China should persuade wealthy citizens to stay

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Source: Bloomberg
The number of citizens who leave China to live and work abroad has been increasing rapidly. According to survey made by China Merchants Bank and Bain & Co, nearly 60% of rich Chinese had applied or thought of obtaining foreign residency.  Zhang Monan, State Information Researcher claims that emigration of rich can negatively affect expansion of middle class and therefore government should reduce both tax burden and a power of monopolies to become more attractive country for rich.

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