“China is considering implementing rules on the lines of the Foreign Account Tax Compliance Act, or FATCA, which would make it difficult for wealthy people in China to stash away money in Hong Kong, which is a special administrative region of China and, signed an agreement on Tuesday with the U.S. to share tax information about Americans who work or own assets on the island. Since last September, G-20 summits have discussed measures to tackle tax evasion, and member nations, including China, have decided to exchange tax information automatically by 2015.”
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