Abstract: Abstract:Based on customhouse statistics of twenty-nine partners, trade misinvoicing for China is estimated in this paper. It is verified in events analysis that the indication of the estimations tracks the economic reform of China. It is indicated that the main channel for capital fight from China is export under-invoicing and import over-invoicing in 28 bilateral trades other than Hong Kong, while the import under-inwuing in the bilateral trades to Hang Kong results in a considerable illegal inflow of international portfolio capital. It is implied by the analysis that existent supervision of foreign trade is the shortage of capital control, and a reinforced custom system is the compensation for the national capit~d control system