It's very much a big proxy war between big economies. Currently the countries benefit from tax havens where growth is the highest (because these investment/offshore vehicles/vessels are low tax and the yields are reinvested, and the tax is reaped by the country where it gets invested; even if the profit was originally from a different country - but it's transferred to the tax haven via various schemes, like the intellectual property royalty payments and so on.)

https://repository.law.umich.edu/articles/717/