"With his slick navy suit, silver watch and nonstop smoking, Yu Feng is an unlikely ambassador for Chinese family values. The office from which he operates, in Chongqing in western China, looks more like a sitting room, with gray sofas, cream curtains and large windows looking out on the city’s skyscrapers. Women visit him here and plead for help. They want him to persuade their husbands to dump their mistresses.”
Disguised capital outflows may explain why overseas spending by Chinese tourists is racing past the increase in travelers, former U.S. Treasury official says
As China's tourism deficit leapt to $206 billion in the past 12 months through June 30, up from $77 billion in 2013, the number of Chinese travelers going abroad for tourism rose to 120 million last year from 98 million in 2013. Brad Setser, a former U.S. Treasury official, said the difference in growth rates suggests that tourists are using their cash on home purchases, buying life insurance products in Hong Kong or opening offshore deposit accounts.
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