China’s ‘Invoice Economy’ Crackdown Leaves Copper Trade Reeling
For years, fapiao have sat at the heart of the metals trade in China, particularly for copper.
Photographer: Qilai Shen/BloombergAt Asia’s biggest metal industry gathering last week, a single word dominated almost every conversation — fapiao, China’s humble tax receipt.
At their most basic, these official forms — printed and distributed by the government, and vital for closing payments — offer proof of purchase and ensure tax compliance. Crucially, they can also be used to secure financing, meaning these slips also grease the trade that keeps metals and other commodities flowing around the world’s largest consumer.