Its good those funds are not going anywhere into actual productive manufacturing anyway, their capital will only aggravate the FIRE economy of US and Canada, further hiking up property and rental prices with their hoarding tendency.
China News Thread
- Thread starter KYli
- Start date
China isn't a developed nation. It is not so hard to understand. Most people go to Western European, the US, Canada, and Australia because these countries are developed nations with a better health care, welfare, and standard of living.
In addition, you think those Hollywood movies, NGOs, social media are just for show. They are soft power that make people think and believe in the Western system and international liberal order. For some people, they are just too brainwashed and blindly accepted the Western version of the world.
Lastly, the Western powers or the so called privileged whites have conquered most of the world during the last few centuries. Until the days that they no longer are the dominated powers. Slave mentality is still pervasive all over the world.
American Millionaires (or non millionaires) either love living in the high crime bad infrastructure area like LA/SF proper because of lifestyle choices or they move to the safer boring rich suburbs like Irvine/Laguna Beach/Mountain View. There is no need to leave the richest/powerful country. Besides, they will get tax everywhere in the world until they renounce their citizenship.
In regards to why Chinese leave? There is more "freedom" in the west, their average kid will be above average academically/job prospect, fear of another cultural revolution type event, they commit crimes/corruption to make those millions, cheap housing if not in a major metro, grass is always greener ... ??
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that is faulty analysis as it assumes that Soviet 1980 health care was good so that 1990 decline was attributed to what ever reforms made it bad. It does not take into account people who like Volga Germans. and all other top echelon like Jews that seamlessly integrated into Western system. It is the 1990s wealth creation the enable investment back in 2000s from places like Cyprus and Netherlands in hundreds of billions. you only invest back when you already made more than original investment. This shows the tech savy and financial literate population built on Soviet education system. That history of wealth is decades old.
supercat
Major
Because China has a free immigration policy? China has a super-competitive society. It's very hard to get ahead in China. Just because you made it does not mean your children can make it. So I would think that emigration for the future of the children is one of the main reasons. Also, you have to put the whole thing into perspective: while 10,000 leave China a year, China will create 1.2 million new millionaires a year in the next 5 years and double its millionaires from current 6 million to 12 million in 2026.
Many migrate to Singapore and Hong Kong to skip tax.
Monthly property taxes and capital gains taxes currently don't exist in China, but they are coming
Note this is a normal feature of the US, European and Japanese tax systems
The question is why of all the good and great things happening in India under the leadership of Modi BJP why are so many prominent Indians or Indians that can afford to leave your country do so in even greater numbers?
Your country has all the checklists that western countries demand China to have. Democracy, multi-party system, English being one of the official languages etc...yet, according to this political opposition there are more Indians leaving India renouncing their citizenship than ever before? So the question to ask here is what gives?
This is a good question.
As a bastion of liberalism, the America is certainly the place that the capitalists like the most, where they can get the most control.
Several top Chinese rich people have publicly expressed their desire for power and American style system more than once. Ma Yun tried to establish his own elite group club in the name of "founding a university", but was ordered to terminate.
Some people say that these rich people have taken advantage of the trend of the times and seized the opportunities, but they mistakenly believe that they have gained all these things only by their own ability. In order to develop the economy, the government acquiesced in many of their illegal and criminal acts to a large extent. If they use the business strategy they often use in China in the United States, they will only get various claims and penalties and become bankrupt.（Explain: This means that the profit making methods of these Chinese capitalists are very inferior to those of American capital groups，they lack technology or are mere vassals of western capital groups)
It is normal for them to want to leave. They know how dirty their money is; It is foolish for them to want to leave. The ruthless plundering of Russian capitalists by the West during the Ukrainian war has proved everything.
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They would just need acceptance by the American elite. In theory this would be hard due to American nationalism, but in practice we have often seen that for US oligarchs, money and shared "interests" run much thicker than blood.
The American government is far far more accomandating of illegal acts, but in order to enter American high society, the approval of the oligarchs must first be gained. And seeing cases such as Guo Wengui, it is not too difficult as long as one has the same twisted and corrupt mindset.
Ultimately China creates so many rich people that it runs by far a net positive. And when you're holding the world's largest economy, leakages through corruption is inevitable, and these corrupt people that are the enemy of the country will seek the like minded, unless they are arrested or concessions are made to accept them.
Since arresting them all is impossible and making concessions to them is unacceptable, there will be continued outflow of dregs that have something to hide to overseas oligarchies that protect such types.