On March 06, financial times published an article written by Andrew Collier: Uncovering the conduits for China’s capital flight. As we all know, capital flight is a universal phenomenon in china. Many factors attribute to this situation, just like expectations of a weaker RMB, too much money owned by wealthy people in china is made by illegal approach, evading foreign-exchange controls, avoiding regulation and high taxes and etc. In the past, there are many ways for people to transfer their money out of china. It can be divided in to current account, capital account and other illegal ways. With the development of world economy and trade shape, Chinese investors have discovered a new way to spirit money out of the country behind the backs of the country’s regulators. The commonest way is service payments. Instead of overpaying for an item, they simply pay for a service that never occurred. Many other realistic things happened recently attribute to China’s capital flight. With China’s property bubble coming to an end, the ability to generate quick profits through the Shadow Banks is no longer available to the country’s wealthier citizens. Many also are faced with President Xi Jinping’s continuing crackdown against corruption. Meanwhile, the declining GDP numbers – with Premier Li Keqiang this week pointing to 7 per cent as the new normal – has made the one way bet on the RMB less attractive. This explains why investors are looking for a safe haven for the money overseas. There are a couple of methods that have become popular over the past few months. For example, study abroad schemes, interbank borrowing, overseas branches of domestic companies and false joint ventures. In 2014 ， bankers involved estimate that as much as 40% of the larger service transactions do not involve actual services. This suggests close to $200 billion of all service payments are in reality permanent exports of capital. That number could double in 2015. I think it will have a big effect on many aspects of not just world but also Chinese economy. These would include the value of the RMB, the amount of domestic money supply and the ability of China to stimulate the economy. There is also a huge impact on the value of global assets where the money is being invested, such as overseas property and stocks. In addition, there is the unknown impact on the value of the assets held by China as foreign exchange.
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