Category: Communism

In Final Message, Navalny Quoted “Hope, My Earthly Compass”

(p. 26) Aleksei A. Navalny, an anticorruption activist who for more than a decade led the political opposition in President Vladimir V. Putin’s Russia while enduring arrests, assaults and a near-fatal poisoning, died on Friday [Feb. 15, 2024] in a Russian prison. He was 47.

. . .

Mr. Navalny dedicated his final post on social media to his wife on Valentine’s Day.

. . .

The song he quoted, “Hope, My Earthly Compass,” is one of the best-known hits in Russia. Its refrain is “Hope is my compass, and success is a reward for courage.”

For the full obituary, see:

Valerie Hopkins and Andrew E. Kramer. “Aleksei A. Navalny, Russian Opposition Leader, Dies at 47.” The New York Times, First Section (Sunday, February 18, 2024): 26.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the obituary was updated Feb. 18, 2024, and has the title “Aleksei Navalny, Russian Opposition Leader, Dies in Prison at 47.”)

“Xi Is Dampening the Energy and Optimism of the Chinese People”

(p. A1) A song called “Tomorrow Will Be Better” became a sensation in mainland China in the 1980s, when the nation was emerging from the poverty and turmoil of Mao Zedong’s rule.

Its inspirational lyrics, which exhorted listeners to “look upward for the wings in the sky,” came to represent a generation that was starting to believe in a brighter future.

Now people in China are listening to the song again—but for a very different reason. Videos of the song are circulating on WeChat and other communications apps, often with taglines expressing sadness about the end of that era.

“The 1980s are gone forever,” wrote one listener. “So long, those years of burning passion,” wrote another.

For many Chinese, especially those who came of age during the past 40 years of reform and opening, China appeared to be on an irreversible path forward toward more growth, openness and opportunity.

But now China’s leader, Xi Jinping, is restoring aspects of Mao’s rule, forcing people to confront a more uncertain future rooted in China’s past.

Xi’s predecessors, beginning with Deng Xiaoping, embraced market forces, growth and limited freedoms. Xi, by contrast, is placing national security over the economy, tightening government control, and putting the Communist Party—and himself—at the center of Chinese society.

A Dec. 16 [2023] article published by the party’s influential journal, Qiushi, elevated Xi to the same historical status as Mao, calling Xi “the People’s leader”—a title previously reserved for China’s Great Helmsman.

Gone is the booming China that inspired many young people and entrepreneurs to take risks and bet on the future. Home prices are falling, youth unemployment is at a record high, private investment is shrinking, the financial system is drowning in debt and deflation is setting in.

. . .

(p. A9) “Xi is dampening the energy and optimism of the Chinese people,” said Susan Shirk, a former senior diplomat during the Clinton administration and author of a recent book, “Overreach: How China Derailed Its Peaceful Rise.”

“In a system so dominated by one leader,” Shirk said, “everyone feels powerless to effect positive change.”

. . .

In Shenzhen, Deng’s reform policies helped transform the former fishing village in the shadow of neighboring Hong Kong into a cosmopolitan city of 13 million, home to globally competitive tech companies such as Tencent.

“Time is money, efficiency is life” was the slogan that guided the city’s early development.

Today, Shenzhen has a new slogan: “Follow the party, start your business”—with the party coming first.

Communist Party direction doesn’t seem to be brightening the city’s future. More than a quarter of Shenzhen’s office space sits empty after Xi started a campaign in 2020 to rein in risk-taking at private firms. The regulatory crackdown wiped out more than $1 trillion in market value from publicly-listed tech firms and triggered layoffs and business retrenchment.

. . .

Faced with growing economic headwinds and challenges to order, Xi is doubling down on Mao-style control, embracing a Mao-era tool as a way to ensure national security.

The practice, called the “Fengqiao experience,” is named after a town in eastern China that gained national fame in the early 1960s when Mao praised the way its officials mobilized people to identify and punish so-called enemies of the proletariat—capitalists, traditionalists and the like.

People were encouraged to report on one another, with husbands informing on wives and children on their parents, leading to some of the most brutal aspects of the Cultural Revolution. After that tumultuous period, the “Fengqiao experience” faded into history.

Xi is trying to revive aspects of it to mobilize people to fix problems at the local level before they lead to widespread social unrest.

. . .

