Posted on 03/06/2023 7:56:27 AM PST by SeekAndFind
Thinking about putting your money into China?
Think again. According to what respected emerging markets investor Mark Mobius described, the place has become a roach motel for investors. Money goes in, but now it can't come out.
According to Asia Financial:
In an interview on Fox Business, the billionaire, now 86, cautioned other investors to be “very, very careful” about investing in an economy under a tight government grip.
“I have an account with HSBC in Shanghai. I can’t take my money out. The government is restricting flow of money out of the country,” Mobius, founder of Mobius Capital Partners, said in an interview published on March 2.
“I can’t get an explanation of why they’re doing this … They’re putting all kinds of barriers. They don’t say: No, you can’t get your money out. But they say: give us all the records from 20 years of how you made this money … This is crazy.”
That's expropriation, a communist specialty, whether the Chicoms are going to admit it or not. Not letting someone get their money out is the same as keeping it, stealing it, helping oneself to it. Why they would do this to a famous investor with a big global audience to let the other investors know is something of a mystery, this is tremendously bad public relations for them, but based on their other actions, it seems as though at this point they don't care.
Already we know they're getting mean, what with their crazed COVID lockdowns, which drew tremendous popular protests, their stepped-up spy activity against the West, their machinations in Latin America, their intimidation of their neighbors, particularly Taiwan, and their massive military buildup. Today they announced that they'd ramp up their defense spending 7.2%.
(Excerpt) Read more at americanthinker.com ...
Gavin Newsome is closely following this.
That's communism, just like what the Dims want here.
China never left the fascist status.
I think China’s leaders may be getting ready to bug out and leave their people with nothing.
Right. He and his Dimm cronies want to take it to the next level and slap wealth taxes on people who already left the state.
“China never left the fascist status.
I think China’s leaders may be getting ready to bug out and leave their people with nothing”.
I agree and will add that I suspect that’s a possibility/probability right here in the USA if/when things get bad enough.
Does that also apply to America? Just asking for Harry Reid‘s friend since Harry can’t anymore...
Ping
Fools and their money.
Yeah, that’s bad. But, they’re not alone.
But, remember that it was under Clinton that an exit tax was introduced on Americans. Any American renouncing citizenship was assumed to have presumptively sold his assets. They were marked to market and taxes levied on an exit tax return.
Not to derail the thread, but take this statement and compare it to calls to take frozen Russian assets and transfer them to Ukraine. Or attempting to take donations to the Canadian Trucker Convoy via GoFundMe and distribute them elsewhere.
If he's just figuring this out now, he's an idiot. How long did he think he'd be immune?
RE: if he’s just figuring this out now, he’s an idiot.
Well, how many American CEO’s were thinking like Mobius?
One of the best headlines I’ve ever seen. Absolutely brilliant and succinct.
If you want to sell cars in China, you must make most of them in China.
If you want to open a car factory in China, you must partner with domestic Chinese car maker. You cannot build and operate the factory on your own.
Once you partner with a Chinese auto maker, they have access to all or most of the intellectual property that went into designing that vehicle and the processes used to manufacture it.
This is also true for other fields such as aerospace, consumer electronics, etc.
Cry me a river if a billionaire can't get his profits out of China, but when in the process he's giving Chine billions' worth of intellectual property that can be used to unfairly compete elsewhere in the world, or worse yet be used by the People's Liberation Army, that's a bigger issue for us all.
In the Jiang-Hu years, it was somewhat more relaxed, but China has ALWAYS been “CCP first, last and always”
China liked having big foreign companies invest - for technology and political leverage.
But its certainly not now, and has never been (despite previous appearances), a place for free-enterprise.
Being shielded from the painful consequences of their stupidity, our elites just keep making stupid choices.
He’s an idiot, if he never knew this was a strong possibility.
RE: He’s an idiot, if he never knew this was a strong possibility.
But American companies STILL invested in China KNOWING that this was a possibility. It’s a risk they were and still are willing to take.
This goes for many Western countries.
Hey, for that matter, this goes for many Taiwanese businesses.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.