Jim O’Neill, Chairman of Goldman Sachs Asset Management, or GSAM, talks with Charlie Rose about the emerging markets, especially China, European debt crisis and the future of European Union, the prospect of US recovery, and how to think about China’s economic model and today’s Chinese Communist Party. A very interesting interview.
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)
Rising Chinese personal wealth, and lack of widely available investment options, are behind the recent phenomenon.
Read my previous post on Chinese love of French wine here.
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.
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.
