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China in Tax Havens

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Listed:
  • Clayton, Christopher
  • Coppola, Antonio
  • Santos, Amanda Dos
  • Maggiori, Matteo

    (Stanford University)

  • Schreger, Jesse

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.

Suggested Citation

  • Clayton, Christopher & Coppola, Antonio & Santos, Amanda Dos & Maggiori, Matteo & Schreger, Jesse, 2023. "China in Tax Havens," SocArXiv bfrvn_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:bfrvn_v1
    DOI: 10.31219/osf.io/bfrvn_v1
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    References listed on IDEAS

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    1. Roland Beck & Antonio Coppola & Angus Lewis & Matteo Maggiori & Martin Schmitz & Jesse Schreger, 2024. "The geography of capital allocation in the euro area," IFC Bulletins chapters, in: Bank for International Settlements (ed.), External statistics in a fragmented and uncertain world, volume 62, Bank for International Settlements.
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