CHINA-ECONOMY: CAPITAL FLIGHT

 Writing in the New York Times on May 10, 2016, Murong Xuecun said "In the last year, as the stock markets have tumbled and the renminbi has slowly lost value, many Chinese people have been trying to find ways to move money abroad. The government has responded by adopting new measures to staunch the outflow of money, but people are finding ways around the restrictions. Individuals and companies have moved about $1 trillion out of the country in the last year and a half".


A recent survey by The Financial Times found that 45 percent of Chinese middle-earners wanted to trade at least 10 percent of their savings for foreign currency, while another 29 percent had already done so. In fiscal 2014, 76,089 Chinese were awarded permanent residency status in the United States, up by 4,291 from the previous year. Of the 10,692 investment visas provided by the United States in the 2014 financial year, 9,128 went to Chinese nationals, up about 30 percent from the previous year. Meanwhile, 88 percent of Australian “significant investor visas” have been given to Chinese citizens.
 






Subscribe to Newswire | Site Map | Email Us
Centre for China Analysis and Strategy, A-50, Second Floor, Vasant Vihar, New Delhi-110057
Tel: 011 41017353
Email: office@ccasindia.org