Elite Chinese figures, including politically connected members, have set up a large number of offshore companies that allow them to conceal billions of dollars abroad, a report revealed.
The International Consortium of Investigative Journalists released a report that said leaked documents revealed names of thousands of tax-haven clients, including relatives of President Xi Jinping, former prime minister Wen Jiabao and descendants of the governing Communist Party's revolutionary founders, the New York Times reports.
The report came at a time when Xi has led the crackdown on corruption and reining in officials' displays of wealth among his top priorities since taking charge of the Communist Party in 2012.
However, a Foreign Ministry spokesman denied of the reports, dismissing it as "hardly convincing" and with and ulterior motives.
Although offshore bank accounts, trusts and shell companies are legally authorized by the Chinese government to allow investors and executives to hold stakes in domestic companies, these companies can also be used to launder money, avoid taxes and hide an individual's stake in a company.
The consortium will release more data in a database of tax-haven documents on Thursday, the report added.