John Ling, an e-commerce entrepreneur in Shanghai in his late 40s, recalls a far more liberal environment in the early 2000s. Lured back home by China’s seemingly limitless opportunities after studying in the U.S., he started a business trading goods online.

Back then, “I did feel like you could realize your American dream in China, as long as you worked hard,” Ling recalled.

Year by year he felt greater government interference. As more capital poured into e-commerce, he said, Beijing grew concerned that the sector was diverting resources away from more strategic areas such as semiconductors, an industry in which China still heavily relies on Western firms.

Ling said it became so difficult to raise fresh funding for e-commerce that he decided to shut his venture earlier this year. “It’s all about hard-tech these days,” he said, referring to sectors now favored by the government. “But can you sustain the entire economy with just hard-tech?”

“It feels like nothing is possible” nowadays, he said.

For the full commentary, see:

Lingling Wei. “China Is Looking to Move Ahead, But Xi Revives Mao-Era Playbook.” The Wall Street Journal (Friday, Dec. 29, 2023): A1 & A9.

(Note: ellipses and bracketed year added.)

(Note: the online version of the commentary was updated December 28, 2023, and has the title “China Wants to Move Ahead, but Xi Jinping Is Looking to the Past.” The fourth and eighth paragraphs quoted above appear in the online, but not the print, version of the commentary. In other sections where the online version is more detailed than the print version, the passages quoted above follow the online version.)

The book by Shirk mentioned above is:

Shirk, Susan L. Overreach: How China Derailed Its Peaceful Rise. New York: Oxford University Press, 2023.

China-Born Dissidents Supported Trump for His “Willingness to Confront Beijing”

(p. A18) Many who fled abroad after being detained in China for their political activism have been won over by President Trump’s willingness to confront Beijing.

. . .

Fewer than one-quarter of Chinese-Americans voted for Mr. Trump in the 2016 presidential election, according to a study by the Asian American Legal Defense and Education Fund.

But many mainland-China-born exiles are different. Teng Biao, a prominent U.S.-based Chinese lawyer and a critic of Mr. Trump, draws parallels to Cuban exiles, who aren’t so much pro-Trump as they are anti-communist.

For the full story, see:

Sha Hua. “Chinese Dissidents Back Trump Claims.” The Wall Street Journal (Thursday, Nov. 23, 2020 [sic]): A18.

(Note: ellipsis added.)

(Note: the online version of the story has the date November 22, 2020 [sic], and has the title “Chinese Dissidents Back Trump’s Claims of Election Fraud.”)

Communist China Increases Censorship of Negative News and Views of “Struggling Economy”

(p. A16) BEIJING—Several prominent commentaries by economists and journalists in China have vanished from the internet in recent weeks, raising concerns that Beijing is stepping up its censorship efforts as it tries to put a positive spin on a struggling economy.

. . .

. . ., Li Xunlei, an economist at state-owned Zhongtai Securities, warned in a column published on Chinese news outlet Yicai that insufficient household consumption would persist unless China’s leadership took steps to help lower-income families. Li also highlighted a study conducted by Beijing Normal University showing that some 964 million Chinese people, representing roughly 70% of the population, were living on a monthly income of less than 2,000 yuan, equivalent to about $280.

That data point quickly went viral on Weibo before it disappeared from the Chinese microblogging platform’s official list of trending topics. Before long, Li’s column vanished from Yicai’s website too. It has also become inaccessible on Li’s public account on Chinese messaging platform WeChat, where a message read: “The content can’t be viewed due to violation of regulations.”

For the full story, see:

Jonathan Cheng. “Negative Takes on China’s Economy Vanish Online.” The Wall Street Journal (Thursday, February 1, 2024): A16.

(Note: ellipses added.)

(Note: the online version of the story was updated January 31, 2024, and has the title “Negative Takes on China’s Economy Are Disappearing From the Internet.”)

“Audacious” Filipinos “Push Back Against” Chinese Communist “Bully”

(p. A18) The tiny crew had a risky mission: Sail to a contested coral atoll in the South China Sea, cut a barrier blocking Filipino fishermen and get out before Chinese ships catch on.

. . .

They would try to slip past the four Chinese coast-guard ships in the area without attracting attention and cut it, said Commodore Jay Tarriela, spokesman for the Philippine coast guard.

. . .

A diver plunged in and swam just below the surface of the water to the line anchored at one end of the buoys. A video released by the Philippine coast guard on Monday shows him severing the rope after briefly sawing it with a knife. The crew heaved aboard the anchor securing the barrier—and left.

