High-Net-Worth People Are Leaving China. - "Smart money, as the saying goes, is bailing out of China. The country’s millionaires and billionaires are emigrating in record numbers, with 2024 likely to see an out migration of 15,200 such people. Henley & Partners, an investment migration firm, keeps track of such things and notes that this year’s expected figure is some 10% above 2023’s out migration of 13,800. Add to that the 500 or so high net worth individuals who are expected to leave Hong Kong, the out migration jump is that much greater. America and Singapore will receive most of the flow. There is no way to document how much wealth these people will take with them, but from past trends, Henley & Partners estimates that each migrant will take the equivalent wealth of between $30 million and $1.0 billion. Reasons migrants state for their move vary, as one would expect, but most mention the uncertainties implicit in China’s current economic situation and how those uncertainties raises questions about future investment returns. The ongoing property crisis and real estate turmoil loom large in this assessment of uncertainty, especially because falling real estate values have hurt household wealth and accordingly left questions about China’s general economic growth prospects. Some, in explaining their decision, reference the downgrading in China’s financial outlook by two credit rating agencies, Moody’s and Fitch. A motivator left unsaid, and for obvious reasons, is the hostility President Xi Jinping has in the past shown to privately owned businesses and personal wealth generally. Singapore has long been the preferred destination for such migrants. But recently, Singapore has stepped up its scrutiny of inbound Chinese wealth... Canada and the United States will remain popular alternatives for these Chinese and their money. The United Arab Emirates has also gained popularity, offering, as it does, zero income tax, a luxury lifestyle, and so-called “golden visas” that make the movement of investment funds easy and private. Japan, too, has gained popularity, because of its proximity to China, an attractive lifestyle, and the fact that it can advertise itself as one of the safest countries in the world. To be fair to China, it is not the only country seeing an exodus of high-net-worth individuals and families. South Korea and Taiwan have also witnessed such departures. In the case of these two countries, security more than economics is the paramount concern. For the former, the belligerence of North Korea looms large. For Taiwan, it is China’s belligerence that prompts people who can to move their life, their assets, and their family out of potential harm’s way... China watchers can note two telling messages in this migration news. One is that it makes a clearly negative commentary on President Xi Jinping’s economic management. Second is that the departure of this wealth will make Beijing’s efforts to revitalize China’s economy that much more difficult, though there is no way to quantify the effect."
It's ironic that Xi Dada is causing rich people to leave both China and Taiwan, but for different reasons.
‘Faces of Sanxingdui’: Bronze Age relics shed light on mysterious ancient kingdom - "the narrative that the Shu kingdom was innately Chinese is contentious, according to Ian Johnson, a senior fellow for China Studies at US think tank, the Council on Foreign Relations. “Over the past few decades, the (Chinese Communist Party) has been trying to push a historical myth that all the peoples who have ever lived inside the current borders of the People’s Republic are ‘Chinese,’” he told CNN over email. “The basic idea is that the PRC (People’s Republic of China) encompasses people who naturally belong together and therefore, from today’s standpoint, form a nation. Hence any effort to have autonomy or even independence is taboo — it runs against history.”... there was little support for the idea that civilizations along the Yellow River had much in common with those in the Sichuan Basin. “They have commonalities but are not the same — just as ancient Assyrians and Phoenicians and Greeks weren’t the same, even if they shared certain things in common,” he said, adding: “sponsoring these kinds of exhibitions are popular and win the government credit.” When asked to comment, the Hong Kong Palace Museum said the exhibition was “curated based on academic and archaeological research” and that it reinforces its mission to deepen audiences’ “understanding of the lives and cultures of various regions and ethnic groups as well as exchanges among them in ancient China, which have contributed to the magnificence of China’s civilization and its ‘diversity in unity’ pattern of development.”"
