On 5 October 2015 the OECD publicly released its ‘2015 Deliverables’ under the Base Erosion and Profit Shifting (BEPS) initiative. The BEPS initiative, which was initiated by the G20 and led up by the OECD, aims to realign jurisdictional taxing rights with the location of ‘value creation’ and where business activities are actually conducted, and the proposals are expected to be integrated into the domestic tax law and tax treaties of countries around the world over the coming 2 years.    The Chinese State Administration of Taxation (SAT) have, in recent weeks, set out new guidance which largely clarifies how China plans to ‘localise’ the BEPS recommendations.  As such, it is increasingly possible to foresee what parts of the BEPS agenda will and will not be adopted by China, and the manner of adoption.  As the new post-BEPS rules take shape it is becoming evident how multinational enterprises (MNEs) may need to adapt their existing investment structures and business models, as well as their tax risk management systems, to fully cope in the post-BEPS environment.  This Alert considers the BEPS 2015 Deliverables and their ‘China echo’.