截止2013年4月底，我國累計(jì)實(shí)際利用外國直接投資的總額就達(dá)到了1.3萬億美元，位居全球第二位，而且在2013第二季度年成為了資本凈輸出的國家。不可否認(rèn)這些離岸金融中心在其中發(fā)揮了重要作用。

　　盡管有很多正面影響，但離岸金融中心對中國的經(jīng)濟(jì)和社會發(fā)展等方面構(gòu)成了挑戰(zhàn)甚至是威脅。

　　第一，“返程投資”現(xiàn)象嚴(yán)重，造成宏觀經(jīng)濟(jì)決策的失誤。從統(tǒng)計(jì)數(shù)據(jù)看，我國吸收利用的外資絕大部分是來自避稅港型的離岸金融中心，香港、新加坡、英屬維爾京群島、巴巴多斯、開曼群島等都位居前列。而這些地區(qū)也一直是我國對外直接投資最為集中的地區(qū)。其中，我國從香港吸收投資所占比例高達(dá)80%以上，而對拉丁美洲的直接投資高度集中在開曼群島和英屬維爾京群島兩個(gè)離岸金融中心。聯(lián)合國的《2013年世界投資報(bào)告》（UNCTAD,2013）研究發(fā)現(xiàn)，國內(nèi)外的跨國公司都是將在離岸金融中心設(shè)立各種特殊目的實(shí)體（SPV）作為其國際投資的一個(gè)“跳板”。因此，在某種意義上，來自這些離岸金融中心的外資都是“虛假的”外資。如果不剔除這些來自離岸金融中心的“返程投資”，勢必有可能給我國的決策者傳遞錯(cuò)誤信息，造成決策的失誤。

　　第二，海外轉(zhuǎn)移資產(chǎn)與非法資本流動。利用離岸金融中心向境外轉(zhuǎn)移資產(chǎn)成為我國腐敗分子向境外轉(zhuǎn)移資產(chǎn)的途徑之一。全球金融誠信組織（GFI）發(fā)布的《發(fā)展中國家非法資本流動：2001-2010年》顯示，在截至2010年的10年中，有總計(jì)約5.9萬億美元非法資金流出約150個(gè)發(fā)展中國家，其中以我國為最，非法資金流出規(guī)模最大，主要是流向境外避稅地型的離岸金融中心或發(fā)達(dá)國家金融機(jī)構(gòu)。報(bào)告顯示，2010年我國非法資金流出總量4200億美元，在截至2010年的10年中總計(jì)2.7萬億美元，接近發(fā)展中國家總額的一半，是全球資本外流情況最嚴(yán)重的國家。巨額的非法資金外流會影響我國的政治形象和威脅到國家的經(jīng)濟(jì)安全。而目前的情況是，除了香港，像英屬維爾京群島和百慕大群島那樣的離岸金融中心早就成為了很多富豪和企業(yè)家、腐敗分子轉(zhuǎn)移業(yè)務(wù)和資產(chǎn)的最佳選擇。

　　第三，稅收收入流失。離岸金融中心為避稅者和逃稅者提供了可乘之機(jī)，長期以來，我國政府用稅收優(yōu)惠來吸引外資，也推動了內(nèi)地投資者使用離岸金融中心。例如，一些我國廠商用“返程投資”的方式避稅：在境外成立子公司，由國內(nèi)的母公司將在內(nèi)地生產(chǎn)的產(chǎn)品低價(jià)賣給離岸的子公司。母公司由于賬上利潤少、甚至沒有盈利，自然免稅。然后再由子公司把產(chǎn)品以高價(jià)賣給別的公司,把利潤匯回母公司。這部分利潤是當(dāng)作母公司從英屬維爾京群島或香港獲得的“外商投資”，也無需向我國政府繳稅。我國的對外直接投資和海外直接投資集中于避稅港型離岸金融中心的趨勢越來越明顯，稅收因素?zé)o疑是重要因素之一。跨國公司利用轉(zhuǎn)移定價(jià)和濫用稅收協(xié)定等方式將本該在我國實(shí)現(xiàn)的利潤或應(yīng)繳納的稅款轉(zhuǎn)移到離岸金融中心，給我國造成巨額的稅收收入流失。

　　第四，為非法活動創(chuàng)造條件。有證據(jù)顯示，我國一些公司和個(gè)人利用離岸公司進(jìn)行非法活動。2013年9月，前鐵道部高官張曙光承認(rèn)轉(zhuǎn)移28億美元到海外賬戶。目前身陷囹圄的我國前首富黃光裕也曾運(yùn)用離岸公司進(jìn)行商業(yè)操作。黃與妻子杜鵑在2001到2008年間至少成立了31家英屬維爾京群島公司。當(dāng)時(shí)他們持有的國美集團(tuán)是全國最大的電器商連鎖。2010年，黃因內(nèi)幕交易、賄賂和操縱股價(jià)，被判有期徒刑14年。杜也以相關(guān)罪名獲刑，但二審獲改判，當(dāng)場釋放。黃大部分資產(chǎn)被凍結(jié)，但利用離岸金融網(wǎng)絡(luò)維系他的商業(yè)王國。2011年，黃名下的英屬維爾京群島公司Eagle Vantage Assets Management競購英國退役航母，欲打造成高端購物商場。黃光裕目前通過Shining Crown Holdings and Shine Group這兩家英屬維爾京群島公司控制國美集團(tuán)30%多的股份。

