China is ramping up its efforts to tax overseas income from its citizens. This situation is affecting the dynamics of global competition.

In recent months, there has been an increase in tax requests from individuals with less than 1 million dollars in assets. This reflects the pressure targeting ultra-wealthy individuals last year.

Chinese officials are implementing various incentives to increase their financial revenues. This is part of efforts to narrow the record budget deficit.

As economic challenges and pressures on the private sector increase, Chinese investors have begun to shift their wealth abroad. This could lead to significant changes in global markets.