LILLEY: The U.S. prosecutes government officials who allegedly act for China - "Kickbacks worth millions, promises of access to key politicians, blocking unfavourable messages disliked by Beijing. These are the allegations against a top political aid charged with acting as an agent of the Chinese government. The charges weren’t laid in Canada, though; they were laid in New York, where they take issues like foreign interference seriously... Linda Sun, 41, the former deputy chief of staff to New York Gov. Kathleen Hochul, was arrested along with her husband Chris Hu. Sun, not only worked for Hochul as a top aide, she had previously worked for Gov. Andrew Cuomo before he stepped down. “As alleged, while appearing to serve the people of New York as Deputy Chief of Staff within the New York State Executive Chamber, the defendant and her husband actually worked to further the interests of the Chinese government and the CCP,” stated United States Attorney Breon Peace . According to officials, Sun allegedly ensured that key messaging coming out of the governor’s office mirrored what Beijing wanted, that she blocked “representatives of the Taiwanese government from having access to high-level New York State officers” and arranged meetings between Chinese government officials and New York State government representatives. In exchange for the favours, the United States Department of Justice claims that Sun and her husband were given millions of dollars in kickbacks that allowed them to buy a $4-million home on Long Island, a $2.1-million condo in Hawaii, a Ferrari and other luxury cars. The indictment against the couple says that kickbacks were funnelled through Hu’s company and other benefits were offered to Sun’s family in China, including jobs, promotions, and invitations to events. The pair allegedly laundered money as part of the scheme, allowing them to live their lavish lifestyle... In the United States, actions like this result in criminal prosecution. In Canada, it results in Justin Trudeau trying to ignore the issue, then claiming he takes things seriously and then trying to pat us on the head and tell us we have nothing to worry about."
Richard Hanania on X - "Linda Sun was not a very good Chinese spy. While working for the governor’s office, she blocked an invitation for the NY governor to attend a banquet with the Taiwanese president. She then personally went to the banquet to protest."
China tried to drive voters away from Conservative candidate, inquiry hears - "investigators for the Commissioner of Canada Elections concluded that the Chinese government tried to get Chinese Canadian voters to vote against the Conservative Party (CPC) and then-Conservative MP Kenny Chiu in the 2021 election. Chiu was elected in the B.C. riding of Steveston-Richmond East in 2019 but lost to the Liberal candidate in 2021. "These efforts were motivated by elements of the CPC's election platform and by actions and statements made by member of Parliament Kenny Chiu that were leveraged to bolster claims that both the platform and Chiu were anti-China and were encouraging anti-Chinese discrimination and racism," the report says. "These messages were amplified through repetition in social media, chat groups, posts and in Chinese language online, print and radio media throughout the [Greater Vancouver Area]." The messages had an impact on voters, the report says. "According to Chinese Canadian interview subjects, this invoked a widespread fear amongst electors, described as a fear of retributive measures from Chinese authorities should a CPC government be elected," the report says. "This included the possibility that travel to and from China could be interfered with by Chinese authorities, as well as measures being taken against family members or business interests in China.""
US companies see record-low profits in China amid geopolitical tensions and slow growth, report says - "American companies in China are seeing record-low profits, with business confidence at an all-time low amid U.S.-China tensions and a slowing Chinese economy, according to a report published Thursday by a U.S. business group. Out of 306 companies polled, a record-low 66% were profitable in 2023, according to the China business report published by the American Chamber of Commerce in Shanghai. The report also found that only 47% of respondents were optimistic about their business outlook in China over the next five years, the lowest in the survey’s history of more than two decades. Beijing and Washington have been at odds in recent years over issues like trade and manufacturing, as well as China’s claims over the South China Sea. China is also grappling with a slowing domestic economy, with lackluster consumer demand and deflationary pressures persisting even post-COVID. The geopolitical tensions between both countries was the top challenge to businesses’ operations in China, the report found... Many businesses are now redirecting investments to other regions such as Vietnam, Malaysia and South Asia, Zheng said. A record high of 25% of companies polled cut investment in China in 2023, AmCham’s report found, largely driven by concerns over China’s slowing growth... The AmCham report came a day after the European Union Chamber of Commerce in China published a report with similar sentiments on the increasing risks of doing business in China. The report highlighted a lack of implementation on promised reforms and an increasingly politicized business environment."
