and Sadly, the Chinese 1%, also does NOT want to pay taxes!
Report Says China’s Elite Use Offshore Companies
By ANDREW JACOBS and DAVID BARBOZA JAN. 22, 2014
BEIJING — Members of the Chinese elite, including some of the country’s most politically connected figures, have set up a large number of offshore companies that allow them to conceal billions of dollars abroad, according to a report released Wednesday by the International Consortium of Investigative Journalists, a Washington-based group that works with a number of news organizations around the world.
The report’s authors say it is based on leaked documents concerning tens of thousands of tax-haven clients. The report names more than a dozen of China’s wealthiest citizens, as well as relatives of top officials, including those of the country’s president, Xi Jinping; the former prime minister Wen Jiabao; and descendants of the governing Communist Party’s revolutionary founders.
The report was released at an awkward time for Mr. Xi, who has made cracking down on corruption and reining in officials’ displays of wealth among his top priorities since taking charge of the Communist Party in 2012. The combination of wealth and power illustrated in the report could become a political liability for the government at a time when the Chinese public is showing increasing concern about official privilege.
During a regular news briefing, a Foreign Ministry spokesman who was asked about the report dismissed it as “hardly convincing” and suggested that those who had leaked the documents had ulterior motives. Censors blocked access to the consortium’s online report in much of China on Wednesday, and the Chinese news media made no mention of it.
Offshore bank accounts, trusts and shell companies are not in and of themselves illegal. The Chinese government allows Chinese investors and executives to hold stakes in domestic companies like the Internet giants Baidu and Tencent through offshore investment vehicles. And foreign banks and private equity firms have often encouraged Chinese investors to hold some assets offshore, especially stakes in companies that plan to list their shares in Hong Kong or New York.
“It was us, the foreigners, that imposed this,” Rocky T. Lee, the head of Greater China corporate practice for the law firm Cadwalader, Wickersham & Taft, told the consortium about the practice. “It had to do with the foreign investors’ general discomfort with Chinese rules and regulations.”
Needless to say, there is MORE. However, I wanted to jump to the very small last paragraph which references the NAMES .. ;) .. The Guardian is really really good at this .. They have an entire section devoted to TAX CHEATS .. globally. Here it is - The Guardian, a British newspaper, said its website was partially blocked in China on Wednesday after it published a report [ http://www.theguardian.com/world/ng-interactive/2014/jan/21/china-british-virgin-islands-wealth-offshore-havens ]
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