Hidden Offshore Securities Assets in China and around the World
In international investment position data,global total liabilities are systematically higher than total assets,in-dicating significant omissions in asset data statistics.Based on international accounting statistical rules and comprehensive analysis of multiple data sources,it is shown that the balance of assets and liabilities of international investment positions mainly comes from statistical omissions in offshore securities.This paper calculates and presents the stock and distribution of global offshore hidden securities.This paper systematically sorts out the statistical rules of securities investment accounts in the international investment po-sition.It uses different databases such as CPIS and IIP to identify global securities investment positions as completely as pos-sible,calculates the total amount of offshore hidden assets worldwide from 2013 to 2021,and uses LBS's offshore household sector deposit data to locate the distribution of global offshore hidden securities.The results show that,at the end of 2021,ap-proximately $17.62 trillion of offshore securities assets worldwide were not included in international investment position statis-tics,and high-net-worth individuals in China held nearly $400 billion in offshore securities assets.Most of the global offshore securities assets are held by high-net-worth individuals in developed countries and oil-rich countries,with a relatively low pro-portion in China.After incorporating"hidden"offshore securities assets into the international investment position statistics of various countries,the status of their securities investment accounts has significant changes,especially in some developing coun-tries where the net debt-to-liabilities ratio has significantly increased.Compared to previous studies,this paper identifies some overlooked debt positions in OFC regions and international orga-nizations and directly used BIS sub sector offshore deposit data for estimation,making it more complete and accurate.The re-valuation of"hidden"securities assets has enhanced our understanding of the asset-liability status of securities investment accounts.Clarifying the distortion mechanism of hidden securities assets in the OFC region on statistical data and calculating the stock of hidden assets is of great policy significance for avoiding fund leakage in the external circulation process under the new development pattern of China's"dual circulation".
Offshore Financial CenterHidden WealthPortfolio InvestmentAnalysis of Balance between Assets and Liabilities
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