Home > Uncategorized > The Chinese wealthy flee from China- Yi Wang

The Chinese wealthy flee from China- Yi Wang

Article link: http://www.cnbc.com/id/44481201

According to author Shaun Rein, the Founder & Manager Director at China Market Research Group, many wealthy Chinese are ditching their Chinese passport for two major reasons: better education for the next generation and the health care.  Statistics shows that 27% of Chinese with more than 100 million yuan ($16miilion) in investable assets have already migrated and 47% are considering leaving China.  Often times, people would assume that the government interference over private enterprises would be the major cause that pushes the riches away. The survey which conducted by China Market Research Group, on the other hand, tells a different story.

In fact, over 90 percent who took foreign passports kept their businesses in China and remained in the country over eight months a year. That hardly sounds like businessmen fearful about limited business operations and the government. As the interview continues, the real reason came out: the riches are simply terrified by the severe pollution and the stressful life style in big cities like Beijing, Shanghai and Hongkong.

As a matter of fact, severe pollution has weighed heavily on the entire population in China (not so sure if the government cares so much). Residents in Beijing worry so much about how air pollution is affecting their daily lives and health. Just last week, December 5th, 2011, the Beijing International Airport was shut down for hours because the smog was so thick that hundreds of planes were grounded.

The government has been focusing on economic growth for the past 50 years, we have all seen the where China is and we are all concerned about where China is going. As a Chinese citizen, I would like to see that the government take a more drastic step on optimizing environmental issues and implement a more sustainable plan. What’s the point of creating the wealth when you cant keep it with you?

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