Kathianne
06-15-2023, 01:47 PM
Perhaps Captain Joe will help out with transoceanic railroad?
https://hotair.com/tree-hugging-sister/2023/06/15/someone-might-yuan-to-keep-an-eye-on-chinas-economy-n558214
Someone might yuan to keep an eye on China's economy
BEEGE WELBORN 2:31 PM on June 15, 2023
Chairman Xi might play the malevolent doppelganger of a much loved children’s cartoon character in memes, but in real life, he’s becoming the guy who yuans to keep control so badly, he seems willing to let it all crash down around him.
In an interesting metric, millionaires have already been leaving China with for quite a while, and, unsurprisingly, that pace has picked up. What’s surprising to me is that Xi allows them to leave.
China, with the world’s second-largest economy and the second-highest population, will again see the biggest exodus of millionaires this year, according to new research.
According to a report by investment migration consultancy Henley & Partners, China is expected to lose the largest number of dollar millionaires this year due to migration, when compared to any other country.
Data from the firm showed that a net 10,800 high-net-worth individuals migrated out of China in 2022, and another net 13,500 are expected to leave this year.
This is not an issue that started with the coronavirus pandemic, and has been going on for the last 10 years. China has seen the biggest departure of millionaires each year for the past decade, causing general wealth growth in the country to slow down, Andrew Amoils, head of research at global wealth intelligence firm New World Wealth which helped create the report, said in an accompanying statement.
“The recent outflows could be more damaging than usual. China’s economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then (when measured in U.S.-dollar terms).”
India is the second ranking country as far as millionaire outflow from Asia, but the difference there is they make many more millionaires than they lose. China isn’t replacing those movers and shakers as they exit, which leaves the different industries they worked in stagnant, with a dearth of entrepreneurs willing to take risks needed to forge ahead.
Without innovation and visionaries, industry withers, especially in an economic downturn. That’s what China is facing now, as the world turns from a globalization model to more of a protectionist one. It’s hitting China especially hard, because they are the focus of much of the reactionary backlash, mostly due to their industrial theft, heavy handed dealing with foreign corporations and the stench of their human rights abuses. But there was another reason.
The COVID pandemic was the shot across the bow that woke the world up to how entwined everyday life was with the Chinese. In many cases, if those freighters could not make it over from Shanghai, manufactured goods, medicines and the sundry necessities of everyday life suddenly disappeared from shelves in supermarkets, hardware stores and, more terrifying, pharmacies and hospitals.
There was a collective awakening and howls of “Who the hell thought it was a great idea to offshore manufacturing EVERYTHING?!” rose to the Heavens. Americans were shocked to find we “make” very little of the flotsam and jetsam of daily life in the United States, nor do we have the capacity to just fire up an empty plant, and get started anew.
Those days are gone.
But it doesn’t mean that the U.S. and the rest of the world isn’t shifting away from being so dependent on Chinese goods and manufacturing. They are. In classic European Union-speak, they’re also giving it a friendlier moniker than what they saw as Trump’s (completely legitimate, but much too aggressive for Euro-tastes) imperative to “de-couple” from the Chinese.
They’re politely calling the strategic moves “de-risking” instead.
...
More than a bit related:
https://www.businessinsider.com/china-debt-economy-implode-stock-market-wall-street-xi-jinping-2023-6
https://hotair.com/tree-hugging-sister/2023/06/15/someone-might-yuan-to-keep-an-eye-on-chinas-economy-n558214
Someone might yuan to keep an eye on China's economy
BEEGE WELBORN 2:31 PM on June 15, 2023
Chairman Xi might play the malevolent doppelganger of a much loved children’s cartoon character in memes, but in real life, he’s becoming the guy who yuans to keep control so badly, he seems willing to let it all crash down around him.
In an interesting metric, millionaires have already been leaving China with for quite a while, and, unsurprisingly, that pace has picked up. What’s surprising to me is that Xi allows them to leave.
China, with the world’s second-largest economy and the second-highest population, will again see the biggest exodus of millionaires this year, according to new research.
According to a report by investment migration consultancy Henley & Partners, China is expected to lose the largest number of dollar millionaires this year due to migration, when compared to any other country.
Data from the firm showed that a net 10,800 high-net-worth individuals migrated out of China in 2022, and another net 13,500 are expected to leave this year.
This is not an issue that started with the coronavirus pandemic, and has been going on for the last 10 years. China has seen the biggest departure of millionaires each year for the past decade, causing general wealth growth in the country to slow down, Andrew Amoils, head of research at global wealth intelligence firm New World Wealth which helped create the report, said in an accompanying statement.
“The recent outflows could be more damaging than usual. China’s economy grew strongly from 2000 to 2017, but wealth and millionaire growth in the country has been negligible since then (when measured in U.S.-dollar terms).”
India is the second ranking country as far as millionaire outflow from Asia, but the difference there is they make many more millionaires than they lose. China isn’t replacing those movers and shakers as they exit, which leaves the different industries they worked in stagnant, with a dearth of entrepreneurs willing to take risks needed to forge ahead.
Without innovation and visionaries, industry withers, especially in an economic downturn. That’s what China is facing now, as the world turns from a globalization model to more of a protectionist one. It’s hitting China especially hard, because they are the focus of much of the reactionary backlash, mostly due to their industrial theft, heavy handed dealing with foreign corporations and the stench of their human rights abuses. But there was another reason.
The COVID pandemic was the shot across the bow that woke the world up to how entwined everyday life was with the Chinese. In many cases, if those freighters could not make it over from Shanghai, manufactured goods, medicines and the sundry necessities of everyday life suddenly disappeared from shelves in supermarkets, hardware stores and, more terrifying, pharmacies and hospitals.
There was a collective awakening and howls of “Who the hell thought it was a great idea to offshore manufacturing EVERYTHING?!” rose to the Heavens. Americans were shocked to find we “make” very little of the flotsam and jetsam of daily life in the United States, nor do we have the capacity to just fire up an empty plant, and get started anew.
Those days are gone.
But it doesn’t mean that the U.S. and the rest of the world isn’t shifting away from being so dependent on Chinese goods and manufacturing. They are. In classic European Union-speak, they’re also giving it a friendlier moniker than what they saw as Trump’s (completely legitimate, but much too aggressive for Euro-tastes) imperative to “de-couple” from the Chinese.
They’re politely calling the strategic moves “de-risking” instead.
...
More than a bit related:
https://www.businessinsider.com/china-debt-economy-implode-stock-market-wall-street-xi-jinping-2023-6