I’m continually being surprised at how the world works compared to how I thought it worked. This article from CNBC is part of my re-education. First, I thought China was a full of slave labor camps until the day I saw a photograph of a Chinese woman working in a rice paddy, carrying a cell phone on her hip!

Second, more than half of China’s GDP comes from enterprise! I thought it was a command economy.

Third, I didn’t know anyone could get wealthy outside of government bureaucrats stealing from the citizens.

Not only are some Chinese getting wealthy, they are free (so far) to move their money, and themselves, to lower-tax countries:

A new report in China shows that 150,000 Chinese – most of them wealthy – emigrated to other countries in 2011.

And that’s causing some concern because they are the driver of much of that economy:

“The contributes more than 60 percent of China’s GDP and it absorbs a majority of employees. So if private business owners emigrate with their capital, it would mean less investment in the domestic market, so fewer jobs would be created,” Wang Huiyao, director of the Center for China and Globalization, told the state-run China Daily today.

The report says nothing about high taxes, however. They’re leaving for other good reasons:

The report on emigration said that for Chinese moving abroad, the main reasons cited for leaving are the security of their assets, improved quality of life and better for their kids.

And where are they moving?

China’s wealth flight, however, has been America’s gain. The United States was the top destination for wealthy Chinese in 2011, according to the report. Canada and Australia came second and third.

The report said that the United States had granted 87,000 permanent resident permits to Chinese nationals in 2011. Of those, 3,340 were approved through special investment visas, which allows wealthy foreigners to apply for American citizenship if they agree to invest more than $500,000 on job-creation projects.

I trust that the irony here isn’t lost on you. Communist China is creating so much wealth through private enterprise that wealthy people are moving to the US on the condition that they invest in businesses that create jobs here.

As I said, my old paradigm is suffering from a -check.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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