It is a curious irony that Europe's last two great colonies will give a vivid demonstration of the world's new, and highly significant, power.China is throwing its weight around at today's G20 summit in a way rarely seen before, as it moves to protect the position of Hong Kong and Macao as Asian financial centres.Beijing will block the immediate publication of a blacklist of unco-operative tax havens to ensure that the former British and Portuguese colonies - important sources of foreign reserves for China - do not fall foul of OECD rules.The list will eventually be published, but only when China has taken steps to protect the position of Hong Kong and Macao, the former colonies in southern China.There was a time when China was wary of throwing its weight around on the world stage. In the forum where its power was most marked in the postwar period - as a permanent member of the UN security council - China would usually register its unease by abstaining.
It is a curious irony that Europe's last two great colonies will give a vivid demonstration of the world's new, and highly significant, power.
China is throwing its weight around at today's G20 summit in a way rarely seen before, as it moves to protect the position of Hong Kong and Macao as Asian financial centres.
Beijing will block the immediate publication of a blacklist of unco-operative tax havens to ensure that the former British and Portuguese colonies - important sources of foreign reserves for China - do not fall foul of OECD rules.
The list will eventually be published, but only when China has taken steps to protect the position of Hong Kong and Macao, the former colonies in southern China.
There was a time when China was wary of throwing its weight around on the world stage. In the forum where its power was most marked in the postwar period - as a permanent member of the UN security council - China would usually register its unease by abstaining.
This may be more important than it looks. While Switzerland, the Channel Islands and the Euro/Anglo offshore havens are being cleared out - at least a little - China can give itself plenty of political and financial leverage by taking their place.
Imagine a China which not only holds a huge mountain of US treasuries, but an equally huge mountain of off-shored cash - and the sensitive information about who owns it.
