World News | Xi Jinping’s authoritarian rule worries China’s rich, many emigrate

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

Over the past two years, Chinese leader Xi Jinping’s crackdown on industries such as technology, real estate and education, and his push for “common prosperity” have terrorized China’s wealthy, especially since Xi won the third His tenure since the Communist Party National Congress in October last year, according to the Singapore Post.

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Countless Chinese business people have emigrated overseas since Xi Jinping won his third term.

About 10,800 wealthy Chinese will immigrate in 2022, the most since 2019 and second only to Russia, according to New World Wealth, a global data intelligence partner at investment immigration consulting firm Henley and Partners.

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Additionally, immigration has increased sharply since China reopened compared to a week ago. In the early days of the COVID-19 pandemic, immigration numbers were low, but inquiries have more than doubled by 2022, according to the Singapore Post.

Xi Jinping emphasized the term “common prosperity” several times in his speech to the National Congress last October. He sees “common prosperity” as part of “Chinese-style modernization”, promising to regulate the mechanism of wealth accumulation and “regulate excessively high incomes”.

According to various media reports, economic data for October showed that China’s exports have decreased, inflation has slowed, new bank loans have fallen sharply, the downturn in the real estate market has further intensified, and retail sales have declined for the first time since Shanghai was closed in April and May.

During the strict lockdown, foreign companies in China have also struggled to thrive in the market due to unprecedented difficulties and uncertainties at home. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)