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Chinese Economist: Entrepreneurs’ Emigration Overseas Is Unfortunate for the Economy

Xu Xiaonian, economist and professor at the Sino-Europe International Business Institute, commented about China’s economy. Xu said that nobody, including entrepreneurs, has a sense of security when “the state advances as the private sector retreats.”

During a public event on April 21, Xu said that the most valuable resource in a country’s economic development is its entrepreneurs. It is an imperative task for the Chinese government to consider how to keep these entrepreneurs in China. Xu said, “(The Authorities) cannot do things in the style of the Cultural Revolution – when the authorities could detain people and confiscate (private) property at will. To do so will destroy people’s sense of security. (Entrepreneurs) will not only emigrate overseas, they won’t even have any investment plan inside China.”

The Hurun Rich List 2012 showed that 44% of the rich people in China are considering emigrating overseas; 16% have already emigrated or in the process of emigration.

Source: BBC Chinese, April 22, 2013