Posted by qqq47660 > 2023-10-11 18:21 | Report Abuse

China not sacred of challenges, not scared of difficulties.

China only scared no challenges.

Posted by IDQWE001 > 2023-10-11 18:32 | Report Abuse

China’s rich entrust total strangers to sneak cash out of country

HONG KONG – Imagine entrusting your life savings to a group of strangers you know only via WhatsApp. Some affluent Chinese people are willing to make that gamble to get part of their wealth out of the mainland.

Take 32-year-old Phoebe, who recently moved almost one million yuan (S$190,000). To do it, she first had to transfer her money into the account of a local facilitator. Then, Phoebe, who requested to be identified by only her first name because of privacy and legal concerns, had to sit tight.

A few tense hours later, transactions began to pop piecemeal into a separate account she holds in Hong Kong. Once the cash is there, it can go anywhere.
The funds that appeared in Phoebe’s account came from 10 people in total – one of whom deposited the equivalent of US$1,300 (S$1,800) in notes via an ATM. The transaction moved through an informal, unregulated system known around the world as hawala. On one side of the administrative border between the mainland and Hong Kong, Phoebe handed over her money to members of her facilitator’s network; on the other side, the transaction was mirrored by others in the network who dropped money into her account.

The entire operation was dependent on faith. But Phoebe’s wait was not quite as nerve-jangling as you might expect: She had been referred to the remittance agency – which is illegal in China – by her established, well-­regarded wealth manager introduced via mutual connections.

Posted by IDQWE001 > 2023-10-11 18:32 | Report Abuse

Since international borders reopened post-pandemic, advisers to the rich report a surge in demand for overseas backup options. Crackdowns on ideologically out-of-favour industries, uncertainty over geopolitical tensions and President Xi Jinping’s push for “common prosperity” have spooked the rich and even the middle class. In addition, the domestic economy looks increasingly dire. Many wealthy families feel it is essential to have money outside the country, whether to diversify assets or to pave the way for potential future immigration.

Traditional havens still hold their allure – think a condo in Vancouver or United States equity investments – but over the past two years, Singapore has increasingly emerged as a favoured ­destination.

Yet opportunities to move cash legitimately from China are severely limited, with individuals normally allowed to wire only US$50,000 a year overseas. They also have a one-time opportunity to move their money when they emigrate. Plugging the gap is where the underground networks come into play.

“These agencies have sprouted to meet soaring demand,” said adjunct finance professor Joel Gallo at New York University Shanghai. “They act as quasi-banking firms, yet operate without the scrutiny of one and adroitly engage in regulatory arbitrage by standing in a grey zone.”

There is no reliable estimate on how big the industry is, but probes disclosed by the authorities suggest an enormous scale. One investigation in China’s western Gansu province uncovered an operation with 75.6 billion yuan in assets, state media reported in 2021, citing China’s State Administration of Foreign Exchange. The money was spread among a network of five organisations that used more than 8,000 bank accounts across more than 20 provinces.

Posted by IDQWE001 > 2023-10-11 18:33 | Report Abuse

The networks are truly global in scope, operating not only in Hong Kong but wherever there are significant numbers of the Chinese diaspora. It is “highly likely” that underground banks will have pools of funds ready in key locations, so recipients can receive their cash quickly, and in the local currency, according to a 2019 intelligence assessment by Britain’s National Crime Agency (NCA).

Linking up with one of these money shops, though, is not a decision to be taken lightly. People caught using illegal currency ­exchange services in mainland China are usually fined 30 per cent or more of the amount of money they attempted to transfer. If the sum is significant, those providing the service face significant jail time. Although the maximum penalty of a life sentence is typically handed down only when there are compounding offences such as bribery, reports of sentences ranging from one to five years are common.

Although China’s capital laws do not apply if you are in the likes of Hong Kong, Britain or Singapore, there is a risk of legitimate banks getting suspicious about the source of funds.

A spokesperson for the Monetary Authority of Singapore said that while Singapore does not implement the capital controls of other jurisdictions, the regulator requires financial institutions, including remittance agents, to detect and report suspicious transactions and behaviour. Institutions are also required to mitigate reputational, legal and operational risk from activities affected by other jurisdictions’ laws.

