China in Tax Havens

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

No 17844, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital both in equity and bond markets. In the last twenty 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 SOEs, use these offshore centers. We conclude by discussing the macroeconomic and financial stability implications of these patterns.

Keywords: International; monetary; system (search for similar items in EconPapers)
JEL-codes: E F G H (search for similar items in EconPapers)
Date: 2023-01
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Journal Article: China in Tax Havens (2023)
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Working Paper: China in Tax Havens (2023)
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