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Outflow of Wealth Accelerates as More Chinese Emigrate

Xinhua recently reported on information from the annual blue book on Chinese International Migration (2014), released by the Center for China & Globalization (CCG). According to the blue book, a huge number of emigrants have left China taking 2.8 trillion yuan with them. 

The blue book stated that as of 2013, emigrants to overseas had reached 9,343,000, an increase of 128.6 percent in 23 years. These emigrants brought 2.8 trillion yuan (US$46 billion) with them when they left China, thus making China the 4th largest source of emigrants. 
According to the blue book, in 2011, those people who had over 6 million yuan available for investment had a total assets of 33 trillion yuan in China. Of that amount, 2.8 trillion has since been transferred out of China, accounting for about 3 percent of China’s GDP in 2011. 

Hong Kong, the United States, and Canada have become the main destinations for the transfer of assets, accounting for 22 percent, 21 percent and 16 percent respectively, followed by Switzerland (9 percent), Singapore (6 percent) and Australia (5 percent). 

Source: Xinhua, February 7, 2014