China in Tax Havens

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

No 30865, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: F3 G10 G30 H87 (search for similar items in EconPapers)
Date: 2023-01
New Economics Papers: this item is included in nep-cna, nep-fdg and nep-ifn
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Published as Christopher Clayton & Antonio Coppola & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2023. "China in Tax Havens," AEA Papers and Proceedings, vol 113, pages 114-119.

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Journal Article: China in Tax Havens (2023)
Working Paper: China in Tax Havens (2023)
Working Paper: China in Tax Havens (2023)
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