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From the article: China also has something called “grey” income, which means income earned (or acquired off the books) in China that is not reported
by kspaans 10y ago
From the article:
China also has something called “grey” income, which means income
earned (or acquired off the books) in China that is not reported
on income taxes and that is held by its richest families.
If the money can be laundered by buying a house overseas, grey becomes green!
- eternalban 10y agoHow is it "held"? I've seen reports of raids where they find houses stuffed full of cash, but how do you get $2T in cash to Canada? At some point this is getting converted to electronic funds and that is where the "laundering" is happening. As to why they are buying hard assets in Anglo-sphere, possibly because they are worried that the said Anglos may pull the plug on the fiat currency in a Great Reset at some point in the near future. I guess the silver lining here is that the Chinese corrupt set are bullish on the continuity of rule of law over here.
- afterburner 10y agoHSBC is complicit in laundering the money. They have been fined to that effect, but I doubt it's curtailed their activities much. I'm sure many other banks do the same.
- querulous 10y agoif you know the right people and can stomach hours and hours in the cheapest seats on transpacific flights you can make $2k a week flying between beijing and vancouver
- webmaven 10y ago> how do you get $2T in cash to Canada? Shipping containers?
- angry_octet 10y agoTry wire transfers. Eg Their factory needed a container full of Danish ball bearings. They paid the overseas supplier. Maybe there was an actual container (in which case it was re-sold overseas) and maybe there wasn't. May e an actual container of bearings arrived in China.