China Proposes Global Tax System at G20 Meeting

China's Finance Minister Lou Jiwei proposed development of a new international taxation system at a G20 meeting in Chengdu over the weekend, joining a global movement aimed at stopping companies and individuals from exploiting discrepancies in different countries' laws to evade taxes.

Other highlights from the meeting of finance ministers and central bank governors at the weekend, the last before the G20 Summit in September, included a potential issuance of Special Drawing Rights (SDR)-denominated bonds in China next month.