OpinionJiangsu billionaire's call to declare nationality strikes a chord
Billionaire Chen Guangbiao will propose rich mainlanders disclose both their assets and nationality as exodus of millionaires continues
Jiangsu billionaire Chen Guangbiao, who made a fortune by recycling construction materials and is famous for his flashy philanthropy, has made headlines again by calling on the authorities to publish details of rich mainlanders' assets and what passports they hold.
A 2011 survey by the Bank of China and the Hurun Report found more than half the mainland's millionaires were either considering emigrating or had applied to do so, with America the destination of choice.
Chen, chairman of Jiangsu Huangpu Recycling Resources, said he would propose at the annual meeting of the Chinese People's Political Consultative Conference in March that business executives and entertainment stars with assets of more than 10 million yuan (HK$12.3 million) and who were based in Beijing, Shanghai, Guangzhou or Jiangsu should reveal their assets and nationality status, China National Radio reported.
He said releasing details of their nationality was necessary because more and more of them had acquired foreign passports and registered companies abroad to launder money. Last year's Hurun Wealth Report said there were 1.02 million people on the mainland who owned assets worth at least 10 million yuan.
Chen said the police, customs authorities and commerce departments should establish a joint team to monitor whether any business executives had hidden foreign passports and were engaged in tax evasion or dodgy investments.