China
Australia cuts off channel for China’s rich to shift assets offshore
Australia has revoked its “golden visa” immigration program targeted at attracting wealthy investors, a move that marks one fewer option for China’s rich to escape with their assets from an increasingly difficult political and economic climate at home.
Australian media reported this week that the Labor government announced in December plans to scrap the program at the end of last year because it could not bring economic benefits to the country. Also, members of the Australian Values Alliance – a group founded by Australians of Chinese heritage – pointed out that wealthy Chinese people have infiltrated politics.
The program will be replaced by a new immigration plan to provide more visas for skilled immigrants.
“It has been obvious for years that this visa is not delivering what our country and economy needs,” said Australian Home Affairs Minister Clare O’Neil in a statement Monday.
“The investor visa is one of many aspects of the system which are reforming to create a system which delivers for our country,” she added.
The Business Innovation and Investment Program (BIIP), commonly known as the “golden visa”, was launched in 2012. Unlike other visa programs, it did not require foreign immigrants to learn or master English, nor did it have age restrictions. It was only mandatory for foreign citizens to invest up to A$5 million (US$3.3 million) to obtain residence for five years.
Research by the Australian government has, however, shown that the average economic value contributed by the immigrants in this program to Australia in their lifetime is $600,000, which is just slightly more than a third of the $1.6 million generated by Australian citizens.
According to the Australian Department of Home Affairs, more than 100,000 overseas immigrants have used the program to obtain residency in the country since 2012, with 85% of successful applicants coming from China. Currently, about 26,000 people have successfully obtained permanent residence in Australia.
The visa subclass was even given the number “888”, as eight stands for prosperity and is auspicious in Chinese numerology.
China’s rich – tools of CCP infiltration
Over the years, critics have argued that the plan created not just a fast path for China’s wealthy to immigrate but had served as a conduit for corrupt officials in authoritarian countries to “move illicit funds.”
Australian commentator Huanghu Jing told Radio Free Asia Cantonese that Chinese tycoon Huang Xiangmo, who was permanently banned from entering Australia for political donations in 2019, was a “golden visa” immigrant. The biggest problem with these wealthy Chinese immigrants, therefore, is not their inability to create greater economic value, but that they have become tools for the Chinese Communist Party’s (CCP) infiltration, she said.
“Australia eventually discovered it didn’t earn much [from the program], but lost more, giving the CCP considerable penetration opportunities. A substantial number of these investment immigrants were pushed out and packaged by the CCP for all-round infiltration. Huang Xiangmo’s political donation is a typical example.”
Huangfu Jing believes that the CCP, faced with economic difficulties, has nationalized assets of China’s rich through what it labeled as “public-private partnership” schemes. As a result, she said wealthy Chinese, stripped of their wealth, will certainly flee China but at the same time, Western countries are increasingly aware of the risks and shutting their doors early.
Former Chinese diplomat Chen Yonglin claimed that wealthy Chinese immigrants who landed in Australia also brought in a legion of unproductive people with no economic contribution to the country. He said they cause social havoc with bad Chinese cultural behavior and habits, including bribery and corruption that influences politics.
Still, Chen believes that the door should remain open for these affluent affluent businessmen.
“Moving their money out will hollow out China’s economy and prompt social change; there’s no downside, in fact only benefits,” Chen said.
Apart from Australia’s “golden visa”, the “golden passport and visa” of some European Union countries are also popular among China’s rich. Countries like Malta, Cyprus and Bulgaria have issued “golden passports” to foreign investors, while Greece and Portugal granted “golden visas,” at investment prices ranging €1 million (US$1 million) to €5 million.
As early as January 2019, the European Commission warned countries offering “golden visas” to foreign investors that their schemes may help organized crime groups infiltrate the EU and increase money laundering, corruption and tax evasion and other risks.
In February 2023, Ireland announced the closure of the “golden visa” program. Portugal followed suit and stopped a similar program in March of that year.
Translated by RFA Staff. Edited by Mike Firn and Taejun Kang.
Read the rest of this article here >>> Australia cuts off channel for China’s rich to shift assets offshore
China
New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
China has been the world’s largest manufacturer for 14 years, producing one-third of global manufacturing output. In the Emerging Asia Manufacturing Index 2024, China ranks highest among eight emerging countries in the region. Challenges for these countries include global demand disparities affecting industrial output and export orders.
Known as the “World’s Factory”, China has held the title of the world’s largest manufacturer for 14 consecutive years, starting from 2010. Its factories churn out approximately one-third of the global manufacturing output, a testament to its industrial might and capacity.
China’s dominant role as the world’s sole manufacturing power is reaffirmed in Dezan Shira & Associates’ Emerging Asia Manufacturing Index 2024 report (“EAMI 2024”), in which China secures the top spot among eight emerging countries in the Asia-Pacific region. The other seven economies are India, Indonesia, Malaysia, the Philippines, Thailand, Vietnam, and Bangladesh.
The EAMI 2024 aims to assess the potential of these eight economies, navigate the risks, and pinpoint specific factors affecting the manufacturing landscape.
