Tuesday, June 7, 2011

China's Wealthy Are Leaving with the Loot

Chang confuses bureaucrats with entrepreneurs, although in the communist party, the distinction might be grayer. Let's go with the term "opportunists".
Chinese Entrepreneurs Are Leaving China
According to a new study, almost 60% of China’s “high net worth individuals,” defined as those possessing more than 10 million yuan in investable assets, are either considering emigration through investment programs or are completing the emigration process.
Beijing’s plan [the economic stimulus], however, was good for private entrepreneurs who, although shut out of many portions of the economy by state enterprises, rode the resulting asset bubbles to even greater wealth. The number of the country’s high net worth individuals according to the China Merchants-Bain study will reach 585,000 this year, almost double the figure for 2008.
Funny how the run on the state coffers by the well connected started just as the bubbles reappeared in Vancouver and Australia, November/December 2008.

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