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China in Tax Havens

Christopher Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori and Jesse Schreger

AEA Papers and Proceedings, 2023, vol. 113, 114-19

Abstract: We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital in both equity and bond markets. In the last 20 years, China's presence went from raising a negligible amount of capital in these markets to accounting for more than half of equity issuance and around a fifth of global corporate bonds outstanding in tax havens. Using rich micro data, we show that a range of Chinese firms, including both tech giants and state-owned enterprises, use these offshore centers. We conclude by discussing the macroeconomic and financial stability implications of these patterns.

JEL-codes: F21 G12 H87 L22 L32 P31 P34 (search for similar items in EconPapers)
Date: 2023
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Working Paper: China in Tax Havens (2023) Downloads
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DOI: 10.1257/pandp.20231001

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