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China weathered the global financial crisis better than most, thanks to a large and timely stimulus. This stimulus, however, was mainly in the form of off-budget infrastructure spending and thus not visible in the headline fiscal data. We construct a time series for the augmented fiscal deficit and debt—augmented to include off-budget activity—that better illustrates the counter-cyclical role of fiscal policy. The results also show that the augmented fiscal deficit and debt are both considerably higher than the headline government data suggest. Nonetheless, at around 45 percent of GDP, the augmented debt is still at a manageable level.
Book Synopsis Fiscal Vulnerabilities and Risks from Local Government Finance in China by : Ms.Yuanyan Sophia Zhang
Download or read book Fiscal Vulnerabilities and Risks from Local Government Finance in China written by Ms.Yuanyan Sophia Zhang and published by International Monetary Fund. This book was released on 2014-01-14 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: China weathered the global financial crisis better than most, thanks to a large and timely stimulus. This stimulus, however, was mainly in the form of off-budget infrastructure spending and thus not visible in the headline fiscal data. We construct a time series for the augmented fiscal deficit and debt—augmented to include off-budget activity—that better illustrates the counter-cyclical role of fiscal policy. The results also show that the augmented fiscal deficit and debt are both considerably higher than the headline government data suggest. Nonetheless, at around 45 percent of GDP, the augmented debt is still at a manageable level.
The Third Plenum of the 18 th Central Committee of the Communist Party of China in November reinforced the importance of public finance reform. Drawing on recent technical assistance from the Asian Development Bank (ADB), special reports, and the work of ADB staff, the publication offers observation and suggestion on how to pursue public finance reform. The publication also outlines practical actions that can be taken to improve budgeting, taxation, and the system of fiscal decentralization in the People's Republic of China. Special attention is given to the management of local government debt, the most pressing fiscal issue facing the People's Republic of China. The potential contribution of public-private partnerships is also introduced.
Book Synopsis Money Matters by : Asian Development Bank
Download or read book Money Matters written by Asian Development Bank and published by Asian Development Bank. This book was released on 2014-12-01 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Third Plenum of the 18 th Central Committee of the Communist Party of China in November reinforced the importance of public finance reform. Drawing on recent technical assistance from the Asian Development Bank (ADB), special reports, and the work of ADB staff, the publication offers observation and suggestion on how to pursue public finance reform. The publication also outlines practical actions that can be taken to improve budgeting, taxation, and the system of fiscal decentralization in the People's Republic of China. Special attention is given to the management of local government debt, the most pressing fiscal issue facing the People's Republic of China. The potential contribution of public-private partnerships is also introduced.
China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly. In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.
Book Synopsis Local Government Financing Platforms in China by : Yinqiu Lu
Download or read book Local Government Financing Platforms in China written by Yinqiu Lu and published by International Monetary Fund. This book was released on 2013-12-16 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly. In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.
China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly. In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.
Book Synopsis Local Government Financing Platforms in China: A Fortune or Misfortune? by : MissYinqiu Lu
Download or read book Local Government Financing Platforms in China: A Fortune or Misfortune? written by MissYinqiu Lu and published by International Monetary Fund. This book was released on 2013-12-16 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s rapid credit expansion in 2009–10 brought local government financing platforms (LGFPs) into the spotlight. This paper discusses their function, reasons behind their recent expansion, and risks they are posing to the financial sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past, but would turn out to be a misfortune if the causes of the rapid expansion of LGFPs are not addressed promptly. In this context, the paper proposes ways to avoid misfortune by: acknowledging and addressing the revenue and expenditure mismatches at the local government level; establishing a comprehensive framework to regulate and supervise local government budgets; ensuring the sustainability of the financial resources obtained from the sale of land use rights; and developing local government bond markets and promoting financial reforms.
Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster the sound development of the bond markets? This paper finds that despite its rapid growth, the local government bond market is still underdeveloped. Severe impediments—low liquidity, weak credit discipline, structural fiscal deficit in local governments—have become more visible. Reforms to develop a sound local government bond market should harmonize tax and regulations, build liquidity, and advance fiscal reforms to tighten off-budget borrowing and address intergovernmental imbalances.