The buoys had been set adrift, no longer blocking the entrance to the atoll, Tarriela said.

It was a small, audacious act that, in some ways, had no real practical effect for Filipino fishermen. They couldn’t enter the atoll, which is guarded at all times by Chinese ships.

But it was an act of defiance against a powerful rival, showing a new effort by the Philippines to push back against China’s claims in the South China Sea.

The goal was “to show the Filipino people, to show the world, that we’re now going to stand up against the bully,” said Tarriela. “This is the main message of what we did.”

For the full story, see:

Niharika Mandhana. “How a Tiny Boat Buoyed Resistance to Chinese Barriers.” The Wall Street Journal (Friday, Sept. 29, 2023): A18.

(Note: ellipses added.)

(Note: the online version of the story has the date September 28, 2023, and has the title “How a Tiny Crew Struck a Blow Against China With a Wooden Boat and a Knife.”)

Shih Ming-teh Spent 20 Years in Prison for Arguing That Taiwan Should Be Free from Communist China

(p. B10) Shih Ming-teh, a lifelong campaigner for democracy in Taiwan who spent over two decades in prison for his cause and later started a protest movement against a president from his former party, died on Jan. 15, [2024] his 83rd birthday, in Taipei, the island’s capital.

. . .

Mr. Shih helped lead a pro-democracy protest in 1979 that was brutally broken up by the police and that is now viewed as a turning point in Taiwan’s journey from authoritarianism to democracy. When he stood trial over the confrontation, he smiled defiantly to the cameras, although his original teeth had been shattered years before under police torture, and delivered a groundbreaking argument for Taiwan’s independence from China, an idea banned under the rule of Chiang Kai-shek and then his son, Chiang Ching-kuo.

. . .

“I could see that he was working like a man on fire to challenge the authoritarian rule,” Linda Gail Arrigo, an American scholar and pro-democracy campaigner in Taiwan, who was married to Mr. Shih from 1978 to 1995, said in a recent interview with the Formosa Files podcast. “He expected to die in prison — by execution.”

. . .

Many of his colleagues were quickly arrested, but Mr. Shih eluded the police for nearly a month before being captured and tried with seven others. An arrest photo showed his jaw covered in bandages, the result of a hasty attempt at plastic surgery to alter his appearance.

The trial drew yet more attention to their calls for democracy, especially because the government — eager to prove its case to the Taiwanese public and the wider world — let journalists and international observers into the courtroom. Tall and lean, Mr. Shih smiled for the cameras, his hands tucked in his pockets, in what he said was an effort to convey insouciant confidence.

He used the trial to attack the Nationalist government’s position that Taiwan was part of China. Instead, he argued, Taiwan had been separated from China for decades and had in effect become independent, even if Taiwan’s rulers would not accept that reality. That argument would enter the island’s political mainstream.

“Nowadays these claims seem nothing out of the ordinary, but at the time they were a breakthrough,” Mr. Shih wrote in an account of the trial published in 2021. “My smile and my political counterattack were the reason that the tyrants did not dare to execute me.”

For the full obituary, see:

Chris Buckley and Amy Chang Chien. “Shih Ming-teh, 83, Defiant Activist for a Democratic Taiwan, Dies.” The New York Times (Thursday, January 25, 2024): B10.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the obituary was updated Jan. 24, 2024, and has the title “Shih Ming-teh, Defiant Activist for a Democratic Taiwan, Dies at 83.”)

Communist Dictators Tremble When Their Subjects Lose Their Fear

(p. 13) It all began with a beauty pageant. There were multiple outfit changes, from evening gowns to bathing suits to national costumes. There were behind-the-scenes looks at the contestants’ lives. There were question-and-answer periods. And by the end of the 2023 Miss Universe competition last month, Sheynnis Palacios of Nicaragua emerged victorious.

People celebrated in Nicaragua’s streets, singing the national anthem and waving the country’s blue and white flag. It was the first time a contestant from the Central American nation of nearly seven million people had claimed the Miss Universe crown.

“It was as if someone had won the World Cup,” said Gioconda Belli, a well-known Nicaraguan poet and novelist.

Then came the government crackdown.

