In the lift in my Shanghai apartment building is a Focus Media LED screen which usually displays ads for luxury cars, villa, holidays and banking services. However, what caught my eye today was an ad to leave China - forever! 700,000 rmb (about US$100,000) for Canadian residency.
It seems that the days of the "returning Chinese" are over. 8 years ago they were returning in droves...born in China, educated and trained overseas, and then returning to China in the early 2000's to make their fortune. Now, it seems, the smart money is looking for the financial security, quality education, healthcare and pollution-free alternatives of Australia, Canada and USA. With wife and kid in tow, these newly rich Chinese are off - for good.
This is not some short term fad. This is a growing trend. And it will become an increasingly worrying one for the Chinese government. Not only is this a flight of wealth, but also a brain drain. Unfortunately for China, it seems that not even the Great Wall will be able to stop this exodus.
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