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Private Chinese capital has flowed into international property markets such as London and the former Portuguese colony of Macau, which has become a major centre for casinos.
Private Chinese capital has flowed into international property markets such as London and the former Portuguese colony of Macau, which has become a major centre for casinos.
(BOBBY YIP/REUTERS)

Foreign cash-stashing by China’s elite strikes worrying note

Stories about the grotesque venality of China’s political elite come thick and fast but the revelation that close relatives of President Xi Jinping and of former Premier Wen Jiabao established companies in Caribbean tax havens will have caused some Beijing mandarins to choke over breakfast. The problem is not that the Chinese might wonder whether their leaders are burying cash in foreign hideaways. The big worry is that it might send a message to anyone with savings that it would be sensible to do the same.