In what has felt like a script from a television drama, the authoritarian government claimed that the director of the Miss Nicaragua contest, which had chosen Ms. Palacios to represent the country at the global competition, was part of an “anti-patriotic conspiracy” to overthrow President Daniel Ortega and his wife, Vice President Rosario Murillo.

. . .

“Ortega has a problem,” said Arturo McFields Yescas, a former Nicaraguan ambassador to the Organization of American States who resigned and denounced the Ortegas last year.

“What he can’t control, he robs or destroys,’’ he said. “The baseball or boxing champions, for example, have to pay tribute to the regime. If they don’t, they become targets. Sheynnis has something — she came from the bottom, she doesn’t owe anything to the dictatorship — and that makes her someone dangerous.”

Ms. Palacios, who grew up roughly an hour south of Managua, the capital, was raised by a single mother. While at college — which was closed by the Ortega government this year — she helped her mother make buñuelos, fried dough treats, to sell to help pay for school.

The day after Ms. Palacios won Miss Universe, the Nicaraguan government said the country was celebrating “its queen” with “legitimate pride and joy.”

But the authorities shifted their tone soon after large numbers of people took to the streets, waving the Nicaraguan flag. Public demonstrations are effectively prohibited and the government promotes the red and black Sandinista flag over the blue and white national one.

“People lost the fear,” Mr. McFields said, “and that’s the part that scared the dictatorship the most.”

For the full story, see:

James Wagner. “Once She Won Crown, Nicaragua Saw Her as a Threat.” The New York Times, First Section (Sunday, December 17, 2023): 13.

(Note: ellipsis, and bracketed year, added.)

(Note: the online version of the story has the date Dec. 16, 2023, and has the title “She Was Crowned Miss Universe. Then Her Government Cracked Down.” The online version says that the title of the print version is “Nicaragua Sees a Threat Behind a Beauty Pageant” but my national edition of the print version had the title “Once She Won Crown, Nicaragua Saw Her as a Threat.”)

Reagan’s “Dogged Support for Human Rights” Helped Advance Freedom and Peace

(p. C7) Reagan’s confidence that the Cold War could be won made him unusual. At the time, both Republicans and Democrats believed that America was in decline. Communism was on the march in Afghanistan, Africa, Central America and the Caribbean. Then, in 1980, President Jimmy Carter seemed hapless and ineffectual after he failed to rescue U.S. hostages in Iran. The CIA mistakenly believed that the Soviet economy was growing. The policies of arms control and détente —or direct negotiations—were ascendant.

William Inboden’s masterly diplomatic history “The Peacemaker: Ronald Reagan, the Cold War, and the World on the Brink” reveals the qualities that made Reagan an extraordinary president who established the conditions for the collapse of Soviet communism. . . .

At almost every juncture, Reagan rejected the advice of former president Richard Nixon, whose realist worldview privileged China over Japan, geopolitics over economics, equilibrium over victory, and stability over human rights. Reagan envisioned a future where high technology, a universal commitment to freedom and dignity, and a willingness to risk confrontation with the enemy resulted in a global democratic revolution and the eventual abolition of nuclear weapons.

. . .

Reagan’s horror of nuclear war led him to envision a world where nuclear weapons would be obsolete. Woven into Mr. Inboden’s story are the many times that Reagan saw the potential for nuclear catastrophe. In 1979 the commander of the North American Air Defense Command, or NORAD, told him that the U.S. had no defense against a Soviet missile strike. In 1981 he took a flight on a special Air Force One called the “Doomsday Plane” that had been made to withstand nuclear fallout. In 1982 he became the first president to participate in a continuity-of-government exercise, codenamed “Ivy League.” Reagan watched helplessly as a simulated nuclear exchange destroyed his beloved country.

The following spring Reagan proposed the development of technology that could intercept nuclear missiles before they hit their targets. Both his secretaries of defense and state were against his plans for a Strategic Defense Initiative. They were not alone. The many critics of Reagan’s antiballistic missile shield followed Sen. Edward M. Kennedy in calling it “Star Wars.”

Scientists said SDI wouldn’t work. Arms controllers said it would increase the chances of nuclear escalation. None of them understood that Reagan had redefined the arms race to America’s advantage. “It put the Soviets on the defensive,” writes Mr. Inboden, “fueling the Kremlin’s perennial fear of America’s technological prowess.”

. . .

Reagan’s opponents said that his dogged support for human rights and missile defense was both counterproductive and a distraction from good relations with the Soviets. Rather than conform to the accepted interpretation of reality, he sought to establish new facts on the ground that favored the expansion of freedom.

