41–50 of 112 posts
Hmmm.....I can't disagree with the contents of the post. Yet I think it is a piece written to distract from the issues facing our own nation by doing an implicit juxtaposition between China and the U.S. I am of the opinion that we should spend less time denigrating others and more time having open and honest discussion AND reporting of the issues facing us here in the U.S. Pointing out issues and flaws in others in n…
This is a global site, not a U.S. forum.
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I'd expect a number of extremely rich Chinese oligarchs have been shot for treason, as some forms of corruption are punishable by the death penalty. There's a lot of really nasty shit that happens in China. Babies dying from additives to their milk formula, organs being stolen, farmers being driven off communes to build illegal factories, outright theft of government funds and property ... none of it is really sancti…
Right, I think most of these deaths are due to corruption charges. One of the many weird things about China is that corruption is officially illegal, punishable by death, and yet every powerful business person or government official is corrupt by the letter of the law (favors for family, accepting bribes, favoring business that give them money). It's just the way their society has been for a long time. It's such a da…
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> outright theft of government funds and property Yeah most of that ends up in North America. imo They tend to buy housing in cash for their children mostly in either Vancouver or the Bay Area.
A lot of it stays in China. Officials may have a large unofficial income source (or two), which they spend on wine, women, and Karaoke (none of which officially existed, just like the money they used to pay for it, so there's no explaining to do); or food (you'll never meet a Chinese who won't think a good $500 meal isn't worth it). Or they channel some to their spouse. A few big fish will grab a staggeringly huge am…
Note that the claimed reason is better education opportunities for their children. There is definitely a perception here in China that connections and schooling are critical for a life of success and wealth. That said, I have my doubts they would be able to directly ask, "Do you want to emigrate?". So perhaps that is why they tacked on the education bit for plausible deniability (i.e. I love my country but my child s…
The reality is that Chinese rich are hedging like all the rich do. Putting 20% of your wealth in a safe investment outside your home country is not unusual. And they are gearing up to send their child overseas to the best schools they can find - just like all the other tiger economies did.
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A lot of it stays in China. Officials may have a large unofficial income source (or two), which they spend on wine, women, and Karaoke (none of which officially existed, just like the money they used to pay for it, so there's no explaining to do); or food (you'll never meet a Chinese who won't think a good $500 meal isn't worth it). Or they channel some to their spouse. A few big fish will grab a staggeringly huge am…
That's only 7.5 million per corrupt official, which is about the cost of the houses they buy in Shaughnessy, North Vancouver and Point Grey.
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> outright theft of government funds and property Yeah most of that ends up in North America. imo They tend to buy housing in cash for their children mostly in either Vancouver or the Bay Area.
A lot of it stays in China. Officials may have a large unofficial income source (or two), which they spend on wine, women, and Karaoke (none of which officially existed, just like the money they used to pay for it, so there's no explaining to do); or food (you'll never meet a Chinese who won't think a good $500 meal isn't worth it). Or they channel some to their spouse. A few big fish will grab a staggeringly huge am…
Not the instances that I know of. They are corrupt Chinese gov officials using embezzled money on homes that typically cost 1-4 million USD (mostly in the 2's from what I've seen).
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I'm not so sure about that. If that were true, I don't think the local rich would be so eager to join the party membership.
You don't have to join the party here - just throw a few $1000 at a fundraising dinner to get the guy offering the biggest tax breaks elected.
I'm confused. Are we talking about China or Taiwan?
Are they comparing the top-1000 richest people in China to the top-1000 richest people in the world? That's not a very good comparison. It's like comparing the top-1000 students from a single college, to the top-1000 students from every college in the entire world.
I'm not sure if the actual report makes this comparison too as I cannot read Chinese.
This is not necessarily a bad thing for China or a good thing for countries that want these millionaires. I bet after migration many of these millionaires migrate will establish companies that connect with sources inside China for outsourcing. In an economic sense, the millionaires are very much Manchurian candidates.
In Canadian cities like Toronto and Vancouver, you see this very clearly. Many chinese people are technically in Canada, but they never really left their home country. They create a small subcity with its own economy, and huge ties to the homeland. A great deal of them never learn English because they don't have a need for it.