I think that, in theory, you can’t really move all your money outside of China. In practice, I’m pretty sure there’s a huge loophole in Macau where you can exchange all your RMB money for casino chips and then exchange them for dollars (or something like that) instantly, allowing you to move huge sums outside of China. There are probably a thousand other ways to bring out money we surely don’t know about.
There are tons of millionaires and billionaires in China, and I doubt they want to be at the complete mercy of the CCP. They’ve been moving money outside of China for decades now, with this and other loopholes. Many of the billionaires are complicit with members of the party, obviously, sharing the money with those in power in order to do what they please.
Does China have capital flight laws? Can they allow the millionaires to leave whilst retaining the actual material wealth?
I think that, in theory, you can’t really move all your money outside of China. In practice, I’m pretty sure there’s a huge loophole in Macau where you can exchange all your RMB money for casino chips and then exchange them for dollars (or something like that) instantly, allowing you to move huge sums outside of China. There are probably a thousand other ways to bring out money we surely don’t know about.
There are tons of millionaires and billionaires in China, and I doubt they want to be at the complete mercy of the CCP. They’ve been moving money outside of China for decades now, with this and other loopholes. Many of the billionaires are complicit with members of the party, obviously, sharing the money with those in power in order to do what they please.