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International Consortium of Investigative Journalists: Leaked Records Reveal Offshore Holdings of China's Elite

Authors: Marina Walker Guevara, Gerard Ryle, Alexa Olesen, Mar Cabra, Michael Hudson, and Christoph Giesen
January 21, 2014

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"The data illustrates the outsized dependency of the world's second largest economy on tiny islands thousands of miles away. As the country has moved from an insular communist system to a socialist/capitalist hybrid, China has become a leading market for offshore havens that peddle secrecy, tax shelters and streamlined international deal making."

Close relatives of China's top leaders have held secretive offshore companies in tax havens that helped shroud the Communist elite's wealth, a leaked cache of documents reveals.

The confidential files include details of a real estate company co-owned by current President Xi Jinping's brother-in-law and British Virgin Islands companies set up by former Premier Wen Jiabao's son and also by his son-in-law.

Nearly 22,000 offshore clients with addresses in mainland China and Hong Kong appear in the files obtained by the International Consortium of Investigative Journalists. Among them are some of China's most powerful men and women — including at least 15 of China's richest, members of the National People's Congress and executives from state-owned companies entangled in corruption scandals.

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