Stage set for neo-Maoist retro-lution?
Reminds me of flight of monied classes from Russia after 1905 revolution failure and from China in 1948-49 era…
It is possible to make a great deal of money under “Chinese-style socialism” – either legally, or illegally. Last year the Boston Consulting Group, a management consultancy, estimated that there were more than one million Chinese dollar millionaires. This means that, in the ranking of countries with the most millionaires, China is in third place.
Now, a poll of 400 of the Chinese millionaires has revealed that 65 percent want to leave the country where they made their money, or are at least trying to get a residence permit to live elsewhere. Often, they send their families on ahead. According to the poll by the Shanghai company Hurun, 30 percent already have a permit to live abroad.
So what is it that’s driving the millionaires to flee? In an interview with DW, Kristin Kupfer from the Mercator Institute of China Studies in Berlin cited three main motives. “Legal uncertainty is one reason,” she said. “Then they are looking for a better educational environment for their children, and a third reason is the very bad environmental situation in China.”
Competition for capital refugees
Countries around the world are paving the way for these Chinese wealth refugees, offering special programs that issue residence permits in exchange for investment. Australia, the US and the EU are effectively competing to welcome moneyed Chinese.
via China’s rich beat a path to foreign shores | Asia | DW.DE | 19.02.2014.
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