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Wealthy Families, Private Firms Moving Billions Out of China – NYT

Rich Chinese families and private companies have taken or sent an estimated $50 billion a month out of China this year, a recent report says

The weak global outlook led to subdued manufacturing PMI in Japan in January, in data released on Tuesday, but the services sector and composite data were both up from December.
Chinese have emerged as the main buyers of Tokyo apartments costing $3 million or more, and they often pay with suitcases of cash, one real estate executive was quoted as saying. This image shows people walking through Ameyoko shopping district in Tokyo, in May 2022 (Reuters).


Wealthy Chinese citizens have moved hundreds of billions of dollars out of the mainland this year by buying apartments overseas, plus stocks, insurance policies and gold, according to a report by the New York Times, which said the outbound shift of money indicated unease about China’s sputtering recovery after the Covid pandemic, as well as “fears about the direction of the economy” under Xi Jinping after this crackdowns on business and bolstering of the government.

An estimated $50 billion a month has been taken out of China in 2023 by Chinese households and private companies, but that did not pose an imminent risk to the country’s $17-trillion economy because exports of manufactured goods were still bringing in a steady stream of funds, the report said, noting that families were opening bank accounts in Hong Kong and wiring $30,000 to $50,000 into insurance products.

Read the full report: The NYT.




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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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