> How can they prevent migration of talented people, given China's infinite war chest ?

The Renminbi is very difficult to convert.

I've never had a problem converting modest amounts of CNY <-> USD at any bank in China or in the USA. Are you referring to capital export controls (~100k CNY/year)?

> Are you referring to capital export controls (~100k CNY/year)?

Yes.

Sorry, this is not true.

I live and work in China and move far than that a year. Also the NZ / Australian property markets are both in a bubble caused by Chinese cash investment by wealthy individuals, 100k CNY won't buy anything.

100k CNY is only 15k USD.

Are the capital restrictions only enforced on citizens or are there trivial workarounds? ("education" or "travel" expenses)

China is in China. Geography is a pretty good limitation against poaching.

Geography, politics, and ordinary racism against non-Chinese.