China�s Foresight Beginning To Pay
It�s been nearly three decades since market reforms began in
China. And the network of personal, educational and financial ties
between China and the rest of the world is finally reaching a new,
The Chinese government�s willingness to underwrite both advanced
education abroad and technology startups at home is starting to pay
dividends. There are now close to 800,000 Chinese students who have
studied abroad since the government first started sponsoring them
for overseas study in 1978.
Drawn by job opportunities overseas, less than a third have come
back so far, but the rate at which they are arriving is
accelerating. Last year about 35,000 students returned, three times
the amount in 2000.
Many of those returnees, armed with cutting-edge technical and
managerial skills, have helped kick-start new technology businesses.
At the same time, foreign venture capitalists are flooding the
country with unprecedented amounts of money, and Chinese companies
are finding they can raise money from stock offerings abroad.
Combined with the heady opportunities from an economy expanding
at 10% annually, the result has been the creation of private wealth
on an unparalleled scale. According to estimates by Merrill Lynch
and CapGemini, there are now 320,000 U.S.-dollar millionaires in