On 27 August 2013, China signed a multilateral tax agreement to share tax and financial information with various other countries and regions. The agreement, known as the Convention on Mutual Administrative Assistance in Tax Matters, is the first multilateral tax instrument China has signed. China’s participation has “significant implications” as it will help enhance the country’s international tax cooperation while it experiences major economic and structural reforms. It also reflects further integration and opening-up of China’s taxation system to the international community.