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While Chinese officials aren't required to disclose their assets publicly, citizens have remained largely in the dark about the parallel economy that can allow the powerful and well-connected to avoid taxes and keep their dealings secret. By some estimates, between $1 trillion and $4 trillion in untraced assets have left the country since 2000.
Nearly 22,000 offshore clients with addresses in mainland China and Hong Kong appear in leaked files obtained by the <a href="http://www.icij.org/">International Consortium of Investigative Journalists</a>. 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.
Here is an interactive graphic of China's elite involved in offshore tax havens:


The files come from two offshore firms - Singapore-based <a href="http://www.icij.org/offshore/trusted-service-provider-blends-invisible-offshore-world">Portcullis TrustNet</a> and BVI-based <a href="http://www.icij.org/offshore/caribbean-go-between-provided-shelter-far-away-frauds-documents-show">Commonwealth Trust Limited</a> - that help clients create offshore companies, trusts and bank accounts. They are part of a <a href="http://www.icij.org/offshore">cache of 2.5 million leaked files</a> that ICIJ has sifted through with help from more than 50 reporting partners in Europe, North America, Asia and other regions.
Since April 2013, ICIJ's stories have triggered <a href="http://www.icij.org/blog/2013/04/release-offshore-records-draws-worldwide-response">official inquiries, high-profile resignations and policy changes</a> around the world. Until now, the details on China and Hong Kong had not been disclosed.
The growing onshore and offshore wealth of China's elites "may not be strictly illegal," but it is often tied to "conflict of interest and covert use of government power," said <a href="http://www.cmc.edu/academic/faculty/profile.php?Fac=590">Minxin Pei</a>, a political scientist at Claremont McKenna College in California. "If there is real transparency, then the Chinese people will have a much better idea of how corrupt the system is [and] how much wealth has been amassed by government officials through illegal means."
In November, a mainland Chinese news organization that was working with ICIJ to analyze the offshore data withdrew from the reporting partnership, explaining that authorities had warned it not to publish anything about the material.
Along with the China and Hong Kong names, ICIJ's files also include the names of roughly 16,000 offshore clients from Taiwan. ICIJ will continue to publish stories with its partners in the next few days and will release the Greater China names on its <a href="http://offshoreleaks.icij.org/">Offshore Leaks Database</a>.
Infographic and text excerpted from <a href="http://www.icij.org/offshore/leaked-records-reveal-offshore-holdings-chinas-elite" target="_blank">Leaked Records Reveal Offshore Holdings Of China's Elite</a> by <a href="http://www.icij.org/journalists/marina-walker-guevara">Marina Walker Guevara</a>, <a href="http://www.icij.org/journalists/gerard-ryle">Gerard Ryle</a>, <a href="http://www.icij.org/journalists/alexa-olesen">Alexa Olesen</a>, <a href="http://www.icij.org/journalists/mar-cabra">Mar Cabra</a>, <a href="http://www.icij.org/journalists/michael-hudson">Michael Hudson</a> and <a href="http://www.icij.org/contributors/christoph-giesen">Christoph Giesen</a>. <a href="https://twitter.com/danielhalper" target="_blank"></a>Excerpted with permission from <a href="http://www.icij.org" target="_blank">The International Consortium Of Investigative Journalists</a> a project of <a href="http://www.publicintegrity.org" target="_blank">The Center for Public Integrity</a>. All Rights Reserved. Copyright © 2015.

Here's The Who's Who In China's Offshore Tax Havens

<keyword id="6406658" type="UNKNOWN" weightage="20" keywordseo="Vibrant-Gujarat">Vibrant Gujarat</keyword>, the biennial business meet in <keyword id="6354766" type="COMPANY" weightage="100" keywordseo="Gujarat">Gujarat</keyword> has been labelled as the ‘<keyword id="100810" type="COMPANY" weightage="20" keywordseo="Davos">Davos</keyword> of the East’ by the world’s major investors. Under the leadership of <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>, during his Chief Ministership, Gujarat has evolved as an investors’ delight. During 2003, when most states of India were riding the IT wave and struggling to find profitability, Modi was calling investors from all over the world and briefing them about ease of doing business in India’s west coast. And he actually did it. 
 Cut to 2017. The 8th edition of Vibrant Gujarat is taking place under a Chief Minister who is just a little more than five months into his job. The erstwhile Chief Minister <keyword id="4057401" type="UNKNOWN" weightage="20" keywordseo="anandbehen-patel">Anandbehen Patel</keyword> had failed in her job to appease Dalits, create more jobs and keep <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> president <keyword id="6355521" type="PERSON" weightage="20" keywordseo="Amit-Shah">Amit Shah</keyword> convinced. As Gujarat’s ‘economic expressway’ (as they prefer calling the event) seems to zoom off, you can hear echoing whispers among a few industrialists at the event, how much of the proposed promises have actually been implemented. Gujarat, which topped the World Bank’s ‘Ease of Doing Business’ in India has now lost it to <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> and Telengana. 
 
