The determination of wealthy Chinese to get assets to safe havens abroad continues unabated. Estimates of how much is spirited out of China annually vary greatly, from $300 billion to over $600 billion a year, mostly by false invoicing deals with foreign business partners. But Beijing’s State Administration of Foreign Exchange is onto the scam. Last week officials announced they have uncovered fake trade deals worth nearly $10 billion aimed at slipping money out of the country. Companies were found to have forged documents to create fake trade deals, enabling them to ship money abroad.
