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The rich moving out of China

According to a recent Hurun report, among the rich worth more than 10million RMB, 14 percent either have already migrated or are applying for migration to a foreign country, and nearly half of them are considering joining the group. It is also said that China has become the largest emigration country in the world. US Citizenship and Immigration Services (USCIS), the number of Chinese applicants for investment immigration has exceeded applications from any other country or region.

So why do so many of the rich in China choose to move out? How will this country be affected by the so called “migration tide”.

Better education and robust law system are among what they are looking for overseas. In a violent contrast to Chinese rocketing economy, our education level is still left far behind that of some foreign country, especially the US. People who have made wealth in the past 30 years and subsequently seek better education for the future of their children, join the migration army. Secondly, unlike some who concern about children education much more, other rich people pay more attention to the security of their asset. They are worrying about their asset safety in China, and strongly believe that, under the protection of foreign laws which are nearly to perfection, they will live a life of ease.

It can be seen that after obtaining great deal of wealth, rich people in China are obviously pursuing a better living condition, either for their children or themselves. So the question is raised that will this emigration affect China negatively. I say yes, but not as seriously as many think.

China witnessed two migration tides before, one in the late70’s, another early 90’s.From these two, the nowadays migration differs in some aspects. The emigrants are no longer poor students only with a resolution to bring back to their motherland cutting edge science and technology overseas, instead they wave goodbyes to China taking with them substantial wealth and many of them are still top-notch intellectuals. It is almost certain that, from this perspective, emigration will undermine China on the way to her rise. However, in my perspective of view, this kind of migration will in some way make China much more influential in the world. The current western world still knows China too little, especially in terms of common citizens. Citing India for example, we can see a similar tide took place in India in the 60’s, which once drew attention and concerns in Indian government and society. Several decades later, these Indian emigrants still keep in bond with their motherland, and improve the image of Indians, thus lift the status of India in the world. So I expect Chinese emigrants will also contribute to China ’s success in a different but profound way.

Migration tide this time indicates that China, who is on the way of great economy increase, still has more flaws to be perfected, when compared with some developed countries. But we needn ’t worry too much. Maybe it’s not a bad thing when looking back several decades later.