China's rich, primarily driven by a sense of insecurity, are taking money out of their country. Many are actually preparing to move elsewhere. 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. The survey, conducted by China Merchants Bank and Bain & Co., also reports that 27% of those with more than 100 million yuan in investable assets have already emigrated and 47% of them are thinking about leaving the Motherland. The stunning results correspond to reports that the U.S. Treasury unit monitoring illegal money flows has, since the beginning of last summer, detected a surge in hidden cash transfers out of China. – Forbes
Dominant Social Theme: China is the most magnificent country in the world. Whatta nation! What an economy! More cities than anywhere else in the world. More skyscrapers, too. Never mind that most of them are empty ...
Free-Market Analysis: We were on the case when it came to China several years ago. At the time, nary a peep could be heard about the insanity of China's "market economy" – which is about as "free" as the Chinese Internet. But now the evidence is becoming clear. China is busted.
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