China first opposed the anti-corruption plan of the Group of 20 (G-20) but in a meeting over the weekend, the country reversed its stand and supported the transparency measures that would reveal the beneficial owners of companies all over the world.  

The principles of the plan were released on Sunday during the G-20 summit held at Brisbane, Australia. China resisted the said plan when it was first introduced pressing that the reform agenda was at a very tight deadline.

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The plan's main goal is to call on countries to share information regarding the true owners of shell companies and trusts to law-enforcement agencies to stop wealthy individuals from evading taxes, laundering money and engaging in corrupt practices.

According to an official from the European Union (EU), the decision and agreement of China with the plan was a difficult internal point for the country but pressed that they were able to clear it and they were welcomed by the other countries. Everyone was happy with the decision, the official added.

The summit tackled  the crackdown on corrupt companies and individuals who are avoiding tax payment. Other leaders also endorsed the "Organization for Economic Cooperation and Development" that aimed to close legal loopholes that are being used by multinational corporations so they can shift their profits all over their country.

According to reports, China's agreement on G-20's plan came months after President Xi Jinping launched the operation called "Fox Hunt." The latter aims to stop corruption in the country and to hunt down officials and individuals who have fled to the United States and Australia after stealing billions when they were in the position.

The critics noted that China reversing its stand regarding the transparency measures on beneficial ownership might have been motivated by the Xi government's drive in stopping further corruption.

Also, the transparency measures will help Beijing track more individuals who are trying to hide from the officials by masking themselves through investments and complex shell companies and cross ownership structures.

TagsG-20, Anti-corruption, G20 in Brisbane, transparency measures