Article

2011-11-01 China-Japan-Koreas

Almost half China's richest want to emigrate

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Posted by DarthVader 2011-11-01 09:36|| || Front Page|| [3 views ] Top

#1 Rich Chinese with investor visas are good for America.

Posted by gromky 2011-11-01 11:13|| 2011-11-01 11:13|| Front Page Top

#2 Maybe, but given the way things are going, America may not be good to them.

Posted by gorb 2011-11-01 11:16|| 2011-11-01 11:16|| Front Page Top

#3 They are only good for America if they leave their Chinese government and military connections behind. They seldom do that.

I once saw a rather amazing book, whose title escapes me, about one extended Chinese family that was completely woven into the fabric of government, military, and business throughout SE Asia.

They had commanding generals in the armies of four countries, hundreds of billions of dollars spread throughout their ranks, and generally owed loyalty only to their family.

Posted by Anonymoose 2011-11-01 11:19|| 2011-11-01 11:19|| Front Page Top

#4 one extended Chinese family that was completely woven into the fabric of government, military, and business throughout SE Asia.

Is the book you're thinking of The Soong Dynasty? About Mme Chang Kai-shek and her sisters and other dynasts?

Posted by mom 2011-11-01 16:28|| 2011-11-01 16:28|| Front Page Top

#5 Is the book you're thinking of The Soong Dynasty? About Mme Chang Kai-shek and her sisters and other dynasts?

The Soong Dynasty is a bunch of BS. The author, a left-wing nutjob, makes up stuff as he goes along. Like Upton Sinclair, he's a fabulist who's garnered an uncritical and undeserved audience, even among conservatives.

Posted by Zhang Fei 2011-11-01 16:41|| 2011-11-01 16:41|| Front Page Top

#6 How're ya gonna keep 'em down on the farm
Once they've seen Paree?

The cadres can't grasp the concept that in order for their economy to succeed, they cannot limit the free exchange of ideas. You cannot simultaneously have propaganda and progress.

And, as I have noted here before, Chinese parents are getting fed up with the govt butting into the very basic personal issue of how many children to have, and the educational system is a mind-numbing rat race.

Posted by mom 2011-11-01 16:43|| 2011-11-01 16:43|| Front Page Top

#7 The cadres can't grasp the concept that in order for their economy to succeed, they cannot limit the free exchange of ideas. You cannot simultaneously have propaganda and progress.

Actually, it's quite possible. Korea and Taiwan were dictatorships that advanced much further than today's China before they were pressured by the US into becoming democracies. Singapore has the highest non-oil-related per capita income in Asia, and is arguably a dictatorship despite regular elections, because of press controls and out-of-control defamation suits (adjudicated by tame judges) by the ruling party against political opponents than bankrupt the opposition.

And, as I have noted here before, Chinese parents are getting fed up with the govt butting into the very basic personal issue of how many children to have, and the educational system is a mind-numbing rat race.

The rich have the option of enrolling their children in private schools for expatriate children. They can also have as many children as they want, since the $15K per-child fine is nugatory for even a millionaire.

The real problem is that their wealth can be confiscated at any time. For many businessmen, doing business profitably in China involves breaking a lot of laws. Chinese laws are both arbitrary and capricious, moderated somewhat by a lack of enforcement. However, when the heat is turned up on a given individual, all of his assets are on the line.

Posted by Zhang Fei 2011-11-01 16:55|| 2011-11-01 16:55|| Front Page Top

#8 For the rich, the advantage of the Chinese system is that they can buy prestigious degrees for their children relatively cheaply. Stateside, it's possible to buy an admission, but only via a massive donation to the school. Graduation from an elite school stateside is not only not guaranteed, it's made more difficult by the language barrier.

Posted by Zhang Fei 2011-11-01 17:00|| 2011-11-01 17:00|| Front Page Top

#9 Thanks for the info, Zhang Fei.

I'm hearing about the frustration with the school system from Chinese I know here, including teachers who come here to learn a way of teaching that doesn't involve stuffing one's head with info and spitting it out on the test and then forgetting it the next morning. The parents are also frustrated with the pressures the kids have to endure, no matter whether in public or private school. I've heard them spout plenty of bile about the One Child Policy, too.

I hadn't finished reading The Soong Dynasty; given your info I don't need to.

Posted by mom 2011-11-01 17:48|| 2011-11-01 17:48|| Front Page Top

#10 Think before hitting send: "Spouting bile" is the wrong phrase. Expressing grief and frustration is a better one.

Posted by mom 2011-11-01 17:51|| 2011-11-01 17:51|| Front Page Top

#11 From a comment by Michael Pettis:

I suspect I have trained and met more brilliant young Chinese finance professionals than you and most other people ever have, and have closer relationships. Unfortunately I have a lot of difficulty convincing my students who have gone to grad school or to work in the US to come back to China. They all say they will but almost none ever do.

Even with the recession in the US and a booming economy in China, many young Chinese
prefer seeking opportunities here in the US.

Posted by Chuck 2011-11-01 19:47|| 2011-11-01 19:47|| Front Page Top

#12 Commies are still commies...

Posted by tu3031 2011-11-01 22:01|| 2011-11-01 22:01|| Front Page Top

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