Concentrated wealth

Concentrated wealth

China’s rich nervous to move assets overseas amid pandemic crisis
For years, China’s wealthiest have strived to gain residency overseas in order to protect their assets, but the pandemic has complicated matters.  Many are now facing a million-dollar question, do they stay in China and risk losing their assets, or move abroad where they risk contracting the virus? According to consultants and business people, many are conflicted and feel pressured that the Chinese government could seize their assets in what is perceived as a campaign against business owners. Among them is Wendy Zhao and her husband, who own properties worth more than US$3 million in Shenzhen, China’s hi-tech hub.  They are at odds over whether to move to New Zealand next year to start a ne
Entertainment spending highlights China’s great wealth divide
If ever there was a barometer of China’s rich and poor divide, it is a new report on how much people spend on entertainment and leisure activities. Almost 45% of the population - equivalent to 620 million people in China – spend less than US$153 on entertainment for the entire year, a new survey reveals. About 4.1% of respondents said they spent nothing on leisure. “The last time I went to a wedding reception in a neighboring village, I spent 80 yuan (US$12) on a gift,” said Luo Xiu, who is in her 50s and lives in Wan’an county in the southwestern Jiangxi province. “I had a good meal and fun there. I think that is my only expense on leisure in the last year.”  The survey, by the Chinese Aca
Beijing is censoring a French economist Xi Jinping once praised
When French economist Thomas Piketty published his acclaimed Capital in the 21st Century in 2013, it was an immediate hit upon release in China, selling hundreds of thousands of copies. The nearly 700-page book, an analysis and critique of modern capitalism and inequality, even won praise from President Xi Jinping. In a 2015 speech he used its findings on surging inequality in the United States and Europe to claim that Marxist political economy was as relevant as ever. But Piketty’s new book Capital and Ideology, which expands on the theme of inequality, looks increasingly unlikely to have the same success after falling foul of China’s censors. Published outside China last year, it has yet