Xi’s authoritarian rule unnerves China’s wealthy, with some moving abroad

Beijing [China]Jan 28 (ANI): Xi Jinping’s authoritarian rule in China is a cause for concern for the country’s business community as many are forced to flee to live a carefree life. increase.

Over the past two years, Chinese President Xi Jinping’s crackdown on industries such as technology, real estate and education and his push for “common prosperity” have terrorized China’s wealthy communities. The Communist Party National Convention last October, Singapore Post reported.

Since Xi Jinping won his third term, many Chinese business people have emigrated abroad.

About 10,800 wealthy Chinese immigrated in 2022, according to New World Wealth, a global data intelligence partner at investment immigration consultancy Henley and Partners. This is his most since 2019 and her second only to Russia.

Moreover, after China reopened, immigration increased dramatically compared to a week ago. While the number of migrants was low in the early days of the COVID pandemic, inquiries have more than doubled by 2022, the Singapore Post reported.

President Xi repeatedly emphasized the phrase “co-prosperity” in his speech at the national convention last October. Seeing “common prosperity” as an element of “Chinese-style modernization,” it promised to standardize wealth accumulation mechanisms and “regulate excessively high incomes.” slump, inflation has slowed, and some media reports have reported a drop in bank lending, a further downturn in the property market and retail sales falling for the first time after Shanghai’s lockdown in April and May. Decreased.

Amid the stringent lockdown, China’s foreign companies have also struggled to succeed in the market due to unprecedented difficulties and uncertainties in the country. (Ani)