TAX HAVENS: Relatives of China’s president and other business and political leaders are linked to offshore tax havens that help “shroud the communist elite’s wealth,” a U.S.-based journalism group said Wednesday.
BACK STORY: Such offshore entities are legal and often are used by Chinese companies to control foreign subsidiaries, but activists believe corrupt officials also might use them to hide money. Complaints that relatives of China’s leaders abuse their positions to profit from real estate and other deals are widespread.
WHAT IT MEANS: The report by the International Consortium of Investigative Journalists might fuel politically awkward attention on President Xi Jinping’s family and its wealth. Xi has made fighting corruption a theme of his leadership.
