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China against tax haven tag for its SARs

(China Daily)
Updated: 2009-04-03 08:07

China is opposed to labeling its two special administrative regions (SAR) - Hong Kong and Macao - as tax havens in a list proposed at the London G20 summit, Foreign Ministry spokesman Qin Gang said yesterday.

"China supports the international community's efforts to tighten financial regulation, crack down on tax evasion, and international cooperation to prevent tax evasion," Qin told a regular press conference.

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However, "it is groundless to label Hong Kong and Macao as tax havens, to which China expresses firm opposition," he said.

China has been proposing for many times since the financial crisis started that the international community should enhance cooperation and weather the financial crisis together, Qin said.

"China plays an active and constructive role in the international community efforts on tackling the international financial crisis, reform of the international financial and monetary systems, and tightening financial regulations," he said.

Hosting Asia's largest listed bourse, Hong Kong has long been a financial and trade hub in Asia Pacific region.

At the G20 summit in London yesterday, world leaders agreed to tighten regulations on the banking sector.

They also agreed to list tax haven areas, which will be published by Economic Cooperation and Development.

Xinhua - China Daily

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