China will be at the forefront of embracing the emerging international tax rules to combat base erosion and profit shifting, known as BEPS, as it shifts toward becoming a "capital-export" country, said senior EY executives.

"China is not going to be a laggard. A lot of small developing countries are in a wait-and-watch mode, but China is definitely not," said Jim Hunter, Asia Pacific Leader of EY.

His comments assume significance in the run-up to the October 5 release of recommendations by the Organization for Economic Cooperation and Development for the 15-point "Action Plan" on BEPS.