China releases first emigration report

[Fu Lai]

China releases first emigration report

 

12-24-2012 10:51 BJT

 

Watch Video

http://p3.img.cctvpic.com/program/china24/20121224/images/1356317536399_1356317536399_r.jpghttp://english.cntv.cn/Library/english2008/english/image/video2.gifPlay Video

 

China has released its first report on emigration, which warns that a growing number of wealthy Chinese are going abroad. The report says this could lead to a brain drain and damage the country’s economy.

 

More than 45 million Chinese people were living abroad in 2010, bigger than any other emigre population in the world. More than 150,000 changed their nationalities last year, and some 87,000 permanent residence permits were granted in the US. Of these, 3,340 were approved because of investment.

 

The report says nearly 60% of people with over 10-million yuan worth of private assets have finished the investment immigration or are considering doing so in the future.

--------------------------------

 

These facts have to make the Americans happy that all that money is coming to be spent there. You also have to think the government here has to be planning a counter-move of some sort.

[Mick]

At the same time, I wonder how much money flows back into China from the Overseas Chinese. I know, for example, that the city I lived in down in Guangdong (I lived down there for four years) benefited greatly from overseas money. In fact, the university where I lived and taught was founded and largely funded by a wealthy ex-resident who lives in Hong Kong. He used to come to the campus two or three times a year and I swear it was like a Papal visit whenever he would show up. If you are interested, Google Shantou University for some history on the university. Many schools in the city and a large number of Buddhist temples were funded by former residents now living in America, Canada, Singapore, Indonesia, Australia - the list goes on and on. It was estimated in those years that I lived in China (1997-2003) that the Overseas Chinese, if their wealth was taken together, would be equal to the fifth richest nation in the world. I am sure a lot more goes out than comes in, but it would be interesting to know how much comes back.

[Zhou Zhou]

This will give the party a lot to do in the coming years.