버뮤다 세탁’ 거친 中 해외 투자… 목표는 ‘수익’ 아닌 ‘기술 흡수’ – 조선일보

Concerns regarding the influence of Chinese-style state capitalism on the global economy have intensified following the release of a research paper from the National Bureau of Economic Research (NBER) titled China’s Global Ownership.

Reporting from the Chosun Ilbo indicates that Chinese overseas investments are increasingly utilizing opaque financial structures, described as Bermuda laundering, to mask the origin of capital and the involvement of the Chinese state.

The primary objective of these investment strategies is identified not as the pursuit of financial profit, but as the strategic absorption of foreign technology.

The NBER paper explores how the Chinese government and state-linked entities expand their global footprint through ownership structures that are difficult for foreign regulators to track.

Strategic Technology Acquisition

According to the analysis, the Chinese state utilizes a network of shell companies and intermediaries in tax havens, such as Bermuda, to facilitate overseas acquisitions.

By routing investments through these jurisdictions, the Chinese state can bypass foreign investment screenings and regulatory hurdles designed to protect national security and critical infrastructure.

The Chosun Ilbo report emphasizes that this method allows China to acquire sensitive intellectual property and advanced technologies under the guise of private commercial investment.

This shift in investment behavior suggests a move away from traditional foreign direct investment, where the primary goal is a return on capital, toward a model of state-directed strategic acquisition.

Impact of State Capitalism

The NBER findings highlight the systemic risks posed by this model of state capitalism, which integrates government policy directly into global market operations.

When state-backed entities prioritize technology absorption over profitability, they can sustain losses that would be unacceptable to private investors, potentially distorting market competition.

This approach enables the Chinese state to systematically identify and acquire foreign firms that possess critical capabilities in sectors essential to China’s long-term industrial goals.

The use of offshore entities further complicates the ability of governments to determine the true beneficial ownership of the companies acquiring their domestic assets.

Global Regulatory Response

The revelations in the NBER paper and the accompanying reporting underscore why several nations have tightened their foreign investment review processes.

Regulators are increasingly focused on identifying the ultimate source of funding in cross-border transactions to prevent the covert transfer of technology to state-controlled entities.

The strategy of using third-party jurisdictions to hide state ownership creates a transparency gap that undermines the effectiveness of existing trade and security laws.

As China continues to pursue global technological leadership, the use of these indirect ownership channels is expected to remain a central component of its overseas economic strategy.