China's economy slows for second straight quarter, testing reforms

[Source: NBCNews]

China's economic growth in the second quarter of the year may not have slowed as much as some had feared, but a large degree of uncertainty about the outlook for the world's second biggest economy remains, strategists say.

Data on Monday showed the Chinese economy grew 7.5 percent year on year in the June quarter, in line with expectations, but down from 7.7 percent in first three months of the year to mark the second straight quarter of slowing growth.

"Who knows if 7.5 percent [growth] is sustainable? It really is a question of watching the data and where it stabilizes is what's important for the market," Simon Warner, head of macro markets at AMP Capital, told CNBC Asia's "Cash Flow."

"We have a real situation in China where nobody really knows where Chinese growth is going to settle down in the coming quarters," he added.

The China gross domestic product (GDP) data bought some relief to markets, which had braced for a weaker-than-forecast number after recent data sparked fears of a sharp slowdown in growth.

Asian stock markets were a touch firmer after the GDP release, while the China-data sensitive Australian dollar hit a session high of about $0.9109

Entire Article here: China's economy slows

More Chinese immigrants move to developed economies

[By Fu Jing in Brussels ( chinadaily.com.cn)]

The number of Chinese immigrants to developed economies has picked up slightly from 2009, and made China the "leading country of origin" according to a report published on Thursday in Brussels.

But given its 1.4 billion population, the rate is far lower than most other countries in the world. And its ability and insight into attracting expertise has won warm appreciation from the OECD chief.

As the Paris-based Organization for Economic Cooperation and Development released the International Migration Outlook 2013, the organization's secretary- general Angel Gurria praised China for implementing "very smart" measures to attract expertise. 

China's immigration into OECD countries reached 529,000 in 2011.

In 2009 the number declined to 460,000 from 518,000 in 2007. 

Based on 2011 figures, major immigration countries following China are Romania, Poland, India, Mexico, Philippines, United States, Germany, Morocco and the UK, each of which all has immigration of above 100,000.

See complete report: Slight rise in Chinese immigrants to developed economies

Chinese with high net worth emigrating overseas consider the EB-5 program

A few main reasons for Chinese to consider USCIS EB-5 program:

1. Diversifying investments; with tough governmental restrictions on Chinese real estate market and declining gold price,  many Chinese investors are considering international investment strategies. Investing in foreign real estate, including residential properties, is a top priority approach for many investors.
2. Sending children for a better education; many Chinese teens are coming to private high schools in the US. Currently there are nearly 200,000 Chinese students enrolled in the US schools, colleges and universities.
3. Avoiding potential social and political instabilities; with a new regime in power, many wealthy investors feel more uncertainty and discomfort about which direction China is to be headed. The vast gap between the rich and the poor has further pushed the investors for outbound opportunities.
4. Seeking a better life; with numerous reports on food safety issues, environment pollution problems across China, Chinese investors are simply searching for exit strategies.

Empire State EB-5 Regional Center has projects ranging from the healthcare to manufacturing to bio-technology industries. Contact us today to gather more information on these exciting new projects.

CONTACT EMPIRE STATE EB5 REGIONAL CENTER TODAY!

2815 Monroe Avenue, Suite 2100

Rochester, New York 14618

Tel: (866) 763-6515

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China Mainland to top Japan in millionaire stakes

(Source: China Daily, by Michael Barris)  

The Chinese mainland is poised to overtake Japan this year as the economy with the world's second-largest number of dollar millionaire households, behind the United States. 

And the Asia-Pacific region will surpass North America in four years as the world's wealthiest region, according to a report by the Boston Consulting Group. 

In its annual study of the world's wealth management industry, the global management consulting firm said worldwide wealth grew faster last year than in the previous two years. 

But it predicts that revenue growth and profits at wealth management firms will fall over the next five years, as the faster creation of wealth in Asia-Pacific and other developing regions poses challenges that will rob firms of the momentum they started to gain in 2012. 

BCG calculates millionaires by their investable assets excluding a primary residence or business. In 2012, the US had the most millionaire households, with 5.9 million, followed by Japan with 1.5 million and the Chinese mainland with 1.3 million. 

Complete report of China Mainland to top Japan in millionaire stakes

Three out of five wealthy Chinese want to immigrate

[Source: Jason Chow; WSJ]

China’s rich continue to want to invest and move abroad in large numbers, but their goals have begun to shift, consulting firm Bain & Company said in a report released Tuesday.

Three out of five wealthy mainland Chinese are looking to immigrate out of China while another third own investments abroad, Bain said in its “China Private Wealth Report, 2013,” based on a survey conducted earlier this year of 3,300 “high-net-worth individuals” with at least 10 million yuan (US$1.6 million) in investable assets.

