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Chinese Seek Investment Emigration Overseas

Xinhua’s Economic Information Daily reported that the third wave of Chinese emigrating overseas has been gaining momentum, with the United States and Canada as the top destination choices. An October 2011 survey indicated that 60% of those whose net worth exceeds 100 million RMB are either applying for or planning to apply for emigration to other countries. The first wave of emigration occurred in the early stage of the China’s open-door policy, when people left China primarily to look for work. The second wave was in the 1990s. It featured high tech emigrants. The third wave started in 2002 when the U.S. implemented a new immigration policy. It gathered momentum in 2008, particularly after the international financial crisis. Most from China have been investor emigrants. The report notes that, along with investment emigration, a large amount of funds has been transferred overseas. “The desire of investor emigrants to seek refuge [overseas] is strong.”

Source: Xinhua, February 1, 2012