On December 17th, at the 14th Financial Research Forum, the research paper “Estimating China’s IFDI and OFDI - Evidence from Tax Havens and Round-Tripping Investments” co-authored by Professor Fan Xiaoyun, Dr. Xu Zitong from our school, and Researcher Xiao Lisheng from the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, was awarded the 2022 Annual Outstanding Paper Award by Financial Research.

The award-winning paper reviews existing literature on methods to correct statistical biases in direct investment positions caused by offshore financial centers. It compares the advantages and disadvantages of direct investment position datasets in detail and, based on the CDIS macro dataset, introduces the Orbis micro enterprise database as an important supplement. The paper distinguishes the motivations for direct investment by tax avoidance and overseas listing purposes to estimate China’s IFDI and OFDI stocks.

It is reported that since 2010, the editorial department of Financial Research has annually invited renowned experts and scholars from universities, the People’s Bank of China, and other institutions to evaluate annual outstanding papers through a combination of remote review and on-site review meetings. The 14th edition reviewed all papers published in the 2022 issues from January to December, ultimately selecting seven outstanding papers for 2022. There was no selection for the best paper of the year.