$3.79 trillion (£2.35tn) smuggled out of China in last ten years
China has lost $3.79 trillion (£2.35tn) over the past decade in money smuggled out of the country, according to a new report.
And the outflow – much of it from corruption, crime or tax evasion – is accelerating. China lost $472 billion in 2011, equivalent to 8.3 per cent of GDP, up from $204.7bn in 2000, Global Financial Integrity, a research group that campaigns to limit illegal flows, said.
“The magnitude of illicit money flowing out of China is astonishing,” said director Raymond Baker. “There is no other country that comes even close to suffering as much illicit flows.”
GFI analysed data filed with the International Monetary Fund on import and export prices.