out of France as well. Maybe they're starting their own island somewhere for successful non-whiny people. Count me in.

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sundance to Dan der... 2012/08/10 03:07:39

I'll take a ticket.....

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Shawee to Dan der... 2012/08/10 04:52:01

+1
Hmm...perhaps thats why I've been hearing about Mars for the past few days?

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JCD aka... to Dan der... 2012/08/10 06:52:37

We are considering bringing back the guillotine here in France. Off with their heads!

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Sodahead Founders are Fascists 2012/08/10 02:27:34

No

+1
All they need to do is track them down and put them on trial for treason after confiscating their assets.
And then publicly execute these traitors.

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Daedalus to Sodahea... 2012/08/10 06:12:14

Starfleet may grant them political asylum Elim.

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Dan 2012/08/10 02:25:58

No

BUT, if they have the money to pay, someone will find a way.

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angel face 2012/08/10 02:20:12

No

+1
There are too many people in China for it to ever go down. And the young generation haven't had kids yet so that has to be factored into it all

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iamnothere 2012/08/10 02:05:06

Yes

+1
just wondering if they know more about what is happening than the lame stream media are reporting

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unicorn... to iamnothere 2012/08/10 07:48:31

+2
Like maybe they are coming here to buy america from obama.

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Soundstorm 2012/08/10 02:00:28 (edited)

Yes

+1
Those savvy Chinese businessmen always know when it's a healthy time for them to emigrate and build their fortunes on other shores. Beijing's regime can't be trusted until they remove Mao's mug from their currency.

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Gray Parks 2012/08/10 01:47:39
us 2012/08/10 01:42:07

No

+2
Why would wealthy leave china, they get money from United States, Just think all the
money they get from us, everything we buy is from china.

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Gray Parks to us 2012/08/10 01:45:47
American Nate 2012/08/10 01:36:49

Yes

That can't be good, what makes USA then? we are screwed if even China is in deficit.

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America... to America... 2012/08/10 01:37:37

+1
India is the only country in the world thats in the good?

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Gray Parks to America... 2012/08/10 01:46:21
thє вluє wαndєrєr 2012/08/10 01:36:27
Gray Parks to thє вlu... 2012/08/10 01:46:35
thє вlu... to Gray Parks 2012/08/10 12:41:29
Blaze the Neko Vampire 2012/08/10 01:26:45

No

I hope not!

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Gray Parks to Blaze t... 2012/08/10 01:46:43
les_gvt 2012/08/10 01:06:06

No

+1
not yet- as a nation China is still in pretty good financial shape, and will continue to be as long as our dollar holds out, and us and Europe keep importing products that keep their economy going.

Even after that collapse, China will still be in decent shape for a long time, due to their using money wisely, and purchasing as many oil and mineral rights around the globe as they can, - AND their willingness to actually get them out of the ground, which will keep them afloat for a long time, as other nations will have to come kowtow to them if they want oil, uranium, potash, or just about anything else

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Shonny 2012/08/10 00:59:48

No

+1
But this is no surprise. I wish there was a study of which countries these wealthy people chose to go and live.

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JayLynx to Shonny 2012/08/10 06:15:14

+1
Anywhere! In my country they come, to establish a familiar job/business, and bring parents, sons and uncles to live together, here they make money, and more children.
Welcome, chinese friends!

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Mrs. V 2012/08/10 00:55:40

No

+1
China has the fastest growing Christian community in the world. That is good news.

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thє вlu... to Mrs. V 2012/08/10 01:39:19
Soundstorm to thє вlu... 2012/08/10 02:03:25

+1
Don't you think it's their Communist regime that's the bad news?

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Janoy D... to Soundstorm 2012/08/10 06:33:21

China is not even Communist (not by a long shot) it is more of a Dictatorial Socialist State

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Soundstorm to Janoy D... 2012/08/10 09:12:08

A Dictatorial Socialist State that still has Mao Zedong on its currency and still sends people to reeducation camps. Unlike Russia his party was never expelled from power. They may have purged the 'gang of four' but the same regime rules with total control.

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Seiryuu to Mrs. V 2012/08/10 06:31:14

That... really doesn't fix anything.

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Mrs. V to Seiryuu 2012/08/12 23:15:48

Depends on whether or not you are a citizen of heaven. I think it is great. Communism and Christianity cannot live together.

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Seiryuu to Mrs. V 2012/08/12 23:22:13

citizen of heaven
That doesn't mean much. Besides, people in China now don't act on communism that much anymore and have for the most part switched to extreme capitalism.

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Mrs. V to Seiryuu 2012/08/13 01:12:33

If you were a citizen of heaven it would. Communism, along with it's buddy Socialism leave a people with little hope in the world. The Chinese have been oppressed by their own government for years. Forced to kill their own children, forced to turn one another in. Look where it has left them. 30Million men without a corresponding female to marry. It will take decades to undo that fault.
Christianity offers hope that does not disappoint. There is no hope in any other but Christ. All religions are manmade except for Christianity. The Word of God became Flesh and dwelt among us. There is no salvation in any other.

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