Singapore’s banks have reason to be on especially high alert: In August, the authorities arrested and charged 10 people with Chinese origins with a range of crimes including money laundering. More than S$2.8 billion of cash and other assets were frozen or confiscated. The allegations involve attempts to move proceeds from illicit activities such as scams and illegal gambling, not remittances.

Posted by IDQWE001 > 2023-10-11 18:34 | Report Abuse

But there is a dark side to remittance operations. To ultimately settle exchanges via hawala, Chinese underground banks regularly use cash generated by criminal groups through activities such as drug trafficking, cigarette smuggling, organised illegal immigration and human trafficking, according to the NCA. For example, a gang with operations in both China and Britain might front the money to pay a hawala recipient in London and then get paid a corresponding amount by the underground bankers in Shanghai.

The British law enforcers found that Chinese student accounts were sometimes used as a back door to get money into the legitimate banking system. The NCA identified more than 100 people who had made cash deposits into more than 14,000 personal bank accounts held or set up predominantly by Chinese students. The amount of cash put into these accounts in a 12-month period totalled in excess of £100 million (S$167 million), with some of the people parking more than £2.5 million each.

Right now, there are increasing signs that more money is looking to leave. Real estate consultancy Juwai IQI said in August that it expects more than 700,000 Chinese to exit the country in the next two years. Top destinations for buying property – based on searches on its site – include Australia, Canada and Britain. Singapore ­introduced a 60 per cent property tax for foreign purchasers in April, which has crimped mid-market demand.

If more cash flows out of China than into it, that means not all remittance requests can be satisfied by mirrored transactions, and agencies need to find ways to actually get money across the border. Clamping down on these routes has been a long-running game of cat and mouse. The Chinese authorities have swatted simple options such as cash being moved in suitcases or car boots or sailed to Hong Kong in junks. Increased scrutiny of overseas acquisitions has reduced the opportunities to get money out by paying an inflated price for companies outside China. The crackdown on crypto has also made it much harder to use digital currency as a workaround.

Yet there are still ways. One popular technique is known as “smurfing”. It involves recruiting people on the mainland who have not used their legitimate remittance quotas of US$50,000. By using many people, the agencies can then use their bank accounts and small individual allowances to funnel large amounts of money outside the country. Case investigations disclosed by the government show that this can sometimes reach epic scale. One man, surnamed Li, recruited 102 individuals to help send C$6.8 million (S$6.8 million) in 2020, state media reported.

Even if moving money out of China becomes more difficult, experts do not foresee any let-up in overall attempts. Based on unexplained discrepancies in tourist data – which suggest Chinese tourists are leaving cash abroad when they travel – as much as US$150 billion is expected to exit in 2023, according to an estimate from senior economist Gary Ng at French investment bank Natixis.

Posted by qqq47660 > 2023-10-11 18:34 | Report Abuse

America media America politicians are united in fearing China, hating China that China will either eat their lunch or China human rights, weaponising human rights.

But as Malaysian, fear what? Scare of what? Just id.iots this idqfoong

Posted by IDQWE001 > 2023-10-11 18:36 | Report Abuse

Local chinese prefer to stay in democaratic and freedom countries. Those i.diots may consider migrate to Russia and North Korea.

Posted by qqq47660 > 2023-10-11 21:28 | Report Abuse

Local Chinese...the local Chinese in China will kick u out of China and have every reason to do so.

Not just Chinese in China, I think even a Chinese in Malaysia have no good to migrate to America except under very special circumstances. After all, this is China century even Asia century and America is a very stressful place with reducing life expectancy, huge problems, homeless every where, why would a Malaysian want to go there, let alone someone from China with world class infrastructure.

Posted by qqq47660 > 2023-10-11 21:34 | Report Abuse

If u want to go to America make sure u have enough money to be the top 10 percent, otherwise u life is going to be very miserable

Posted by qqq47660 > 2023-10-11 21:42 | Report Abuse

Smart people are migrating to Malaysia Singapore China and why not? Good climate, lower cost of living, relaxing, healthy, friendly, good food., cheap health care., bright future

Posted by qqq47660 > 2023-10-11 21:44 | Report Abuse

And safe...no school shootings, no need to worry about racial shootings.

