Beijing denies blocking G20 agreement on "beneficial ownership"

Beijing denied yesterday claims by Berlin-based group Transparency International that China is blocking adoption of draft principles on the practice of holding assets under another name, which Australia hoped to debut at this weekend’s G20 summit, South China Morning Post reported, citing the foreign ministry’s department of international economic affairs. The department’s director general, Zhang Jun, said China supported cooperation on the issue, known as beneficial ownership, “on the whole”, but “in terms of company registration, different countries have different legal procedures and practices.”