China to champion revamp of global corporate tax rules

China will be at the forefront of embracing the emerging international tax rules to combat base erosion and profit shifting, known as BEPS, as it shifts toward becoming a "capital-export" country, said senior EY executives.

"China is not going to be a laggard. A lot of small developing countries are in a wait-and-watch mode, but China is definitely not," said Jim Hunter, Asia Pacific Leader of EY.

His comments assume significance in the run-up to the October 5 release of recommendations by the Organization for Economic Cooperation and Development for the 15-point "Action Plan" on BEPS.