U.S. won't back global tax plan with carve-outs for China: Treasury Secretary Janet Yellen

G7 finance officials on June 5 agreed to support a minimum corporate tax rate of at least 15%, a move endorsed by G7 leaders on Sunday. But some countries, including China, are reluctant to give up tax incentives to advance policy priorities ranging from boosting research and development to attracting foreign investment, including special economic zones with low taxation to attract foreign investment.

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