China's wealthy move money abroad

Wealthy individuals in China face strict restrictions on transferring their money abroad, with only $50,000 allowed to be transferred annually. There are many covert methods to circumvent these restrictions, including smuggling cash across borders, splitting amounts into smaller transactions, using clandestine banks and informal transfer channels, as well as engaging in fake transactions and inflated invoices. Despite tight government measures, the illegal flow of funds abroad remains substantial, with estimates suggesting that approximately $807 billion was transferred over the past year.

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