CCTV-News / CNTV
Chinese on the move 中国百科
December 17, 2012
Rich Chinese on the move
12-17-2012 10:25 BJT
By CCTV reporter Jie Bai
We’ve reported on the exodus of Chinese wealth in our previous programs. Now, there’s some news that could encourage even more rich Chinese to seek foreign citizenship. The UK has relaxed its immigration rules, according to the BBC’s Chinese site.
English-language requirements have been lowered for entrepreneurs, from 7 to 4 points, within the International English Language Testing system. But there’s a flipside -- applicants MUST provide more details about their finances. The changes, along with one high-profile case of a Chinese businesswoman, are sparking renewed debate on the amount of wealth flowing out of China. Jie Bai has more.
Two decades ago, she gave up the chance to be a Canadian citizen, and returned to Beijing to single-handedly start her own business.
Zhang Lan, founder of South Beauty Group, said,"All of the people were saying I was crazy. They said I gave up a passport to paradise."
Now, having built up a restaurant empire, and with a net worth of 1.5 billion yuan, the news has emerged that Zhang Lan HAS in fact given up Chinese citizenship - although it’s not yet known which country she’s switched to. It’s sparked some heated debate on the exodus of rich Chinese.
54-year-old Zhang opened her first restaurant 12 years ago. The company logo is now known to millions. Zhang Lan became very involved in charity work. And her rags-to-riches experience inspired entrepreneurs across the country.
But now, the story has taken a twist, with Zhang’s nationality switch. It’s a growing trend among China’s business elite.... but not everyone is following.
LiangWengen, chairman of Sany Group, said,"If I were given a thousand lives, I would still choose to be born in China. I’m proud to be Chinese."
But Liang is in the minority. A joint survey by the Hurun Report and the Bank of China in 2011 showed that 46 percent of Chinese millionaires are considering applying for foreign citizenship.
Chinese entrepreneurs have business interests that stretch across the world. The China Daily reports that more and more wealthy Chinese are taking advantage of a special US visa scheme -- foreigners investing 5-hundred-thousand US dollars or more in a business that creates at least 10 jobs can get a US green card.
Nearly three thousand Chinese applied under the scheme in 2011. A huge rise from just 63 in 2006.
CCTV-News / CNTV
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