Taipei, Taiwan – Five years ago, Jane Meng left her home in Shanghai for Hong Kong to find something special for her birthday.
A wealthy 31-year-old man who owns an export company was not looking for a watch or a handbag.
Instead, they came to critical illness insurance.
“I did not trust the Chinese medical and insurance market to provide the care and insurance I would need in life,” Meng, who asked not to be identified, told Al Jazeera.
So, I decided to go and open a bank account in Hong Kong to get insurance there.
From then on, as Meng's wealth increased, he only expanded his investment outside of China.
These days, he does most of his business in Hong Kong, and recently opened a bank account in Singapore to which he transferred most of his assets.
“I don't want to have a lot of money in China, because I feel like in many ways, China is in a good place right now,” he said.
China's economy is facing its worst crisis in decades.
Economic activity has slowed compared to previous levels, raising doubts that Beijing will reach 5 percent growth in 2024. Youth unemployment has risen, above 17 percent.
Household spending, about 40 percent of gross domestic product (GDP), remains among the lowest in the world, and the property market continues a long-term slump that has seen prices fall about 8 percent from their peak.
At the same time, the great loss of many industries, from technology to finance and special education, has caused people to suffer in recent years, as it has been lost to high-level entrepreneurs such as. Bao Fan.
Bao, one of China's most prominent tech banks, has not been heard from since February 2023, when his fund China Renaissance announced it was “cooperating” with the investigation.
Authorities have not released details about the charges or the status of his case.
“With everything that's happened, I don't think there's anything wrong with being depends on the Chinese market,” said Meng.
Things are not so good.
After transferring most of his money to China, Meng decided to move again one day.
He said: “I have decided to leave.”
“I have a small business, but I know a lot of rich people with a lot of things are thinking of leaving China.”
Many wealthy Chinese have already joined.
Last year, China saw 13,800 expensive migrants leave the country – a 28% increase from 2022 and for every country, according to a report by immigration firm Henley & Partners.
The company expects that 15,200 million Chinese will migrate by the end of 2024.
The outflow does not mean large-scale migration, as China was home to 6.2 million as of 2021, according to a report by Credit Suisse and UBS.
“But if it's the beginning of an escalation, then it could lead to economic problems for China,” Allan Von Mehren, China economist at Danske Bank, told Al Jazeera.
When millions leave, they tend to take their wealth with them.
Among Chinese exporters, such a large flight has already made a mark.
In the second quarter of this year, foreign companies withdrew $15bn from China.
According to Sara Hsu, an assistant professor at the University of Tennessee who studies China's fintech and shadow banking, the influx of money will only destroy what has already happened. China's economy is struggling.
“Therefore, they have to worry about mass exodus,” Hsu told Al Jazeera, referring to the Chinese government.
But Chinese officials are already aware of the potential problems with the migration of wealthy Chinese, according to Von Mehren.
“This is the reason why we have seen the Chinese government resorting to abuse in order to convince the people of their own class,” he said.
After years of abuse of non-governmental organizations, the authorities have clearly shown the business side.
Chinese Premier Li Qiang announced in January that China's economy was open for business and promised to “take action to address the concerns of the global business community.”
In November, Qiang met with senior executives from some of China's leading companies, raising hopes that the disruption to the sector would end.
“Since the collapse of the private sector, there has been a breakdown of trust between the Chinese government and business sectors,” von Mehren said.
“If they can restore confidence, they can stop the flow of people who want to leave China.”
If the encouraging words fail to calm investors, the Chinese authorities may focus on their strict economic controls to try to prevent people from moving their assets abroad.
Chinese citizens are allowed to send up to $50,000 worth of remittances abroad each year.
Banks and other financial institutions are also required to report all domestic and foreign funds of more than 50,000 yuan ($7,000) to the authorities, while cash deposits and similar funds must be registered.
However, wealthy Chinese have found ways to sell such products.
It's not uncommon for wealthy people to use family members to move money, according to Hsu, or to buy things like gold that can be moved abroad.
“But some are turning to underground money vendors,” Hsu said.
These operators create extensive networks around the world that facilitate global remittances through a variety of channels.
One of the most common methods used by Chinese banks, known as “smurfing”, involves recruiting people who have not used their annual limit of $50,000.
In another case reported by the Chinese government, a man named Li was accused by authorities of personally overseeing a group of 102 people who help transfer millions of dollars out of the country every year.
In December, Chinese authorities announced that they would crack down on more than 100 illegal money laundering operations starting in May and go after $11bn worth of illicit funds.
“Secret money managers it is often linked to gangs and is considered illegal currency in China,” Hsu said.
“It's dangerous to use it, especially in a time of government brutality, but it works and it can transfer a lot of money out of the country.”
For those who have succeeded in moving their property abroad, Singapore is one of the most popular choices.
Wealthy Chinese have set up hundreds of investment management offices in the city in recent years and will become the largest group of luxury home buyers in 2022.
Crowded, and recent money laundering issuehas led Singaporean officials to closely monitor China's emerging economy.
The Monetary Authority of Singapore earlier this year rejected two family offices with assets linked to China, Nikkei Asia reported in March, citing two sources familiar with the matter.
However, Singapore remains the best destination for the millions of Chinese who are leaving, along with Canada and the US, according to Henley & Partners.
When Meng decides to leave China, he has no doubts about where he will go.
He said: “I lived and studied in Singapore, so I chose to settle there.”
“That would be great for me.”