The top story in the finance section on Tuesday morning is about the Chinese government's hunt for hidden assets (and unpaid taxes) overseas. The article mentions Australia and New Zealand freezing accounts from customers who don't identify if they are foreign taxpayers. It goes on to say many of the frozen accounts belong to Chinese residents, warns that more account freezes are coming and that in September, the Australian and New Zealand governments will begin sharing information with China's tax department.
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WNU Editor: I think this $21 trillion number is too high. But I do know that among my many Chinese friends who live in the West and in Russia, they do not report their income back to Beijing. And while Australia and New Zealand appear to be cooperating with China, I have to wonder if countries like the U.S., Canada, the EU, etc., will.
