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The article is talking about retail banking, which is different from investment into stocks and shares. It's perfectly possible to have retail banking customer
by marcus_holmes 4y ago
The article is talking about retail banking, which is different from investment into stocks and shares.
It's perfectly possible to have retail banking customers living abroad removing large amounts of capital from China, while at the same time foreign investors are injecting large amounts of capital into China. Two different flows.
I think the biggest impact is going to be places like Australia that benefit greatly from Chinese nationals abroad at the moment. There are lots of Chinese students and Chinese property owners in Australia. If they can't get access to their money, that's going to hurt Australia more than China.
- coffeeblack 4y agoDo Australians benefit? Not being able to buy houses.
- marcus_holmes 4y agoAgree totally. Australian development companies (and some of them are part-owned or fully-owned by Chinese nationals) benefit from the property investment. And Aussie Universities are basically funded by Chinese students now (not that the quality has improved, just the staffing levels). But the average Aussie doesn't benefit. Imho we should do what the Asian countries do: disallow buying property in Australia from non-Aussie citizens (or at least non-residents).