Xi’s Policies Driving Rich Businessmen To Flee China
Chinese leader Xi Jinping's crackdown on industries such as technology, real estate and education, and his push for "common prosperity" over the past two years, have terrified China's wealthy community. Especially since Xi Jinping won his third term at the 20th National Congress of the Communist Party in October last year, rich people's worries about their future in China have worsened.
Bloomberg News reported on January 25 that there is a massive surge in Chinese seeking to immigrate to North American countries. Wealthy Chinese are desperate to move as soon as possible. It reported that China faced about $150 billion in annual capital flight and would face a large outflow of funds in 2023, which might put pressure on its currency, yuan and the current account.
A large number o...