Experts believe, as Modi has become the Prime Minister, there have been instances of social unrest and political instability that came to the fore. And as the last business summit before the election is underway, investors’ minds are getting impacted. 
 
This edition of Vibrant Gujarat has seen MoUs touch Rs 20 lakh crores. The amount is likely to cross Rs 30 lakh croremark today, according to The Times of India. Among the sectors where companies expressed their intent to invest defence and aerospace, mining and minerals, chemicals, steel, urban infrastructure, petroleum and petrochemicals, renewable energy, automotive, electronics and information technology are noteworthy. 
 While the state government of Gujarat said that conversion rate is clocked at 70%, the opposition party <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> claimed the actual to be pegged at not more than 10%. However top business conglomerates <keyword id="4057400" type="UNKNOWN" weightage="20" keywordseo="reliance-and-adani-group">Reliance and Adani Group</keyword> said that they have fulfilled their promises. 
 To believe Gujarat’<keyword id="4057399" type="UNKNOWN" weightage="20" keywordseo="s-directorate-of-economics-and-statistics">s Directorate of Economics and Statistics</keyword>, about 8% have been implemented out of Rs 40 trillion proposed investments. Citing the Socio-Economic Review of Gujarat for 2015-16, The Mint had reported that 57% proposals made between 2003 and last year have been commissioned or implemented. 
 While Gujarat ranked fifth, Maharashtra that doesn’t organize any such summit has attracted the most FDIs, almost 30% of India’s total between 2002-2016, according to <keyword id="29740" type="CITY" weightage="20" keywordseo="Bloomberg">Bloomberg</keyword>. The same media report said, Gujarat is no longer the easiest place to do business any more. 
 However, Modi’s brain child Vibrant Gujarat has seen several other states including <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword> and <keyword id="6355588" type="ORGANIZATION" weightage="20" keywordseo="Rajasthan">Rajasthan</keyword> adapt the same concept and get investments. 
 The social unrest in India’s one of the most opulent states is rising. Only a few weeks back, Conveners of <keyword id="2983086" type="UNKNOWN" weightage="20" keywordseo="Patidar-Anamat-Andolan-Samiti">Patidar Anamat Andolan Samiti</keyword> (<keyword id="6406288" type="UNKNOWN" weightage="20" keywordseo="PaaS">PAAS</keyword>), <keyword id="45661" type="CITY" weightage="20" keywordseo="OBC">OBC</keyword> leaders and dalits have threatened to disrupt the summit, if fixed-pay and contractual employees were not made permanent by the state government. So a state, whose Minister of Industries, Mines and Minerals and <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> department <keyword id="387325" type="PERSON" weightage="20" keywordseo="Rohit-Patel">Rohit Patel</keyword> boasted of ‘minimum labour unrest’ during his speech seems to be getting distracted. 
 
Not just that. A few months ago, Gujarat has witnessed backlash against jobless economic growth that could jeopardise development and BJP’s coming back t power in 2019, reported Bloomberg. 
 
This season of Vibrant Gujarat seemed to be relying largely on the previous editions of success. Most state ministers thanked Modi immensely for this summit, while avoiding media question of how much implementation has happened. What they offered are figures of investments and not facts about implementation.

Is Vibrant Gujarat losing its sheen
and surviving on the past glory of Modi days in Gujarat?

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Here's The Who's Who In China's Offshore Tax Havens

The Center For Public Integri…

Is Vibrant Gujarat losing its sheen and surviving on the past glory of Modi days in Gujarat?

Suchayan Mandal

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