China Supports Tax-Haven Sanctions

CHINA said yesterday that it backed global efforts to tackle tax havens but is against having its Hong Kong and Macau special administrative regions counted as such.

A communique from the G20 Summit said tax havens would be identified and sanctions could be deployed.

"China supports the international community's efforts to tighten financial regulation, crack down on tax evasion and forge international cooperation to prevent tax evasion," Foreign Ministry spokesman Qin Gang told a news conference in Beijing.

But, "It is groundless to label China's special administrative regions of Hong Kong and Macao as tax havens, to which China expresses firm opposition."