How China’s Middle Classes Move Their Money Abroad (SCMP)
Many middle class Chinese have told the South China Morning Post’s This Week in Asia how they got their money out of China simply by lying. Beijing allows Chinese citizens to purchase up to US$50,000 in foreign currency each year for uses such as overseas holidays and studying abroad – common excuses used by those seeking to invest overseas. But there are other ways as this infographic shows:
And while the SCMP article went to great lengths to give reasons for the Chinese to want to move their money abroad, they forgot one simple explanation: No property rights e.g. property in China is leasehold (much can change during the lifespan of a 50 year lease) while property abroad is usually freehold.
To read the rest of the article, Why are China’s middle classes moving their money abroad?, go to the website of the South China Morning Post.
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