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China in Tax Havens

Author

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

  • Maggiori, Matteo & Clayton, Christopher & Coppola, Antonio & Dos Santos, Amanda & Schreger, Jesse, 2023. "China in Tax Havens," CEPR Discussion Papers 17844, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17844
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    More about this item

    Keywords

    International monetary system;

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • F - International Economics
    • G - Financial Economics
    • H - Public Economics

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