I think that, in theory, you can’t really move all your money outside of China. In practice, I’m pretty sure there’s a huge loophole in Macau where you can exchange all your RMB money for casino chips and then exchange them for dollars (or something like that) instantly, allowing you to move huge sums outside of China. There are probably a thousand other ways to bring out money we surely don’t know about.
There are tons of millionaires and billionaires in China, and I doubt they want to be at the complete mercy of the CCP. They’ve been moving money outside of China for decades now, with this and other loopholes. Many of the billionaires are complicit with members of the party, obviously, sharing the money with those in power in order to do what they please.
Money is just a social contract though. What they can’t take with them are the means of production. Stuff like factories that they used to own will stay in China. What people in the west don’t seem to understand is that the economy is fundamentally about allocation of labor and resources towards meeting the needs of the people. Money of itself has no inherent meaning, that’s why the government can just issue as much currency as it needs.
Many of the billionaires are complicit with members of the party, obviously, sharing the money with those in power in order to do what they please.
If that was the case in practice then they wouldn’t be fleeing China to go to places like US where they can do as they please.
Does China have capital flight laws? Can they allow the millionaires to leave whilst retaining the actual material wealth?
I think that, in theory, you can’t really move all your money outside of China. In practice, I’m pretty sure there’s a huge loophole in Macau where you can exchange all your RMB money for casino chips and then exchange them for dollars (or something like that) instantly, allowing you to move huge sums outside of China. There are probably a thousand other ways to bring out money we surely don’t know about.
There are tons of millionaires and billionaires in China, and I doubt they want to be at the complete mercy of the CCP. They’ve been moving money outside of China for decades now, with this and other loopholes. Many of the billionaires are complicit with members of the party, obviously, sharing the money with those in power in order to do what they please.
Money is just a social contract though. What they can’t take with them are the means of production. Stuff like factories that they used to own will stay in China. What people in the west don’t seem to understand is that the economy is fundamentally about allocation of labor and resources towards meeting the needs of the people. Money of itself has no inherent meaning, that’s why the government can just issue as much currency as it needs.
If that was the case in practice then they wouldn’t be fleeing China to go to places like US where they can do as they please.