The Chinese economy is slowing, and it could affect all of us - The Washington Post - "Growth in industrial output and retail sales has slowed, while the stock market and investment in real estate took a nosedive. Unemployment is up, and deflation remains an urgent issue. Chinese officials, however, still appear reluctant to take action to reinvigorate the economy with the kinds of huge stimulus packages used after the 2008 global financial crisis, which many economists say is again necessary to stem the slowdown. Instead, the Chinese government continues to double down on its strategy of investment in advanced manufacturing and export-led growth, even as escalating trade tensions with the United States and Europe are undermining its ability to sell some its most valuable exports overseas... Landing a job is a particular challenge for young people: After the youth unemployment rate reached record highs last year, Chinese officials temporarily stopped releasing the statistic and concocted a new, more favorable metric. But even the new metric now looks dire — in July, youth unemployment in urban areas reached 17 percent... After taking power in 2013, Xi unleashed an all-encompassing anti-corruption drive, routing out graft while also taking down potential political opponents and centralizing power. Though the effort was mainly focused on corrupt officials at first, it has since expanded to the private sector, with the government moving to detain superstar bankers and investigate billionaires such as Xu Jiayin, founder of the embattled real estate firm Evergrande. In 2020, regulators called off the initial public offering of Jack Ma’s financial technology giant Ant Group, beginning a years-long crackdown on the once-booming Chinese tech industry, which the government views as monopolistic. Chen Zhiwu, a finance professor at the University of Hong Kong, said that the government’s assault on the private sector is at the root of China’s economic troubles. “There is a deep belief that the private-business owners and private businesses are in competition for power and for influence in the larger Chinese society with the [Chinese Communist] Party,” he said... Return to menu The Chinese government has not yet been willing to implement aggressive stimulus policies to boost consumer demand, despite increasing calls for measures such as bolstering social welfare systems, stabilizing the real estate market or making cash payments to struggling families to encourage them to go out and spend. “There is growing consensus among economists, myself included, there should be cash payouts to people, which I don’t think will happen,” said Zhu Ning, a finance professor at Shanghai Jiao Tong University, pointing to practical barriers and the enormous expense of handing out checks to a vast population. Zhu also cites a philosophical reason: “I think the policymakers are skeptical of the way the West has handled covid with handing out cash and don’t want to follow its example.” Instead, the Chinese government has focused on funding manufacturing, in part due to a key Communist Party priority to become self sufficient in critical technologies like semiconductors"
China new home prices fall at fastest pace in over 9 years in Aug - "The property market continues to grapple with deeply indebted developers, incomplete apartments, and declining buyer confidence, straining the financial system and endangering the 5% economic growth target for the year... Chinese policymakers have intensified efforts to support the sector including reducing mortgage rates and lowering home buying costs, which has partly revitalised demand in major cities. Smaller cities, which face fewer home purchase restrictions and have high levels of unsold inventory, are especially vulnerable, highlighting the challenges faced by authorities to balance demand and supply across various regions."
