A few years ago, companies were audited for taxes, going back 15 years, and quite a few businesses were taken down. My relative’s medical equipment company was one of the unlucky ones! This year, overseas trusts are being audited for income tax, also going back over a decade. Whether you set up isolation structures early on or obtained foreign citizenship, they’re digging all the way through! Now, retroactive audits for social security are here too. If individuals don’t pay social security, their kids can’t go to school, can’t buy a house, and can’t apply for a car license. On the corporate side, they’re auditing 15 years back as well, with a late fee of 0.05% per year. This wave is bound to take down countless small and medium-sized business owners! With employment already so tough, and now getting squeezed from both ends, no wonder so many companies are signing temporary contracts with fresh graduates to avoid social security burdens. It’s really not easy! I have this nagging worry that soon there will be corresponding tax policies for crypto assets in China too. Local governments are under so much financial pressure right now—better to prepare in advance!