Rich Chinese eye life abroad amid questions about policy direction under Xi Jinping
- Immigration consultants say anxiety is spreading among rich Chinese about their assets as President Xi Jinping starts his third term
- China’s sluggish economy, a slump in the real estate market and zero-Covid are all fuelling concern about the country’s policy direction
In early November, amid a resurgence of coronavirus outbreaks across China, a luxury hotel in the southwestern province of Sichuan was fully booked with hundreds of immigration consultants for a three-day summit.
The event in Chengdu was held not long after the 20th party congress, a pivotal political event that consolidated Xi Jinping’s grip on power while triggering broader concerns about Beijing’s policy direction.
The party congress did little to allay foreign investor uncertainty and domestically there are expectations of a resurgence in emigration among wealthy Chinese over the next few years, despite the shadow of high global inflation and a looming recession.
The clients are like frogs in warm water and suddenly they feel it boiling
“My peers have said their firms have seen inquiries increase a few times over since May and they keep growing by the day,” said Danny Cai, who runs an immigration and overseas study consulting firm in Zhejiang province.
“The clients are like frogs in warm water and suddenly they feel it boiling. We are realising that China is at a crossroads and new political and economic policies may bring enormous uncertainties and risks to their wealth.”
To address social inequality, China’s new leadership has identified “common prosperity” as a major economic task. Xi’s report to the 20th party congress signalled more robust regulation to evenly distribute the spoils of China’s rapid development.