European Central Bank President Christine Lagarde believes Europe’s direct exposure to the embattled Chinese property company Evergrande would be “limited.”

It comes at a time when global stock markets are on high alert over Evergrande’s massive debt problems.

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President Xi Jinping has called for China to achieve "common prosperity", seeking to narrow a yawning wealth gap that threatens the country's economic ascent and the legitimacy of Communist Party rule.

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A strong showing from southern European countries helped drive betterthan-expected results for the European economy on 30th of July 2021. EU countries emerged from a double-dip recession in the second quarter with a growth of 1.9% more than the quarter before, according to figures released by Eurostat. The economy in the 19 countries that use the euro currency grew by 2%.

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While details of the agreement are still to be finalized, plans to close the multinational tax avoidance loophole globally is now a step closer.

Finance ministers from the Group of Twenty (G20) have announced their support to move ahead with overhauling the global corporate tax system.

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Momentum has grown behind the US-led plans to limit the ability of multinationals such as tech giants to game the tax system to boost profits, especially at a time when economies around the world are reeling from the impact of the coronavirus outbreak

Finance ministers from wealthy G7 nations on Saturday, 5th of June 2021, endorsed a global minimum corporate tax rate of at least 15 percent, rallying behind a US-backed plan targeting tech giants and other multinationals accused of not paying enough.

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