Western Transparency Is Fueling Chinese Repression
The world’s major economies now automatically exchange financial information under an OECD initiative aimed at reducing tax avoidance. But well-meaning Western technocrats have unleashed a program that could have dire economic consequences in China, and perhaps elsewhere.
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LONDON – Despite repeated government efforts to stimulate the Chinese economy, the country’s animal spirits remain depressed. And the unexpected reason for this may be the automatic exchange of financial information between the world’s major economies, which is allowing the Communist Party of China (CPC) to learn about the bank accounts that Chinese residents hold overseas.