China objects to labelling Hong Kong, Macao tax havens

China objects to labelling Hong Kong, Macao tax havens

China opposed labelling Hong Kong and Macau as tax havens in a list proposed at the London G20 summit, Chinese Foreign Ministry spokesman Qin Gang said in Beijing yesterday.

“China actively supports the international community's efforts to tighten financial regulation, crack down on tax evasion, and international co-operation to prevent tax evasion,” Qin told a regular press conference.

However, “it is groundless to label China's Special Administrative Regions of Hong Kong and Macao as tax havens, to which China expresses firm opposition,” he said.

At the ongoing G20 summit, some countries proposed a blacklist of tax haven areas, in order to take measures against areas considered uncooperative with the Organisation for Economic Co-operation and Development.

As a responsible country, China proposed at the very start of the global financial crisis the international community should enhance co-operation and weather the financial crisis together, Qin said.

“China plays an active and constructive role in the international community's discussion on tackling the international financial crisis, reform of the international financial and monetary system, and tightening financial regulation,” he said.

Friday, 03 April 2009
Macau Daily Times