Asia

Xi Jinping’s authoritarian rule leaves Chinese elites seeking foreign relocation

Beijing, China:  The wealthy, business class of China  have been seeking to relocate to foreign destinations, owing to the authoritarian governance of the Chinese leader Xi Jinping. As per the reports from The Singapore Post, ever since Jinping emerged victorious in his third term at the 20th National Congress of the Communist Party, the business community has been worried for their fate in the near future.

The last two years for the Chinese business class has been a ride down the hill, following Xi Jinping crackdown on the industries such as technology, real estate as well as education due to his “common prosperity’ ambitions. As per the reports, many of the citizens from wealthy and business communities have already immigrated overseas, in search of a safe and stable future.

The term ‘common prosperity’ first gained ground in Xi Jinping’s speech in National Congress in October 2022. As per Jinping, the ‘common prosperity’  aspect of Chinese modernisation looks on to standardise the wealth accumulation mechanism regulate excessively high income.

The data from the World Wealth, a global data intelligence partner of investment immigration consultants Henley and Partners, revealed that about 10,800 wealthy Chinese individuals have relocated to foreign nations in 2022, which is the second most count after Russia.

Notably, the immigration count rose dramatically after the reopening of China. As per the numbers, the immigrant count was really low in the early phases of the Covid-19 pandemic, however, the number of inquiries had doubled by 2022.

The economic data for October reveals that exports had reduced , inflation was slowed down, new bank lending stumbled, the property market downturn also increased as well as a down fall was recorded in the retail sales for the first time after Shanghai lockdown during April-May.

The strict lockdowns in China also left the firms struggling to thrive in market as the unprecedented challenges and circumstamces surfaced.

 

 

 

 

Zurab Kvaratskhelia

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