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The largest migration in human history
During the past three decades, 168 million rural Chinese migrated to the coastal area to work, and some of them eventually settled down. (courtesy of Economist.com)
The exodus of Chinese rich
According to WSJ, one recent survey found that 60% of about 960,000 Chinese people with assets over 10 million yuan ($1.6 million) were either thinking about emigrating or taking steps to do so. The U.S. was the top destination, followed by Canada, Singapore and Europe. Most people cited their children’s education as the main reason, followed by concerns over air quality, food safety and financial security.
Here is a snapshot of China’s new millionaires:
And the related WSJ video interview.
China GDP per capita, huge regional gap
Following my previous post on China’s fast catching-up with the developed countries, Economist Magazine has done some more interesting map works, matching China’s output-income data by provinces to the world’s individual countries. The map vividly shows the huge income gap among different Chinese provinces/regions.
More similar maps here.
Jim O’Neill updates on Chinese economy
Jim O’Neill, Chairman of Goldman Sachs Asset Management, discusses his outlook on China and global economy.
Fast Catch-up
China vs. US in key economic metrics, from Economist Magazine.
Bear in mind two things:
1. China’s population is roughly 4 times of the US, so it’s natural for China to be bigger;
2. But size does matter, and matters a great deal.
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How Chinese view Europe
Interview of Jin Liqun, Chairman of China’s Investment Corp. (or CIC), China’s sovereign wealth fund, with $460 billion assets under management.
Jin offers his views toward Europe and her economic and political systems. He also explains why CIC is unlikely to inject large rescue investments as per European leaders’ request. I’d say Jin’s views toward Europe is quite typical in China.
Starting from 12″10′ in the video interview, Jin had some really strong (yet painfully true) comments toward European welfare system.
Coase: China needs to have a free market for “ideas”
Ronald Coase, Nobel-winning economist, whose economic theory on property rights has had a profound impact on China’s economic reform in the past 30 years, prescribes medicine for China’s long-term sustained economic growth: to have a free market for ideas.
What Coase essentially argued was that China needed to have a free and open society. This would immediately mean the transformation of the current political regime.
Watch this ten-minute video:
China’s advantage as world’s manufacturing base
Two sharp charts on why China will remain as global manufacturing base for a long time, despite the sharp rise of its worker’s wages recently.
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