Posted by foongsh > 2023-10-11 21:44 | Report Abuse

Posted by IDQWE001 > 3 hours ago | Report Abuse

Right now, there are increasing signs that more money is looking to leave. Real estate consultancy Juwai IQI said in August that it expects more than 700,000 Chinese to exit the country in the next two years. Top destinations for buying property – based on searches on its site – include Australia, Canada and Britain. Singapore ­introduced a 60 per cent property tax for foreign purchasers in April, which has crimped mid-market demand.

Local Chinese smart enough don't listen to silly Xi to speculate CCP real estate, they prefer stay oversea. CCP loves oversea as well, there is nothing wrong for local Chinese making right choice.

Posted by StartOfTheBull > 2023-10-11 22:19 | Report Abuse

Out of topic already.

Posted by EngineeringProfit > 2023-10-11 22:38 | Report Abuse

The evils are divisive factors. Curses of Zahillyyah era has prevailed due to mass ignorant of the spirit of the last universal common ancestor. Ten hypermodern commandments for peace are:

1. Children shouldn't be labelled e.g. as a Jews or Palacetinian kid.

2. All adults are responsible for the well-being of any children

3.

Posted by qqq47660 > 2023-10-11 23:22 | Report Abuse

EngineeringProfit > 39 minutes ago | Report Abuse

The evils are divisive factors.

========

the job of the media is divisive and propaganda. its all tress so people miss the forest.

suffice to say...................Taodejing is correct. It says for peace, the weak must submit , the strong must lead through kindness...since none of that is present, every thing that happened is just natural

Posted by mach10 > 2023-10-12 00:44 | Report Abuse

Israel is the US's core interest . the US will resort anything including using nuke to make sure Israel survives .

Posted by qqq47660 > 2023-10-12 09:20 | Report Abuse

There is no core interests..it's just hegemons with no wisdom

Posted by qqq47660 > 2023-10-12 10:15 | Report Abuse

Putin says palestinians must have a state
Xi says 2 state solution according to UN.

Posted by qqq47660 > 2023-10-12 10:16 | Report Abuse

Hamas have chosen the right time to bomb the jews.

Posted by qqq47660 > 2023-10-12 10:24 | Report Abuse

the jews have no say in 2024 US election.

Posted by qqq47660 > 2023-10-12 11:32 | Report Abuse

Chinese modernity will be based on industrial revolution 4.0.

America can stop Chinese ir4.0 meh?

Posted by qqq47660 > 2023-10-12 11:37 | Report Abuse

EV, green energy, Huawei, robots, 5g, 6 g, AI, drones, autonomous driving, chips ... America can stop China meh? Huawei is helping Africa row out their 5 G... America can stop Africa meh? China selling jets c919 to UAE.... America can stop UAE meh?

Posted by IDQWE001 > 2023-10-12 11:38 | Report Abuse

Chinese Billionaires' Capital Flees To Underground Banks; Two Chinese Killed In Hamas Attack

https://youtu.be/ioSono_s_pg?si=d0gb6u7jHuWk4OTl

Nobody could stop silly evil Xi doing the wrong thing under power carzy and dictatorship political system.

Posted by qqq47660 > 2023-10-12 11:39 | Report Abuse

Never before has western countries face competition from non western countries in high tech...but they can stop China meh?

Posted by qqq47660 > 2023-10-12 11:41 | Report Abuse

I'd.iots like idq can wave western propaganda...but it make no difference in united China and in global cooperation between China and global South

Posted by foongsh > 2023-10-12 11:41 | Report Abuse

Posted by IDQWE001 > 2 minutes ago | Report Abuse

Chinese Billionaires' Capital Flees To Underground Banks; Two Chinese Killed In Hamas Attack

https://youtu.be/ioSono_s_pg?si=d0gb6u7jHuWk4OTl

Nobody could stop silly evil Xi doing the wrong thing under power carzy and dictatorship political system.

