China has signed the Multilateral Convention on Mutual Administrative Assistance in Tax matters at a ceremony at the OECD. All G20 countries have now fulfilled their commitment to sign the Convention and move towards automatic exchange of information as the new, global standard. The Convention provides a comprehensive multilateral framework for such co-operation and also provides for spontaneous exchange of information, simultaneous tax examinations and assistance in tax collection, a valuable tool to fight offshore tax evasion.