　　實(shí)際上，世界各國對離岸金融中心大多持自由放任的態(tài)度。直至2008年國際金融危機(jī)爆發(fā)后，離岸金融中心的客戶泛濫，涉嫌逃稅、洗錢甚至資助恐怖組織等重大問題才受到主要國家的重視。在美國的巨大壓力之下，瑞士的保密法有所松動，離岸金融中心的避稅港功能開始下降。隨著各國反洗錢行動的深入，離岸市場非法資金流動的渠道也會越來越窄。

As the end of April 2013, accumulated foreign direct investment in China arrived at 1.3 trillion US dollars, ranked second position after USA in the world, furthermore, China became one of net capital exporting countries in second quarter 2013. There is no surprise that offshore financial centers are playing a significant and growing role.

Tax havents can pose some challenges even threats on Chinese economy and social development.

First of all, huge mount of roundtripping investment can lead to misleading decision-making. The statistic data released by Chinese governments reveal that a significant part of foreign direct investment in china came from some tax havens. among them, Hongkong, British Virgin Islands, Babados, Cayman Islands are on the first lines, those are the most important source of foreign direct investment. Over 80 percent of foreign direct investment in china came from Hongkong, and oversea direct investment (ODI) concentrated in two tax havens: Cayman Islands and British Virgin Islands. World Investment Report 2013 shows us that special purpose entities or vehicles( SPE or SPV) established by local and international mulnationals usually could be use as conduit( UNCTAD, 2014). So some foreign direct investment from those tax havens are FAKE. Those convey some misleading information to decisonmakers in china, wrong decision came into being in the end.

Second , transfer assets overseas and illeagal capital flows. Tax havens or offshore financial centers can be used by Chinese corrupts to shifting their assets.some findings in one report titled “Illicit Capital Flight from Developing Countries 2001-2010 ”published by Global Financial Itegrity( GFI) based in Washington DC show that as 2010, the size of illicit capital flight was estimated to be 5.9 trillion US dollars in ten years from 150 develop countries, China ranks number one, which has the largest size, mainly flowed to some tax havens or financial institutions in developed economies. The report reveals the amount of illcit capial flight from china was 420 billion US dollars per year, accumulated to 2.7trillion US dollars in ten years by 2010, equivalent half of  amount of capital flight from developing countries. Huge amount of illicit capital flight are posing threats on chinese political image and economic security. Besides Hongkong, some tax havens has been best destinations for many High net wealth individuals (HNWI), business owners and corrupts through which they can shifting their operation and assets.

The third, loss of tax revenue.tax havens.tax havens provide useful opptornunities for tax adoiance and tax evasion.chinese governments use tax incentives to attract foreign investment since beginning of reform and openness in end of 1970s. This gave some incentive for foreign investors and domestic investors take advantage of those benefits. Some Chinese firms can minimize their tax bills in form of roundtripping investment: they established and incorporated a subsidiary overseas, then domestic parent company underpriced their products manufactured in china to oversea subisidiaries,those result low profit or no profit, even loss, pay low or no taxes.  Then, subsidiaries overpriced the products to other companies, remitted profit to their parent company. This part of business profit will be deemed to be foreign investment from BVI or Hongkong, are not subject to enterprise income tax in china.with globalization, one trend is FDI and ODI in china are geographically concentrated in those tax havens, tax is one factor of business climate, will be increasingly important. Multinationals can shifting their profits would be realized and payable in china to offshore financial centers in form of transfer pricing and abuse of tax treaty, the consequence of tax avoidance and evasion is huge amount of tax loss annually.

The forth and last, establishes conditions for illicit activities. There are some evidence show that some companies and individuals are exploiting offshore financial centers to fufil their illicit purpose. In September 2013, former senior official Shuguang Zhang confessed that he transfered 2.8billion US dollars to offshore accounts. Former richest in china Guangyu Huang did business through offshore companies. His wife Juan Du established not less than 31 companies incorporated in British Virgin Islands. The Guomei group they owned was the largest home appliance chains in china. In 2010, Mr Huang was sentenced in prison for 14 years for insider trade, bribery and stockprice manipulation. Miss Du was sent to prison for related crime, but the decision was changed in second trial, she was released in court. Most of Huang’s personal assets were frozen, while he maintain their business empire through offshore financial websystem. In 2011, Eagle Vantage Assets Management incorporate by Huang in British Virgin Islands gave this offer to buy a British retired carrier, wanted to chang it into a high end shopper mall.Huang controlled more than 30% stake of Guomei group through Shining Crown Holdings and Shine Group incorporated in British Virgin Islands.

Jurisdictions around world used to take a laissez-faire attitude in practice. Until 2008 after the outbreak of the international financial crisis, offshore financial center customers flooded, suspected of tax evasion and money laundering or funding terrorist groups and other major problems drawed the attention of the major countries. Under huge pressure from United States, Swiss secrecy laws lessened a bit, tax function of offshore tax havens began to decline. With implementation and reinforcement of the anti-money laundering acts around world, the illicit capital flow channel in offshoremarkets will be more narrow.

來源： IMI財(cái)經(jīng)觀察