Facing cash crunch, China ramps up global tax crackdown; investors face 20% levy

Facing cash crunch, China ramps up global tax crackdown; investors face 20% levy

Facing cash crunch amid slowing economic growth and falling land sales, China has turned to a crackdown on investors’ offshore gains to generate a new stream of revenue. Investors are likely to turn to US markets to escape the crackdown.

Staff lower Chinese national flag in front of screens showing the index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. (Photo: Tyrone Siu/Reuters)