Japanese Schoolboy's Killing Spotlights China's Ultranationalism Problem - Newsweek - "The recent stabbing of an elementary student in Shenzhen has again raised concerns over anti-Japanese sentiment in China. On September 18, a 10-year-old boy was attacked by a 44-year-old man, identified as Zhong, near the Shenzhen Japanese School where he was enrolled. The child died the next day. The incident marked the second knife attack on Japanese nationals in under three months. In June, a Japanese woman and her child were hospitalized with non-life-threatening injuries after a knife-wielding assailant attacked them. A Chinese woman was stabbed while trying to protect the pair and later succumbed to her injuries. Analysts and Japanese commentators have pointed their fingers at the Chinese government, saying Beijing's frequent focus on historical and modern-day grievances against Japan has fueled such hatred. Ou Si-fu, an associate research fellow and director at Taiwan's Institute for National Defense and Security Research, told Newsweek the September 18 attack demonstrated that underlying resentment toward Japan can boil over at any time. Toshimitsu Shigemura, a professor of international relations at Tokyo's Waseda University, told the South China Morning Post newspaper that, under China's President Xi Jinping, education has become more "aggressively anti-Japanese" than under previous Chinese leaders. "Xi is using criticism of Japan to bolster his own support at a time when the Chinese economy is struggling, with the policy of 'love the nation' designed to safeguard his power," Shigemura added. One of the more prominent nationalist displays came from a middle school in Shandong Province, where students reenacted the 2022 assassination of former Japanese Prime Minister Shinzo Abe... On Chinese social-media platforms such as Bilibili, some users questioned why the boy's murder was getting so much attention. "I don't understand why Japanese injuries are causing such a big response online in China," one user commented. Another user warned: "If Japan blindly escalates the situation, it will only lead to more tragedy."" They said resentment toward Japan is not the product of education but of unaddressed grievances such as Japan's wartime atrocities in the 1930s and 1940s; the enshrinement of war criminals at Yasukuni Shrine; and the dumping of treated radioactive wastewater from the Fukushima Daiichi nuclear plant, which suffered a meltdown after the 2011 Tohoku earthquake and tsunami. Last year, China stepped up its propaganda campaign over Fukushima, banning Japanese seafood and accusing Tokyo of irresponsibly threatening the environment, despite the International Atomic Energy Agency's report the treated water is "consistent with international safety standards... In a discussion with Japan's top diplomat, Yoko Kamikawa, in New York on Monday, Chinese Foreign Minister Wang Yi said China would handle the investigation according to the law but advised Japan to avoid politicizing the incident. Chinese Foreign Ministry spokesperson Lin Jian reiterated Wang's statement at a press conference, saying that the murder was an isolated incident unrelated to anti-Japanese sentiment. "Some in Japan are linking this case with so-called anti-Japan comments on Chinese social media, exaggerating and sensationalizing 'safety risks.' This rhetoric does not match the facts," Lin said, though he stated that the investigation was ongoing. He added that China remains committed to ensuring the safety of foreign nationals and urged Japan not to "politicize or inflate" the incident."
It's ironic that the ones who caused the problem by politicising things claim others shouldn't politicise things
Good luck if Chinese people are attacked in Japan. Suddenly China will be bitching like hell
FIRST READING: Erin O'Toole warns of 'flirtatious' woman who may have been a Chinese spy - "O’Toole recounted an incident in which a “young, ethnic Chinese woman” repeatedly harassed him at public events. “Mr. O’Toole described the young woman as very flirtatious and as unprofessional and relentless in her attempts to obtain his phone number, to the point that he felt bothered and uncomfortable,” reads a summary compiled by commission lawyers... One odd detail that has emerged during commission hearings is that O’Toole’s name sounds similar to the Chinese word for “vomiting.” In a series of anti-Conservative social media posts with potential links to Chinese consulates, the Tory leader is referred to as “Vomiting.” O’Toole also described another potentially suspicious incident involving young Chinese women — although this one lacked any sexual overtones. During his first run at the Conservative leadership in 2017, he described his office being approached by two “lovely” young Chinese students offering their help in Chinese-language data entry and canvassing. “He thought it strange for international students to follow domestic politics so closely and even stranger that they would volunteer in the context of an internal party leadership race,” reads a summary of his testimony... “In the context of a busy political campaign, harried front-line staff do not have the time, resources, or training to scrutinize ambiguous behaviour,” read commission documents... In 2011, Conservative MP Bob Dechert was thrust into an embarrassing scandal in which it emerged that he had exchanged amorous messages with Shi Rong, an Ottawa-based correspondent for Xinhua, the Chinese state news agency. “You are so beautiful. I really like the picture of you by the water with your cheeks puffed,” read one of the messages, which were reportedly made public by Shi’s husband. Although the Shi affair lacked the usual hallmarks of a targeted Chinese operation, security analysts have noted that Xinhua is often used to move spies into foreign capitals. At the time, Dechert was parliamentary secretary to Foreign Affairs Minister John Baird. In 2018, then senior Conservative MP Tony Clement revealed he had sent pictures of his genitalia to two West African men who had been posing as a female paramour. The motive in Clement’s case appeared to be a simple instance of financial blackmail, rather than an attempt at political interference... When it comes to alleged Chinese “honey traps” (espionage operations that use sex to gain access), one of the most successful in recent years occurred in the United States. In 2020, Axios broke the story of Christine Fang, a Chinese intelligence operative who had initiated romantic relationships with two California mayors — in addition to establishing close ties with federal politicians, including Congressman Eric Swalwell."
