Due to capital controls, most regular Chinese who lack CCP connections can't legally keep their savings "elsewhere". Speculative investments in residential real estate have been the only game in town.
you don't need CCP connections to buy BTC under the table, or to buy houses in Canada.
BTC valuations and fluctuations in price can be pegged to Xi's anti-corruption initiatives. Ditto for MBS taking over in Saudi. Lotta people were moving lots of money to other places and then GTFO.
that may not help rando middle class earner in China in 2023 -- CCP is a little tigher these days... -- but realistically they don't have the need or ability to store stuff elsewhere regardless. 5k for a retirement fund isn't getting stored in a Bermuda bank, even if they could.
