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Byways and highways of direct investment: China and the offshore world

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Vlcek, William

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Abstract This paper examines a lacuna in the literature on foreign direct investment (FDI) flows to China: the absence of analysis for the prominent location of small Caribbean and Pacific islands as leading sources of FDI. An indeterminate amount of domestic capital is embedded in these FDI flows, which distorts comparative studies on FDI in developing economies between China and other states. Direct investment from China has also increased in recent years and offshore financial centres (OFCs) often serve as the initial destinations. This paper excavates the rationales behind the presence of OFCs and suggests that Chinese actors will emulate the practices of developed state multinational corporations and high-net-worth individuals. The implications of these investment practices are outlined along with possible trajectories for their impact on the process of financial liberalisation in China. Consequently, it encourages increased Chinese participation in the development of global financial governance.
Keywords China; direct investment; economic development (on national level); financial market
Classification Political Economy
Free Keywords International Political Economy; FDI; ODI; offshore financial centre; round tripping; economic development; contemporary
Document language English
Publication Year 2010
Page/Pages p. 111-142
Journal Journal of Current Chinese Affairs, 39 (2010) 4
ISSN 1868-4874
Status Published Version; peer reviewed
Licence Creative Commons - Attribution-Noncommercial-No Derivative Works