Look like some silly fool very happy Chinese got bomb in Isreal.

Posted by qqq47660 > 2023-10-12 11:45 | Report Abuse

Brics plan to decouple from USD within 3 years.

The future is brics not America

Posted by qqq47660 > 2023-10-12 11:48 | Report Abuse

China is united. China has the history and the wisdom and right philosophy...and China will develop self reliance in the technology to defend China.,....u can defeat China meh?

Posted by qqq47660 > 2023-10-12 11:50 | Report Abuse

America has lost already..
Over the next few years it's just mopping up operations by China and by Brics

Posted by IDQWE001 > 2023-10-12 11:51 | Report Abuse

Posted by foongsh > 8 minutes ago | Report Abuse

Posted by IDQWE001 > 2 minutes ago | Report Abuse

Chinese Billionaires' Capital Flees To Underground Banks; Two Chinese Killed In Hamas Attack

https://youtu.be/ioSono_s_pg?si=d0gb6u7jHuWk4OTl

Nobody could stop silly evil Xi doing the wrong thing under power carzy and dictatorship political system.

Look like some silly fool very happy Chinese got bomb in Isreal.

Bombs not able to recognize Chinese and Jews. Silly fool.

Posted by qqq47660 > 2023-10-12 11:54 | Report Abuse

If there is free market, apple can close shop already.

Huawei mate 60 already is a satellite phone and apple is not.

Posted by qqq47660 > 2023-10-12 11:58 | Report Abuse

As for China and the Jews...
China and the Jews has a lot of co operation in developing technologies....

Biden says. Disappointed China did not criticise Palestinians.

But why should China criticise Palestine...China is friends with both Jews and Arabs will lots of cooperation agreements.

Posted by qqq47660 > 2023-10-12 12:00 | Report Abuse

China don't really care about other countries as long as they recognise the emperor in Beijing, they can do whatever they want

Posted by IDQWE001 > 2023-10-12 12:00 | Report Abuse

BEIJING OUT OF MONEY! Local Govts Desperately Offload Real Estate: Supply Exceeds 1.4 Billion Demand

https://youtu.be/zOFn_ZdZ3G0?si=wQBgX8_nS1_KziD9

Consequence of building white elephants and ghost city just for the number of GDP. End up homebuyers stay in unfinished units and bad debts. CCP enjoyed their US dollar with girl friends in America.

Posted by qqq47660 > 2023-10-12 12:05 | Report Abuse

If the Jews and Arabs mutually annihilate each other, China will just say, it's such a pity they got no wisdom...they should refer to the dao dejing.

Posted by IDQWE001 > 2023-10-12 12:07 | Report Abuse

After Criticism from Schumer, China Condemns Attacks on Civilians

ernoon. (Wu Hao/Shutterstock)

China’s Foreign Ministry toughened its statement on the Hamas attacks on Israel—but only a bit—after drawing criticism from Senate Majority Leader Chuck Schumer.

Schumer, in a meeting with China’s foreign minister in Beijing, took issue with China’s initial statement, which called for restraint from all parties but didn't condemn Hamas for launching the attacks. A Chinese Foreign Ministry spokeswoman, at a media briefing Monday afternoon, said, “We oppose and condemn violence and attacks against civilians.”

Posted by qqq47660 > 2023-10-12 12:08 | Report Abuse

Idqfoong this is 2023 not 1949 or even 2000. U think still America hegemony world meh?

Posted by foongsh > 2023-10-12 12:09 | Report Abuse

Posted by IDQWE001 > 1 minute ago | Report Abuse

After Criticism from Schumer, China Condemns Attacks on Civilians

ernoon. (Wu Hao/Shutterstock)

China’s Foreign Ministry toughened its statement on the Hamas attacks on Israel—but only a bit—after drawing criticism from Senate Majority Leader Chuck Schumer.

Schumer, in a meeting with China’s foreign minister in Beijing, took issue with China’s initial statement, which called for restraint from all parties but didn't condemn Hamas for launching the attacks. A Chinese Foreign Ministry spokeswoman, at a media briefing Monday afternoon, said, “We oppose and condemn violence and attacks against civilians.”