For the full review, see:

Matthew Continetti. “We Win and They Lose.” The Wall Street Journal (Saturday, Nov. 26, 2022): C7.

(Note: ellipses added.)

(Note: the online version of the review has the date November 25, 2022, and has the title “‘The Peacemaker’ Review: Ronald Reagan’s Cold War.”)

The book under review is:

Inboden, William. The Peacemaker: Ronald Reagan, the Cold War, and the World on the Brink. New York: Dutton, 2022.

“Sí Se Puede”

(p. 21) A center-right candidate appeared headed to victory in Venezuela on Monday in a primary election to choose an opposition candidate to compete in presidential elections next year — a vote that could prove pivotal to the fate of a country that has endured a decade of economic crisis and authoritarian governance.

. . .

At a polling station in a parking lot in Catia, a poor neighborhood in Caracas, voters began lining up at 7 a.m. only to encounter a problem: a group of pro-government civilians was threatening to burn the cars in the parking lot if voting proceeded.

But a woman who lived nearby, Margarita Fuenmayor, offered a solution: She would lend her house as a makeshift voting station.

“My parents died without medical attention in this country,” said Ms. Fuenmayor, 52, as a crowd of voters pushed and shoved to try to enter her home. “I think we need a change.”

All the while the line of voters outside grew. As voters left, they shouted “Sí se puede” or “Yes we can.’’

In another Caracas neighborhood, tables ordered by election volunteers never arrived. Instead the workers set voting boxes on chairs that neighbors had brought out from their houses. Hundreds of people stood in line, holding umbrellas against the rain.

Jesús Abreu, 68, voted and then stayed on as a volunteer. He said he lived on a pension of about $3.70 a month.

“I am here today because we are agonizing in life,’’ he said. “The government is slowly killing us.”

Ms. Machado is a veteran politician nicknamed “the iron lady” because of her adversarial relationship with the governments of Mr. Maduro and Mr. Chávez. She is viewed by some supporters as courageous for staying in Venezuela when many other politicians have fled political persecution.

. . .

“I ask you to remember how many people believed that this was impossible and we have overcome all the obstacles, overcome the hurdles and here we are,” Ms. Machado said as she voted Sunday morning in a middle-class Caracas neighborhood.”

For the full story, see:

Isayen Herrera and Genevieve Glatsky. “Venezuelans Bet on a Challenger to Maduro.” The New York Times (Tuesday, October 24, 2023): A11.

(Note: ellipses added.)

(Note: the online version of the story was updated Oct. 23, 2023, and has the title “Maduro Antagonist on Track to Win Venezuela Primary.”)

Lower-Middle-Class Chinese Risk the Darién Gap to Seek Opportunity and Freedom in the U.S.

(p. B1) Mr. Gao said he felt he had no choice but to leave China.

“I think we will only be safe by coming to the U.S.,” he said, adding that he believed that Xi Jinping, China’s leader, could lead the country to famine and (p. B4) possibly war. “It’s a rare opportunity to protect me and my family,” he said.

A growing number of Chinese have entered the United States this year through the Darién Gap, exceeded only by Venezuelans, Ecuadoreans and Haitians, according to Panamanian immigration authorities.

. . .

Their flight is a referendum on the rule of Mr. Xi, now in his third five-year term. Boasting that “the East is rising while the West is declining,” he said in 2021 that China’s governance model had proved superior to Western democratic systems and that the center of gravity of the world economy was shifting “from West to East.”

Every immigrant I interviewed this year who passed through the Darién Gap — a journey known as zouxian, or walking the line, in Chinese — came from a lower middle-class background. They said that they feared falling into poverty if the Chinese economy worsened, and that they could no longer see a future for themselves or their children in their home country.

In Mr. Xi’s China, anyone could become a target of the state. You could get in trouble for being a Christian, Muslim, Uyghur, Tibetan or Mongolian. Or a worker who petitions for back pay, a homeowner who protests the delayed completion of an unfinished apartment, a student who uses a virtual private network for access to Instagram or a Communist Party cadre who is found with a copy of a banned book.

. . .

Another migrant I spoke with who crossed the Darién Gap, Mr. Zhong, who wanted to use only his family name for fear of retribution, has a background similar to Mr. Gao’s.

. . .

