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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:
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

Read More: http://www.economist.com/node/21559949?utm_source=...

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  • deborah sletten 2012/10/21 03:48:01
    No
    deborah sletten
    There are a billion chinese, for decades female fetuses were aborted. They are in a colonization mode.
  • InoYamanaka 2012/08/17 02:25:07
    No
    InoYamanaka
    The wealthy don't make the whole of a country.
  • bye 2012/08/14 18:19:11
    No
    bye
    Just hiding it from the Communist government that might take it, or shoot them.
  • LeroyRogers 2012/08/14 17:52:26
    No
    LeroyRogers
    +1
    As long as American companies use China's ultra-low wages to make all the crap we buy, they will do just fine.

    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.
  • kraftymomma1979 2012/08/14 15:53:25
    Yes
    kraftymomma1979
    I hope they come to America to spend it!
  • Red kraftym... 2012/09/02 07:45:47
  • blackrings70 2012/08/14 02:01:55
  • Elz 2012/08/13 21:15:36
    No
    Elz
    no i don't think it will be. then again, i don't know what's going on in China because I'm not over there.
  • Red Elz 2012/09/02 07:47:01
  • smood8 2012/08/13 20:59:46
    Yes
    smood8
    +2
    They build ghost cities to keep people employed and count all cars manufactured as cars sold just for starters. Their money is falsely valuable. The bubble is getting ready to pop on that communist country. It's sad for the people, once again. But it's the reality that they have with Communist Leaders
  • ~HopelessRomanticM17~ 2012/08/13 19:42:58
    Yes
    ~HopelessRomanticM17~
    +1
    Well, yes and no...I DUNNO.
  • DavidK ~Hopele... 2012/08/14 05:37:15
    DavidK
    +1
    ROTFL!!!!!!!!!! Hey! A liberal who at least admits they're clueless!!!!
  • ~Hopele... DavidK 2012/08/14 19:11:10
    ~HopelessRomanticM17~
    Hey, I'm honest!
  • DavidK ~Hopele... 2012/08/14 23:20:15
    DavidK
    Then why would you call yourself a progressive liberal?!?!?!? I admire the fact your honest. Believe me, I'm NOT laughing at you, its just that your profile says "Progressive" and progressive liberals claim to be so smart, but are clueless when it comes to politics and won't admit it. They can't back their claims either. I bet if you open your mind and see BOTH sides of the coin, you might just change your label. Try watching MSNBC AND FOX news for a couple weeks with an open mind. Take what both sides has to say and decide for yourself what you believe might best benefit America best. Good luck to you.....
  • ~Hopele... DavidK 2012/08/15 03:18:43
    ~HopelessRomanticM17~
    Well, I'm still learning. I'm not 100% sure of my political views, but out of everything out their, I relate most with progressive ideas than anything else. I'm not very into politics. Over time, my views might change a little, I'm not sure. But i'm not close minded when it comes to this kind of thing either.
  • DavidK ~Hopele... 2012/08/15 04:24:27
    DavidK
    +2
    Good for you! Keep an open mind and remember what JFK (liberal) President said back in the 60's. "Ask not what your country can do for you. Ask what you can do for your country". Sadly, far too many on the left vote on what benefits them personally and NOT whats best for everyone. Something to think about.
    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.
  • ~Hopele... DavidK 2012/08/15 04:29:19
    ~HopelessRomanticM17~
    +1
    Yea, I think your right. Seeing all sides is what is best to help you understand a controversial issue and being closed minded about it won't help at all. I think it's important stuff to know too, and I will try to understand it more and more as I get older!!
  • DavidK ~Hopele... 2012/08/15 15:35:57
    DavidK
    +1
    Great! As long as you remain informed and keep an open mind, you will do fine! Encourage your piers to do the same.
  • Red DavidK 2012/09/02 07:48:43
  • El Prez 2012/08/13 19:29:28
    No
    El Prez
    Just the spreading of their wealth among the other host nations.
  • OGMGS1 2012/08/13 17:58:51
    No
    OGMGS1
    +1
    China is a beautiful country with a beautiful culture so I hope China never "ends". I do hope the CCP (Chinese Communist Party) comes to miserable end though. China's people live through oppression daily, and all of China's neighbors are feeling threatened by the Chinese leadership.
  • Leantom, the Economic Ratio... 2012/08/13 17:17:19
    No
    Leantom, the Economic Rationalist
    lol.

    Where are they going to go? America and W. Europe?
  • no1ymfan 2012/08/13 12:38:07
    No
    no1ymfan
    +1
    China is so overcrowded, all they have to do is keep copying things. If China really wants to get better, they need to change their infrastructure so that instead of copying things, they can develop new technologies.
  • shadow76 2012/08/13 04:30:45
    Yes
    shadow76
    Has been for a long time!
  • jeane 2012/08/13 03:14:41
    No
    jeane
    The Chinese government will not allow this to happen. They are still an AUTHORITATIVE FORM of government.
  • deBrice jeane 2012/08/13 17:23:50
    deBrice
    +1
    it is happening.
  • jeane deBrice 2012/08/13 17:29:01
    jeane
    Well we will see how long it is allowed to happen. I don't see the Chinese just letting their wealth "walk out the door" like the U.S. does.
  • doc moto 2012/08/13 00:35:38
    No
    doc moto
    Its the stirring for the One Wok Leader to arise and claim its' throne! The "PP" Dynasty!

    *PingPong
  • Teresa 2012/08/12 21:29:43
    No
    Teresa
    Nowadays real problem in China is not the wealthly ones leaving, but the luck of workers because of the only 1 child long time policy.
    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
  • csrdrunner Teresa 2012/08/13 17:36:48 (edited)
    csrdrunner
    I visited China in 2001 and asked out guide if this was still in effect. She said NO! It was kinda of strange, NO aunts, uncles, no siblings! Family reunions are small.
  • Teresa csrdrunner 2012/08/14 07:56:39
    Teresa
    I've been here (China) most of last 6 years, even if my first visit was in 2002, and this law is still working. Just now they start to believe they should have stopped earlier, but didn't change it jet.
    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
  • simplex5 2012/08/12 21:06:06
    No
    simplex5
    Why!
  • Ozymandias 2012/08/12 20:36:48
    No
    Ozymandias
    +1
    China has been around since Ancient Greece. They're just going through an impasse. It happens to every civilization.
  • Nilam 2012/08/12 20:20:08
    No
    Nilam
    theyll make up for it by collecting more from us.......
  • Red Nilam 2012/09/02 07:49:54
  • TasselLady 2012/08/12 19:31:50
    No
    TasselLady
    +4
    They'll just come to America and try to take US over.
  • legalamericanwoman 2012/08/12 16:52:29 (edited)
    Yes
    legalamericanwoman
    +2
    Americans will have to default soon on the loans Obama and his legislators forced the tax payers into paying.

    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.
  • Dale G legalam... 2012/08/13 11:20:40
    Dale G
    Geez The article is on China and still someone has to insert an Obama rant,
  • legalam... Dale G 2012/08/14 00:29:24 (edited)
    legalamericanwoman
    Obama got us into this mess with the Chinese . His actions have bearing on all of this. He IS the current president. Not a former one , or a future one, but the current president of the USA.

    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.
  • Ragnarok13 legalam... 2012/08/14 15:01:28
    Ragnarok13
    +3
    hey are you guys mad? Obama is NOT an american!! his real name is Barry Soetoro! he's from Kenya for crying out loud! Just like The Bush family are not American citizens! they're family names is Scherff! German Citizens! not Bush! here, check out this link and you'll see all the corruption that this country has since day one! http://the2012scenario.com/pr...
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