CCP dog listen to what CCP said.

Posted by qqq47660 > 2023-10-12 12:11 | Report Abuse

And there no difference between restraint and oppose civilian casualties... It's to remind Jews not to kill Palestine babies.

Posted by qqq47660 > 2023-10-12 12:13 | Report Abuse

U think can convince Beijing to criticise Arabs unilaterally meh .......don't dream

China and Arabs are close friends

Posted by IDQWE001 > 2023-10-12 12:15 | Report Abuse

Posted by foongsh > 2 minutes ago | Report Abuse

Posted by IDQWE001 > 1 minute ago | Report Abuse

After Criticism from Schumer, China Condemns Attacks on Civilians

ernoon. (Wu Hao/Shutterstock)

China’s Foreign Ministry toughened its statement on the Hamas attacks on Israel—but only a bit—after drawing criticism from Senate Majority Leader Chuck Schumer.

Schumer, in a meeting with China’s foreign minister in Beijing, took issue with China’s initial statement, which called for restraint from all parties but didn't condemn Hamas for launching the attacks. A Chinese Foreign Ministry spokeswoman, at a media briefing Monday afternoon, said, “We oppose and condemn violence and attacks against civilians.”

CCP dog listen to what CCP said.

Good. Be a good boy to practice normal Values of Humanity.

Posted by qqq47660 > 2023-10-12 12:16 | Report Abuse

Every aspect of biden foreign policy has failed.

Biden is a failed President

Posted by qqq47660 > 2023-10-12 12:18 | Report Abuse

Humanity..to be humane, one should follow the daodejing and give up hegemony

Posted by qqq47660 > 2023-10-12 12:20 | Report Abuse

Follow the dao means the weak will submit and the strong rule by kindness...since none of that is present what happens in Israel is very natural

Posted by qqq47660 > 2023-10-12 12:22 | Report Abuse

The right wing Jews supported by the Americans...that is hegemony after ww2....but that world is fast disappearing to be replaced by some thing better, much better

Posted by foongsh > 2023-10-12 12:23 | Report Abuse

Posted by IDQWE001 > 21 minutes ago | Report Abuse

BEIJING OUT OF MONEY! Local Govts Desperately Offload Real Estate: Supply Exceeds 1.4 Billion Demand

https://youtu.be/zOFn_ZdZ3G0?si=wQBgX8_nS1_KziD9

Consequence of building white elephants and ghost city just for the number of GDP. End up homebuyers stay in unfinished units and bad debts. CCP enjoyed their US dollar with girl friends in America.

CCP loves US dollar and white elephants.

Posted by qqq47660 > 2023-10-12 12:25 | Report Abuse

I think Hama's has chosen their timing very well.

The time has come for some fundamental changes

Posted by qqq47660 > 2023-10-12 12:26 | Report Abuse

It's not called white elephants..it's called much needed infrastructure for the Chinese to enjoy...what is the use of money if money cannot benefit the people?

Posted by foongsh > 2023-10-12 12:27 | Report Abuse

Posted by IDQWE001 > 32 minutes ago | Report Abuse

Posted by foongsh > 8 minutes ago | Report Abuse

Posted by IDQWE001 > 2 minutes ago | Report Abuse

Chinese Billionaires' Capital Flees To Underground Banks; Two Chinese Killed In Hamas Attack

https://youtu.be/ioSono_s_pg?si=d0gb6u7jHuWk4OTl

Nobody could stop silly evil Xi doing the wrong thing under power carzy and dictatorship political system.

Look like some silly fool very happy Chinese got bomb in Isreal.

Bombs not able to recognize Chinese and Jews. Silly fool.

Why local Chinese prefer migrate to western countries ? Because they are tire of dictator and power crazy i.diot amid 3 years covid lock down.

Posted by qqq47660 > 2023-10-12 12:28 | Report Abuse

America with 5 times Gdp per capita of China... America Gdp went to where? No infrastructure and falling bridges