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People's Daily Online>>China Society

Rich head abroad for children's education

By Lu Nengneng (Shanghai Daily)

09:29, February 14, 2012

AN increasing number of China's rich are transferring their wealth to foreign countries through investment immigration, with the majority seeking better educational opportunities for their children.

An average of more than 10 billion yuan (US$1.59 billion) of personal wealth has left China each year through emigration since 2009, with 80 percent finding its way to the United States, Canada and Australia, according to data compiled by the Beijing-based Legal Evening Post.

The remaining 20 percent was divided among other popular destinations such as Europe, Singapore and Malaysia, and new favorites Japan and South Korea.

It is estimated that the investment immigration of China's rich brought at least 2.9 billion yuan to the US, 2 billion yuan to Canada, and 3.2 billion yuan to Australia last year, based on the minimum sum people agree to first invest in the host country and the number of successful applicants.

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ASEAN at 2012-02-16220.255.1.*
@PD (60.18.110).The FDIC insurance for bank accounts is only US$250,000.00. These Chinese bring with them millions of dollars to US. So you consider that insurance ? All the information regarding US government seized money in bank account and safe deposit boxes are easily available everywhere. You can find it yourself if you get rid of the habit of reading comic books. Didn’t your mum tell you not to read too much comic ? You may find the following useful.http://www.openoffshorebankaccountfornonresidentsonline.com/FDIC-Federal-Deposit-Insurance-Corporation.htmhttp://crisisboom.com/2011/02/07/government-seize-deposit-boxes/http://dinarvets.com/forums/index.php?/topic/52464-do-not-use-safety-deposit-boxes/
PD User at 2012-02-1660.18.110.*
Rose- why don"t you just shoot the whole family before they immigrate, that way you get 100% of their money. Better yet, you could build a wall around China. I think that was tried before.
PD User at 2012-02-1660.18.110.*
ASEAN-maybe these people want to breath clean air. Air is supposed to be clear, not grey. Maybe they want to see rivers that do not have raw sewage and industrial chemicals dumped in them. Maybe they don"t want to die from the many diseases that this pollution causes. Maybe they want a better life for their children.Where do you get your history of the U.S.? From comic books. The U.S.did not seize bank accounts or safe deposits during the Great Depression. Many banks closed and depositors lost there money because the banks overextended themselves. Chinese banks can also fail for the same reason. Today the U.S. has FDIC insurance for bank accounts, but China has nothing like that. I bet that you think that Chinese banks can"t fail, or a bank manager take your money and run.
ASEAN at 2012-02-15220.255.1.*
These people may be rich but they are not wise by transferring the money to foreign countries especially at this critical point. Why I say that ? At this point in time, most western countries are facing great economic problems and they are having great problems in solving it. There are many instances in human history that when a country faced great economic difficulties such as in the US great depression, the government step in and seize all the money in bank accounts and the gold and jewelry in the bank safe deposit boxes. If this happened again, which is very likely as history repeat itself, all their saving would be gone. The worst is that if you convert and transfer to US Dollars as Quantitative Easing would sooner or later make the US Dollars worthless. It may happen sooner than you expect. Let’s see. The rich Chinese should not only think of their children education. They should know that the wealth they accumulated through the years is through the effort of all their staff in China as well. They should pay back to society and contribute to further development of China instead of taking their wealth overseas.
Rose at 2012-02-15121.203.4.*
Whoever wants to leave China and immigrate to other country should be taxed by 70% before they can leave....
  

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