Is China on the way out?

Some Chinese entrepreneurs think so. In a recent poll of 465 wealthy individuals only one-third said that they are very confident in the country’s economic prospects. Two years ago, nearly two-thirds said they were very confident. Those who have no confidence at all rose to 14 percent, more than double the level of 2018. Nearly half said they were considering migrating to a foreign country or had already started the process. Polls have been wrong before, but it does look as though a number of these wealthy types have left the country. One of them is the subject of a NY Times article. He says, "China’s economy is like a giant ship heading to the precipice. Without fundamental changes, it’s inevitable that the ship will be wrecked and the passengers will die. My friends, if you can leave, please make arrangements as early as possible.”

It seems to them that Beijing has become more interested in solidifying its control over people’s lives than promoting economic growth. Others think that China’s leadership has mismanaged the world’s second-largest economy, and they are losing confidence in the country’s future.