The trouble for Mr. Zhong, now in his early 30s, started last December [2022] when police officers stopped his car for a routine alcohol test and saw a copy of a Bible on the passenger seat. They told Mr. Zhong that he believed in an evil religion and tossed the Bible on the ground and stomped on it. The officers then took his phone and installed an app on it that turned out to have software that would track his movements.

On Christmas Day, four police officers broke into a home where Mr. Zhong and three fellow Christians were holding a prayer service. They were taken to the police station, beaten and interrogated.

Like Mr. Gao, Mr. Zhong came across social media posts about the Darién Gap. He borrowed about $10,000 and left home on Feb. 22 [2023].

. . .

Mr. Zhong soon moved to a town of 30,000 people in Alabama. He had grown up near Chengdu, a city of 20 (p. B5) million. Now he felt truly alone. He works at a Chinese restaurant 11 hours a day, he said, and is unwilling to take a day off. He has learned to cook General Tso’s chicken and other Chinese American dishes. The pay is much better than in China, and he can send more money home. Every Sunday, he joins an online religious service, hosted by a church in Brooklyn’s Sunset Park, another community with a large population of Chinese immigrants.

He told me a joke over the phone: “Why did you go to the United States?” someone asks a Chinese immigrant. “Aren’t you satisfied with your pay, your benefits and your life?” The immigrant responds: “Yes, I’m satisfied. But in the U.S., I will be allowed to say that I’m not satisfied.”

“I can live like a real human being in the U.S.,” he said.

. . .

. . . Mr. Gao got his work permit, bought a car and started delivering packages for an e-commerce company. He makes $2 per package. The more he delivers, the more he makes.

. . .

On one Wednesday in November [2023], Mr. Gao said, he woke at 4 a.m., delivered more than 100 packages and didn’t get home until after 9 p.m.

He took the next day off. When the motorcade of Mr. Xi, who was in San Francisco for a meeting with President Biden, drove by, Mr. Gao joined other protesters on the sidewalk, chanting in Chinese, “Xi Jinping, step down!”

For the full commentary, see:

Li Yuan. “THE NEW NEW WORLD; Why More Chinese Are Risking Danger in Southern Border Crossings to U.S.” The New York Times (Monday, December 4, 2023): B1 & B4-B5.

(Note: ellipses, and bracketed years, added.)

(Note: the online version of the commentary has the date Dec. 3, 2023, and has the same title as the print version.)

Rich Chinese “Moved Hundreds of Billions of Dollars Out of” China in 2023

(p. B1) Affluent Chinese have moved hundreds of billions of dollars out of the country this year [2023], seizing on the end of Covid precautions that had almost completely sealed China’s borders for nearly three years.

They are using their savings to buy overseas apartments, stocks and insurance policies. Able to fly again to Tokyo, London and New York, Chinese travelers have bought apartments in Japan and poured money into accounts in the United States or Europe that pay higher interest than in China, where rates are low and falling.

The outbound shift of money in part indicates unease inside China about the sputtering recovery after the pandemic as well as deeper problems, like an alarming slowdown in real estate, the main storehouse of wealth for families. For some people, it is also a reaction to fears about the direction of the economy under China’s leader, Xi Jinping, who has cracked down on business and strengthened the government’s hand in many aspects of society.

In some cases, Chinese are improvising to get around China’s strict government controls on transferring money overseas. They have bought gold bars small enough to be scattered unobtrusively through carry-on luggage, as well as large stacks of foreign currency.

Real estate is an option, too. Chinese have emerged as the main buyers of Tokyo apartments costing $3 million or more, and they often pay with suitcases of cash, said Zhao Jie, the chief executive of Shenjumiaosuan, an online real estate listing service in Tokyo. “It’s really hard work to count this kind of cash.”

Before the pandemic, he said, (p. B5) Chinese buyers typically bought Tokyo studio apartments for $330,000 or less to rent out. Now they are buying much larger units and obtaining investment visas to relocate their families.

All told, an estimated $50 billion a month has been taken out of China this year, mainly by Chinese households and private-sector companies.

For the full story, see:

Keith Bradsher and Joy Dong. “Suitcases of Cash: How China’s Money Flows Out.” The New York Times (Tuesday, Nov. 28, 2023): B1 & B5.

(Note: bracketed year added.)

(Note: the online version of the story has the same date as the print version, and has the title “Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China.”)