We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital in both equity and bond markets. In the last 20 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 state-owned enterprises, use these offshore centers. We conclude by discussing the macroeconomic and financial stability implications of these patterns.
This content will become publicly available on May 1, 2025
US-China trade friction and agricultural nitrogen loss in China
- Award ID(s):
- 1903543
- PAR ID:
- 10540704
- Publisher / Repository:
- Elsevier
- Date Published:
- Journal Name:
- Environmental Impact Assessment Review
- Volume:
- 106
- Issue:
- C
- ISSN:
- 0195-9255
- Page Range / eLocation ID:
- 107507
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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In addition, Expedition 368 added two more sites on the OMH (Sites U1504 and U1505). Expedition 367/368 completed operations at six of the seven sites (U1499–U1502, U1504, and U1505). Site U1503, however, was not completed beyond casing without coring to 990 m because of mechanical problems with the drilling equipment that prevented the expedition, after 25 May 2017, from operating with a drill string longer than 3400 m. New alternate Site U1504, proposed during Expedition 367, met this condition. Original Site U1505 also met the operational constraints of the 3400 m drill string (total) and was an alternate site for the already-drilled Site U1501. At Site U1499, we cored to 1081.8 m in 22.1 days with 52% recovery and then logged downhole data from 655 to 1020 m. In 31 days at Site U1500, we penetrated to 1529 m, cored a total of 1012.8 m with 37% recovery, and collected log data from 842 to 1133 m. At Site U1501, we cored to 697.1 m in 9.4 days with 78.5% recovery. 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