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China in Tax Havens

Author

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

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

  • Christopher Clayton & Antonio Coppola & Amanda Dos Santos & Matteo Maggiori & Jesse Schreger, 2023. "China in Tax Havens," NBER Working Papers 30865, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:30865
    Note: AP CF EFG IFM ME PE
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    More about this item

    JEL classification:

    • F3 - International Economics - - International Finance
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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