[wisty]

There is some truth to that - a lot of the older millionaires got there though connections, or outdated business practices. But that doesn't mean they are all bad, or that the new generations don't have issues.

And I think you are underestimating the damage the loss of capital will do. China is choked for finance (since only connected companies get credit), so losing private capital will really hurt.

And an outright ban is unlikely to work, they will find ways to move their wealth out.

[Volpe]

The article only referred to individuals leaving china. Most of the capital is sitting under businesses not individuals. I don't think there is any evidence of an exodus of successful businesses from China, and thus there isn't a risk of significant capital being taken out of the economy.