- Jan 27, 2007
- Reaction score
Many are taking their wealth with them to safer havens like Singapore. Read more at straitstimes.com.www.straitstimes.com
Such scrutiny has led some Chinese entrepreneurs to seek foreign passports or at least permanent resident status in other countries. A few said they feared their Chinese passports could leave them vulnerable if China should invade Taiwan, provoking the kind of sanctions imposed on Russia and its businesses since the war in Ukraine began.
Entrepreneurs in Singapore admit that it has its limitations. It’s small and expensive, and the talent pool is shallow. It’s an easy place to enjoy life but not ideal for starting, say, an ambitious tech company, many of them said. Some wealthy, relatively young Chinese who have moved here don’t have much to do but drink a lot of Moutai, the Chinese liquor.
Nearly all would have preferred to stay in China if the circumstances had been different. It is a colossal market with great infrastructure, the best supply chain in the world and an abundant supply of programmers willing to work overtime.
Most of them still maintain some business operations there. But they’re not going to rush back, invest more and open new businesses just because the government cajoled them.
“The entrepreneurs don’t dare to take risks anymore,” said Mr Huo. “They have to think twice before doing anything – whether they’ll put their safety into jeopardy.” NYTIMES