In this article, we delve into the key findings of the EAMI 2024 report and navigate China’s advantages and disadvantages in the manufacturing sector, placing them within the Asia-Pacific comparative context.
Emerging Asia countries face various challenges, especially in the current phase of increased volatility, uncertainty, complexity, and ambiguity (VUCA). One notable challenge is the impact of global demand disparities on the manufacturing sector, affecting industrial output and export orders.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
China
Is journalist Vicky Xu preparing to return to China?
Chinese social media influencers have recently claimed that prominent Chinese-born Australian journalist Vicky Xu had posted a message saying she planned to return to China.
There is no evidence for this. The source did not provide evidence to support the claim, and Xu herself later confirmed to AFCL that she has no such plans.
Currently working as an analyst at the Australian Strategic Policy Institute, or ASPI, Xu has previously written for both the Australian Broadcasting Corporation, or ABC, and The New York Times.
A Chinese language netizen on X initially claimed on March 31 that the changing geopolitical relations between Sydney and Beijing had caused Xu to become an expendable asset and that she had posted a message expressing a strong desire to return to China. An illegible, blurred photo of the supposed message accompanied the post.
This claim was retweeted by a widely followed influencer on the popular Chinese social media site Weibo one day later, who additionally commented that Xu was a “traitor” who had been abandoned by Australian media.
Following the publication of an ASPI article in 2021 which exposed forced labor conditions in Xinjiang co-authored by Xu, the journalist was labeled “morally bankrupt” and “anti-China” by the Chinese state owned media outlet Global Times and subjected to an influx of threatening messages and digital abuse, eventually forcing her to temporarily close several of her social media accounts.
AFCL found that neither Xu’s active X nor LinkedIn account has any mention of her supposed return to China, and received the following response from Xu herself about the rumor:
“I can confirm that I don’t have plans to go back to China. I think if I do go back I’ll most definitely be detained or imprisoned – so the only career I’ll be having is probably going to be prison labor or something like that, which wouldn’t be ideal.”
Neither a keyword search nor reverse image search on the photo attached to the original X post turned up any text from Xu supporting the netizens’ claims.
Translated by Shen Ke. Edited by Shen Ke and Malcolm Foster.
Asia Fact Check Lab (AFCL) was established to counter disinformation in today’s complex media environment. We publish fact-checks, media-watches and in-depth reports that aim to sharpen and deepen our readers’ understanding of current affairs and public issues. If you like our content, you can also follow us on Facebook, Instagram and X.
Read the rest of this article here >>> Is journalist Vicky Xu preparing to return to China?
China
Guide for Foreign Residents: Obtaining a Certificate of No Criminal Record in China
Foreign residents in China can request a criminal record check from their local security bureau. This certificate may be required for visa applications or job opportunities. Requirements and procedures vary by city. In Shanghai, foreigners must have lived there for 180 days with a valid visa to obtain the certificate.
Foreign residents living in China can request a criminal record check from the local security bureau in the city in which they have lived for at least 180 days. Certificates of no criminal record may be required for people leaving China, or those who are starting a new position in China and applying for a new visa or residence permit. Taking Shanghai as an example, we outline the requirements for obtaining a China criminal record check.
Securing a Certificate of No Criminal Record, often referred to as a criminal record or criminal background check, is a crucial step for various employment opportunities, as well as visa applications and residency permits in China. Nevertheless, navigating the process can be a daunting task due to bureaucratic procedures and language barriers.
In this article, we use Shanghai as an example to explore the essential information and steps required to successfully obtain a no-criminal record check. Requirements and procedures may differ in other cities and counties in China.
Note that foreigners who are not currently living in China and need a criminal record check to apply for a Chinese visa must obtain the certificate from their country of residence or nationality, and have it notarized by a Chinese embassy or consulate in that country.
Foreigners who have a valid residence permit and have lived in Shanghai for at least 180 days can request a criminal record check in the city. This means that the applicant will also need to currently have a work, study, or other form of visa or stay permit that allows them to live in China long-term.
If a foreigner has lived in another part of China and is planning to or has recently moved to Shanghai, they will need to request a criminal record check in the place where they previously spent at least 180 days.
There are two steps to obtaining a criminal record certificate in Shanghai: requesting the criminal record check from the Public Security Bureau (PSB) and getting the resulting Certificate of No Criminal Record notarized by an authorized notary agency.
This article is republished from China Briefing. Read the rest of the original article.
China Briefing is written and produced by Dezan Shira & Associates. The practice assists foreign investors into China and has done since 1992 through offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen, and Hong Kong. Please contact the firm for assistance in China at china@dezshira.com.
- New Report from Dezan Shira & Associates: China Takes the Lead in Emerging Asia Manufacturing Index 2024
- Is journalist Vicky Xu preparing to return to China?
- Guide for Foreign Residents: Obtaining a Certificate of No Criminal Record in China
- China Unveils Plan to Upgrade Industrial Equipment
- China deepens engagement with new Indonesian president as top diplomat visits Jakarta
- New Publication: A Guide for Foreign Investors on Navigating China’s New Company Law
