China needs to think why rich are leaving country: Daily

The exodus of the Chinese wealthy reached new heights in 2011, said an article in the Global Times.

More than 150,000 Chinese emigrants gained permanent residency in major countries last year, with 87,107 moving to the US, according to the latest report by the Center for China & Globalization and the Beijing Institute of Technology.

The report said China tops the world when it comes to the wealthy moving overseas.

The article titled "Exodus of wealthy Chinese provides important lessons" said that among the nation's high-net worth individuals, 74 percent of those with personal assets of more than 100 million yuan ($16 million) have either emigrated or are considering doing so.

It noted that China's brain drain and emigrating rich have increased in recent years, but the era of "brain gain" is also blossoming.

"The financial crisis that hit the world in 2008 and has lingered ever since has accelerated the pace of overseas talent returning to China," said the article.

The daily rued that though many rich and skilled Chinese proclaim that China is emerging as a land of opportunities, they are still leaving in record numbers.

The top motive for Chinese migrants is the search for a better education for their kids and nearly half of the rich migrants listed a secure environment for their wealth as a second major reason.

The article said that "China does need to ponder how to improve its overall living environment besides offering opportunities".

"Some observers see elite migration as a telling indicator of the national condition, and comment that while the rich are fleeing the poor are grumbling over social issues like education, housing and taxes. In the 21st century, China can become a truly competent power only by making itself a more attractive and comfortable place to live," it added.