This is CBSI on the World. I'm John Batch with my colleague and friend Gordon Chang at

Gordon G. Chang, puzzling about China investment, money in, money out, puzzling about the people's

Republic of China's aspirations in this year of recovery from the pandemic and the worldwide

inflation with a 5% target rate for growth in the calendar year. However, a story that requires

explication because it's suggestive but not at the same time definitive. Reuters reporting,

billionaire investor Mark Mobius says he cannot take his money out of China due to the country's

capital controls. The quote, I have an account with HSBC in Shanghai. I can't take my money out.

The government is restricting flow of money out of the country. Fraser Howey, the author of Red

Capitalism, is here to help us understand because there's language here that suggests trouble. But

Fraser, a very good day to you. Mark Mobius stands in for all the billionaires of the earth who

have over the last years done very well in China. Thank you very much. But now there's a bad patch.

Xi Jinping, the pandemic, the worldwide inflation, the supply chain. And Mr. Mobius is saying he

can't get his money out of an account in Shanghai. He goes further to say that the Chinese who

are exercising regulations that are burdensome. Can you help us understand, is this generally true

for billionaires with money in Shanghai or is this something special? Good evening to you.

Hello, John. He's partly right, but I think it's a very misleading story from him. Because Mark

Mobius, we think of as representing ultimate institutional investors, he has been a very well-known

fund manager running multi-billion funds and investing a lot of emerging markets. What he

seems to be talking about is his own personal account to HSBC. And as we know, China does have

capital controls. It is very strict controls on individuals moving their money out of China.

But in that currency-great wall that surrounds the economy, there are many windows and doors that

have been opened that are still controlled. They're not completely the wall has not been knocked out.

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