Book Synopsis China's Local Government Bond Market by : W. Raphael Lam
Download or read book China's Local Government Bond Market written by W. Raphael Lam and published by International Monetary Fund. This book was released on 2018-09-28 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster the sound development of the bond markets? This paper finds that despite its rapid growth, the local government bond market is still underdeveloped. Severe impediments—low liquidity, weak credit discipline, structural fiscal deficit in local governments—have become more visible. Reforms to develop a sound local government bond market should harmonize tax and regulations, build liquidity, and advance fiscal reforms to tighten off-budget borrowing and address intergovernmental imbalances.
In this paper, we argue that there is much room for China to strengthen its regulatory framework for public-private partnerships (PPPs). We show that infrastructure projects carried out through local government financing vehicles (LGFVs) were largely unregulated PPPs, and significant fiscal risks have already manifested themselves. While PPPs can potentially provide efficiency gains, they can also be used by governments to circumvent budgetary borrowing constraints. Therefore, effective PPP regulation is key to delivering PPPs’ benefits while containing their potential fiscal risks. The authorities have taken concrete steps in order to establish a sound regulatory framework and foster a new generation of PPPs. However, to make the framework effective, we highlight a few issues to be resolved. Based on international best practice, we propose a four-pillar regulatory framework for China, which could be implemented gradually in three stages.
Book Synopsis Regulating Local Government Financing Vehicles and Public-Private Partnerships in China by : Hui Jin
Download or read book Regulating Local Government Financing Vehicles and Public-Private Partnerships in China written by Hui Jin and published by International Monetary Fund. This book was released on 2016-09-16 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we argue that there is much room for China to strengthen its regulatory framework for public-private partnerships (PPPs). We show that infrastructure projects carried out through local government financing vehicles (LGFVs) were largely unregulated PPPs, and significant fiscal risks have already manifested themselves. While PPPs can potentially provide efficiency gains, they can also be used by governments to circumvent budgetary borrowing constraints. Therefore, effective PPP regulation is key to delivering PPPs’ benefits while containing their potential fiscal risks. The authorities have taken concrete steps in order to establish a sound regulatory framework and foster a new generation of PPPs. However, to make the framework effective, we highlight a few issues to be resolved. Based on international best practice, we propose a four-pillar regulatory framework for China, which could be implemented gradually in three stages.
Book Synopsis Central and Local Finance in China by : Chʻüan-shih Li
Download or read book Central and Local Finance in China written by Chʻüan-shih Li and published by . This book was released on 1922 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Provides a review of China's financial system and compares it to other financial systems. It reviews what has worked and what has not within the markets and intermediaries in China, the effects of the recent development of China's financial system on the economy, and a non-standard financial sector operating beyond the markets and banking sectors.
Book Synopsis China's Financial System by : Franklin Allen
Download or read book China's Financial System written by Franklin Allen and published by . This book was released on 2015-11-18 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a review of China's financial system and compares it to other financial systems. It reviews what has worked and what has not within the markets and intermediaries in China, the effects of the recent development of China's financial system on the economy, and a non-standard financial sector operating beyond the markets and banking sectors.
Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
Book Synopsis Resolving China’s Corporate Debt Problem by : Wojciech Maliszewski
Download or read book Resolving China’s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.
The People's Republic of China is a highly decentralized unitary state with local governments having a dominant share of public service delivery responsibility. Local governance is critically linked to a local public finance system that creates incentives and accountability mechanisms. To ensure the policy response, this project focused on the three interrelated areas in local public finance management, i.e., local budgeting, local debt management and local taxation, and produced policy options in the short, medium and long terms. The overall purpose of the reforms is to improve local accountability and transparency, strengthen local fiscal capacity, and institutionalize formal frameworks for local public debt management.
Book Synopsis Local Public Finance Management in the People's Republic of China by : Asian Development Bank
Download or read book Local Public Finance Management in the People's Republic of China written by Asian Development Bank and published by Asian Development Bank. This book was released on 2014-07-01 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: The People's Republic of China is a highly decentralized unitary state with local governments having a dominant share of public service delivery responsibility. Local governance is critically linked to a local public finance system that creates incentives and accountability mechanisms. To ensure the policy response, this project focused on the three interrelated areas in local public finance management, i.e., local budgeting, local debt management and local taxation, and produced policy options in the short, medium and long terms. The overall purpose of the reforms is to improve local accountability and transparency, strengthen local fiscal capacity, and institutionalize formal frameworks for local public debt management.
