China Launches Aggressive Tax Crackdown on Wealthy, Offshore Assets

China's tax authorities have initiated an unusually aggressive campaign targeting wealthy individuals and large corporations, including stricter scrutiny of overseas assets, new rules for offshore trusts, and special inspection teams that have focused on individual billionaires. This marks a notable escalation in fiscal enforcement, potentially signaling a shift in domestic revenue strategy amid economic pressures. The move could impact capital flows and business confidence, though its full scope and effectiveness remain uncertain.