The taxman comes for China’s offshore riches
The crackdown has rattled the country’s wealthiest people and the businesses in Hong Kong, Singapore and Tokyo that manage their money.
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Chinese President Xi Jinping has embarked on what could be the most ambitious global tax hunt in history.
PHOTO: EPA
Edward White, Leo Lewis, Owen Walker and Sun Yu
“To get rich,” Deng Xiaoping famously said, “is glorious.” The great Chinese reformer’s slogan became synonymous with his campaign to open the country up to the outside world and its capitalist forces.
And over decades of astronomical growth, many in China did get rich. Today, the country boasts the world’s second-biggest economy, with more than 1,000 billionaires and five million millionaires.