Hong Kong's chief executive defended its compliance with global financial reporting standards after a G-20 row nearly saw it cited as a tax haven, the South China Morning Post said on Saturday. Donald Tsang said the territory's government had introduced legislation to allow information to be shared with foreign authorities cracking down on tax evasion. He was speaking after Hong Kong and Macau avoided being named on a list of tax havens worldwide drawn up by the Organisation for Economic Cooperation and Development (OECD).

It followed a row at Thursday's G-20 summit in London, where China strongly opposed a French proposal to name the two territories. Eventually the dispute was resolved - reportedly after the intervention of US President Barack Obama. Mr Tsang told reporters that Hong Kong - where corporate tax is 16.5 per cent and personal income tax 15 per cent - had 'very transparent and very competent and well-respected banking and financial services.