Wednesday, September 14, 2011

China's New Millionaires Can't Wait To Dump Their Country

Chinese millionaire Su builds skyscrapers in Beijing and is one of the people powering China's economy on its path to becoming the world's biggest. He sits at the top of a country — economy booming, influence spreading, military swelling — widely expected to dominate the 21st century.

Yet the property developer shares something surprising with many newly rich in China: he's looking forward to the day he can leave. Su's reasons: He wants to protect his assets, he has to watch what he says in China and wants a second child, something against the law for many Chinese.

China's richest are increasingly investing abroad to get a foreign passport, to make international business and travel easier but also to give them a way out of China. It is a bothersome trend for China's communist leaders who've pinned the legitimacy of one-party rule on delivering rapid economic growth and a rising standard of living.

Despite more economic freedom, the communist government has kept its tight grip on many other aspects of daily life. China's leaders punish, sometimes harshly, public dissent and any perceived challenges to their power, and censor what can be read online and in print. Authoritarian rule, meanwhile, has proved ineffective in addressing long standing problems of pollution, contaminated food and a creaking health care system.

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