Jennifer Zeng, the lead author of the report, said the desire for overseas immigration and investment is a defensive measure for China’s rich. “The more they look for risk diversification, the more they look elsewhere,” said Ms. Zeng in a phone interview from Beijing.

She pointed out that the proportion of wealthy Chinese with overseas investments has doubled to 33% since 2011, the last time the survey was completed. Among the ultra-high-net-worth Chinese – those with at least 100 million yuan of investable assets – 51% said they had money invested overseas.

Read entire article:  Three out of five Chinese want to immigrate

More than a Green Card for Sale, the EB-5 Program is Good for America!

(Author: K. Lara Baharlo, Esq., Of Counsel, Wolfsdorf Immigration Law Group, Original article HERE) 

In 1990 Congress created the employment-based fifth preference visa category (EB-5) category for foreigners seeking to invest in a business that will benefit the US economy and create or preserve at least 10 full-time jobs for qualified US workers. The amount required to invest is $1 million or $500,000 if the investment is made in a high unemployment or rural area.

Some portray the typical EB-5 investor as an ultra-rich Chinese businessman in the market for a prestigious US green card. One restrictionist group describes EB-5 as a “tacky, troubled program that doesn’t do much for economic development.” Others say the EB-5 program “let[s] the guys in with the money and leave[s] the best and brightest waiting in line.” Meanwhile, participants in the program have their own criticisms, alleging that US Citizenship and Immigration Services (USCIS) is hostile toward EB-5 because it is viewed as a “green card for sale” program that denigrates the US immigration system, and is essentially bad for America.

A fundamental tenet of the EB-5 program is job creation, which is often minimized by program critics. There are economic citizenship programs available in some countries through which an individual can buy a passport for a price. However, the EB-5 program requires much more in that the investment required to put one on the path to permanent residency must, amongst other things, create jobs and be at risk. As such, the “green card for sale” concept is flawed and oversimplifies the EB-5 process.

According to statistics published by IIUSA, the industry trade association for the EB-5 Regional Center Program, almost 100,000 jobs have been created for US workers through the EB-5 program, with nearly $5 billion in capital infused into job creating enterprises in the United States since 2005. These figures should be viewed against an increasingly common backdrop of outsourcing and offshore back-office operations. Should we not welcome a program that creates US jobs and infuses a lagging economy with much needed capital? Already, the US must compete with investor programs that are more attractive due to better administration and less stringent requirements. Although some of these programs are more expensive, they can offer passive investment opportunities and shorter processing times with a higher degree of certainty that the investor will achieve his or her goal of residency.

Yes, the EB-5 program has endured fraud and abuse, but scams and deception are not unique to EB-5. Yes, some Regional Centers have failed to deliver on their promises, and investors and projects have suffered. However, the need for weeding out bad actors must be balanced by the need to provide a predictable and stable program for those with legitimate interests so that the United States can continue reaping the significant benefits of attracting foreign investors, particularly during this time of economic struggle and uncertainty.

America is no longer the overwhelmingly dominant global superpower, and cultural arrogance is not a platform from which to operate a congressionally mandated program. However, the United States is still considered the “land of opportunity” throughout the world and can provide excellent educational and quality of life options for high net worth individuals and their families. Although painful to admit, the US cannot afford to deter the billions in capital and hundreds of thousands of jobs that result from EB-5 investment.

Now is the time for the United States to encourage entrepreneurs, capital inflow and job creation. The EB-5 program is smart business, and the United States should be a world leader in attracting immigrant entrepreneurs who are ready and willing to take on the challenge of making it as investors and job creators in America.
 (Ms. Baharlo can be contacted at lbaharlo@wolfsdorf.com; Original article HERE)

China's billionaires on rise

[Source: WANG ZHUOQIONG - China Daily]

China has had more billionaires created by its stock markets this year than in the United States - 212 compared with 211 - a new survey revealed on Thursday.

According to the latest Hurun Global Rich List 2013, there were 1,453 people in the world with personal wealth of $1 billion or more at the end of January.

Another significant sign of more wealth being created in the East came with figures showing Asia was home to the highest number of billionaires, with 608, followed by 440 from North America and 324 from Europe, said Hurun researchers.

Among individual countries, the US and the Greater China area dominated with 408 and 357 respectively, followed by Russia, Germany and India. 

Between them, the US and China now have half of all billionaires on the planet.
Moscow, with 76 billionaires, is the billionaire capital of the world, followed by New York, Hong Kong, Beijing and London, according to the report. 

More on the Chinese billionaires article HERE