BEIJING: Xi Jinping’s authoritarian rule in China has become a cause of worry for the business community of the country as a lot of them are forced to flee in order to live a carefree life.
Over the last two years, Chinese leader Xi Jinping’s crackdown on industries such as technology, real estate, and education, as well as his push for “common prosperity,” have terrified China’s wealthy community, especially since Xi won his third term at the 20th National Congress of the Communist Party in October last year, the Singapore Post reported.
Ever since Xi Jinping won his third term, numerous people in the business community from China have immigrated overseas.
According to New World Wealth, a global data intelligence partner of investment immigration consultancy Henley and Partners, about 10,800 wealthy Chinese have immigrated in 2022, the most since 2019 and second only to Russia.
Furthermore, immigration increased dramatically after China reopened, compared to a week earlier. Immigration numbers were low in the early days of the COVID pandemic, but by 2022, inquiries had more than doubled, the Singapore Post reported.
Xi in his national congress speech in October last year highlighted the term ‘common prosperity’ a lot of times. Considering “common prosperity” as a component of “Chinese-style modernisation,” he pledged to standardise the wealth accumulation mechanism and “regulate excessively high income.”
According to the economic data for October, exports in China reduced, inflation slowed down, new bank lending tumbled, the property market downturn further increased and retail sales fell for the first time after Shanghai’s lockdown during April-May, as per several media reports.
Amid strict lockdowns, China’s foreign firms also struggled to thrive in the markets due to unprecedented crackdown difficulties and uncertainties in the country. (ANI)