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China Is at a Critical Tipping Point

Asia Pacific
Nouriel Roubini: China Is at a Critical Tipping Point
China's growth model is not sustainable but many of the
necessary reforms are on hold. "President Xi first wants to
consolidate his power, before tackling them," says economist
Nouriel Roubini. Watch our exclusive video interview to find out
more.
China's growth has been slowing down. Why do you think this slowdown will continue?
Nouriel Roubini: Even the Chinese authorities realize that their growth model, which contains

HSBC's private banking arm accused of tax fraud by Belgium

Authorities in Brussels have charged HSBC's private banking arm, which is based in Switzerland, with helping wealthy Belgians to avoid taxes.

Prosecutors allege that hundreds of clients - including diamond dealers in Antwerp - moved money to offshore tax havens with the help of the bank.

They said it resulted in hundreds of millions of euros in lost tax revenue.

In August, HSBC warned that the penalties in relation to such allegations "could be significant".

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