Can China’s Stimulus Package Help Save Its Economy, Property Markets? - Bloomberg - "Optimism was high as China exited pandemic curbs in late 2022 and reopened its borders that the nation would see a rapid recovery in consumer spending fueled by “revenge shopping,” eating out and travel. That boost failed to materialize as people fretted about what weak growth means for unemployment and incomes. The years-long real estate crisis also wiped out an estimated $18 trillion in wealth from households, prompting people to save rather than spend and pushing China into its longest streak of deflation since 1999. Chinese consumption edged up slightly during a major holiday in September, adding to signs the rebound in spending by households still had a way to go. Unemployment remains a concern, made worse by a regulatory crackdown on big technology companies that deprived many young, ambitious graduates of a lucrative career path. The youth jobless rate rose in August for the second straight month to its highest level this year."
Britain has agreed to cede the Chagos Islands to Mauritius - "Few places in the world are quite so remote as the 60 or so islands that make up the Chagos Archipelago. Africa sits 3,000km to the west, Indonesia 3,000km to the east; the nearest large land mass is Sri Lanka, 1,700km to the north-east. More than 50 types of shark live in its pristine reefs. But the archipelago’s main resident is much more lethal: a military base on Diego Garcia, the largest island, leased to America by Britain since the 1970s. The case of Diego Garcia pulls together Britain’s troubling colonial legacy, modern concerns about human rights and international law, and the hard realities of geopolitics. Its location—midway between the Middle East and Asia—is strategically important; American planes flew sorties from it during both Gulf wars and the war in Afghanistan... On October 3rd the British government announced a preliminary deal to cede sovereignty of the islands to Mauritius. Under the agreement the Diego Garcia base will remain in British hands and under American control for the term of a (renewable) 99-year lease. Britain will also pay Mauritius to build infrastructure and, eventually, resettle some of the smaller Chagos islands. The deal is clearly good for Mauritius, and soothes a diplomatic irritant for Britain. But it doesn’t much help the Chagossians themselves. And the real beneficiary may well be the government in Beijing. The Mauritian government has argued that the deal marks the return of Britain’s last African colony and the righting of a historic injustice. That perspective has caught on internationally; the United Nations General Assembly voted in support of Mauritius’s claim. The reality is much messier. The link between Mauritius and the Chagos islands is fairly flimsy; the two territories are 2,000km apart and share no pre-colonial history. They were governed together as a single colony only between 1903 and 1965, when Britain paid Mauritius £3m (then $8.4m) to renounce its claim. Although the islands’ economic value is limited, claiming them allows Mauritius to greatly expand its territorial waters, as well as charge Britain and America for the Diego Garcia base. In 2019 the International Court of Justice issued a non-binding opinion determining that Britain’s separation of Mauritius and the Chagos Islands was unlawful, on the basis that international law forbade a colonial power from dividing a territory prior to independence. Although unenforceable, that decision galvanised international outrage and became an increasing diplomatic headache for Britain. Mostly left out of the negotiations leading up to this week’s announcement have been the Chagossians themselves. Initially taken, after expulsion, to the Seychelles or Mauritius, where many faced marginalisation and racial discrimination, they were eventually offered British citizenship; a sizable community now lives in Crawley, near Gatwick Airport. “The majority of us feel stabbed [in the back] by the UK government: unhappy, disappointed, frustrated,” says Pascalina Nellan, one British-based Chagossian. “We don’t want a change in sovereignty without consulting us. We were never consulted.” Peter Lamb, the MP for Crawley, said he has not heard a single local Chagossian voice in favour of ceding the islands to Mauritius. Pravind Jugnauth, the Mauritian prime minister, has used language that may mean only Chagossians with Mauritian citizenship would be eligible to resettle on the islands, leaving many in Britain or the Seychelles excluded... One particular worry is the prospect that China may have an easier time snooping if the archipelago is in the hands of Mauritius, which