Beijing, Oct 22, 2026 (AFP) - Cash-strapped China targets offshore wealth with new tax

NAMPA / AFP

2026-10-22

China is aiming to claw back some of the colossal riches kept overseas by the country's millionaires and billionaires, who have until Thursday to pay new taxes levied by Beijing aimed at filling a growing fiscal hole. The rapid rise of China's economy in recent decades has produced legions of super-rich -- many of who keep their fortunes in trusts across Hong Kong, Singapore, Tokyo and other locations. However, regulations announced in July levy......

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