Part 4/11:
Many of China's wealthy individuals, especially those who have risen from modest backgrounds, remain cautious. A notable example is a Beijing-based financier who advised colleagues to "ignore lofty speeches and track the money." This advice proved prescient when a prominent patriotic investor quietly moved capital abroad, signaling a lack of confidence in the domestic environment.
The Illusion of the China Miracle
During the real estate and tech booms, China appeared unstoppable—an economic miracle attracting global investment. However, these successes masked cyclical patterns fueled by marketing and PR rather than genuine economic fundamentals. Today, these illusions are cracking.