has substantial investment and trade links with the government in Beijing. The reason that Britain had previously opposed Chagossian resettlement, even outside Diego Garcia, was out of concern that a permanent local population could jeopardise the security of the base. Another option for espionage would arise if Mauritius allowed China’s fishing fleet into its waters; vessels with surveillance equipment could be easily mingled with legitimate fishing boats. Further out, the loss of sovereignty means future Mauritian governments could also call the lease into question. Backers of the deal argue that ending legal ambiguity about the base puts it on a firmer footing. But the Philippines closed an American naval base in Subic Bay in 1992 after the Senate in Manila rejected an extension. Libya shut British and American bases in the 1970s, after Muammar Qaddafi took power. “Mauritius can always renege. When you have sovereignty you can get away with almost anything really,” says Yuan Yi Zhu, a legal academic at Policy Exchange, a think-tank. “Sovereignty is very powerful; a lease isn’t.” For Britain the upside is a diplomatic boost and the end to an embarrassing narrative about a remnant of the British Empire. But just how much cachet Britain has bought remains uncertain. One former foreign secretary, opposed to the deal, is sceptical. “You won’t get the global south on board. This won’t do it. There will be another demand,” he says. “It is naive. Once you do something, you cannot reverse it. You’ve lost it for ever.”"
Is Mauritius going to pay the money back?
Left wing ideology is about crippling your country
The ignorant Chagossians don't know that "decolonisation" is a good thing
Meme - James 🚄 @TypeForVictory: "Here's a visualisation of why Diego Garcia isn't just "some tiny islands" as the Foreign Office seem to think. The red circle is the combat range of an F-35A, giving air supremacy. The yellow circle is the B-1 Lancer. Why do you *think* India/China want to "decolonise" it? #BIOT"
Uncle Roger comedian deletes video with China critic - "Comedian Nigel Ng has deleted a video and apologised to his fans after featuring a YouTuber who had criticised the Chinese government. Nigel Ng has three million subscribers on YouTube where he plays the character Uncle Roger and gives a running commentary on Asian recipe videos. On Tuesday, Mr Ng apologised on Chinese social media for including Mike Chen, a popular YouTuber, in one of his videos. Mr Chen has previously spoken out about the treatment of Uighurs in Xinjiang... He added that he had not been aware of Mr Chen's "political thoughts and incorrect comments about China in the past"... Mr Chen told the South China Morning Post: "I hold no animosity towards Nigel for what he did, because it's hard to stand up to the [Chinese Communist Party]'s tactics. I do hope that he learns more about the human rights abuses that the CCP has committed because he lives in a free country where he can do that." "I have always said that I love China, and I love the kind-hearted Chinese people. They are my people. The CCP, however, is not China and certainly should not be equated to the Chinese people," he added. The apology and deletion of the video has caused some people to accuse Mr Ng of self-censoring for the sake of Chinese fans. One person on Twitter wrote: "Taste of RMB is much better than MSG. Isn't that right Uncle Roger", referring to the Chinese currency and a flavour enhancer commonly added to some Asian foods."
From 2021
New York Times praises China’s communist society as ‘freedom’ that Americans should envy - "Li Yuan writes that China is in fact a more free nation than the US or her western allies... "The pandemic has upended many perceptions, including ideas about freedom. Citizens of China don't have freedom of speech, freedom of worship, or freedom from fear—three of the four freedoms articulated by President Franklin D. Roosevelt—but they have the freedom to move around and lead a normal day-to-day life. In a pandemic year, many of the world's people would envy this most basic form of freedom."... "While many countries are still reeling from Covid-19, China—where the pandemic originated—has become one of the safest places in the world," Li writes. "The country reported fewer than 100,000 infections for all of 2020. The United States has been reporting more than that every day since early November." This is a drastic misunderstanding of what freedom is. Freedom is not freedom from danger, it is the freedom to assess danger and risks for one's self and behave as you see fit, not simply as the government permits."
From 2021. Freedom is slavery. This didn't age well with China's zero covid insanity
