Uncategorized

$1,189 Billion Chinese Wealth Hidden Abroad

So, the global movement for income accountability grows.

China Daily Mail

Hong Kong’s Ming Pao reports today, the Tax Justice Network, an independent institute established by the British parliament, published a report stating, according to its conservative estimate, by the end of 2010, “global super-rich elite had at least $21 trillion hidden in secret tax havens.”

This is equivalent to the sum of the US and Japanese GDP. China ranks the first among developing countries, having transferred US$1,189 billion abroad, accounting for 5% of the world’s total.

The report deals with tax evasion and calls on various countries to close tax loopholes. However, China is entirely a different case. The transfers have mainly been made by corrupt officials and their family members to hide their ill-gotten wealth.

There have been rumours in the foreign media that Bo Xilai’s wife Gu Kailai has transferred $1 billion abroad, and she murdered British businessman Neil Heywood for fear…

View original post 69 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s