Why so many millionaires are leaving China

The Morning Edition

China has experienced a mass exodus before. People fled the country, for instance, after the collapse of Chinese nationalist Chiang Kai-shek’s regime in 1949.

But lately, the country is seeing something new. Millionaires, in particular, are running away in record numbers. And taking jaw-dropping amounts of wealth with them.

Today, international and political editor Peter Hartcher, on how Chinese president Xi Jinping - the most repressive leader the country has had in decades - might respond to a trend that’s being seen by some as a humiliating blow to the country.

Audio credit:

• 'Quiet quitting' was happening in China before the rest of the world caught on, CNBC International.

Subscribe to The Age & SMH: https://subscribe.smh.com.au/

See omnystudio.com/listener for privacy information.