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Chinas Local Public Finance In Transition
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Book Synopsis China's Local Public Finance in Transition by : Joyce Y. Man
Download or read book China's Local Public Finance in Transition written by Joyce Y. Man and published by . This book was released on 2014-05-14 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's economy has developed rapidly following the 1978 implementation of economic reforms that facilitated investment, expanded trade, and introduced market mechanisms and practices. However, reforms of China's public finances have proceeded more slowly and with less publicity. The major reform (a tax sharing system) implemented in 1994 shifted a large share of fiscal revenues from local governments to the central government, but did not substantially reassign expenditure responsibilities back to the center. Following the 1994 reform, local governments had 46 percent of revenues but responsibility for 77 percent of public expenditures. This revenue shortfall motivated local governments to exploit new sources, and revenue from the conversion of land from rural to urban use has been one of the most important extra-budgetary sources. Conversion involves compensating farmers for their land based on its agricultural use value, and then converting the land to urban use and selling it for development at a much higher value. The difference in land values accrues to the local government. The revenue from land sales has been a major source of funding for investment in infrastructure capital, often required to provide services to the newly converted urban land. In areas where urban land is in short supply revenues have been significant, and the incentive to produce more revenue has led to excessive land conversions. This practice has created low-density development in the periphery of some metropolitan areas while leaving large areas of urbanized land undeveloped. Three major policy options explored in this volume can address the underlying imbalance between revenues and expenditures at the local level in China: (1) institute new sources of local revenue, such as a property tax; (2) reform and enhance revenue transfers from the central government to local governments, a promising approach that could also address cross-provincial disparities; and (3) revisit the assignment of expenditure responsibilities from local governments to the central government to align revenues and expenditures at the same level. The end result is likely to be a mix of all three options as part of an incremental reform. This book presents the proceedings of a conference cosponsored by the Lincoln Institute and the Peking University-Lincoln Institute Center for Urban Development and Land Policy in May 2008, plus two additional chapters. It will be a valuable resource for government officials, public finance practitioners, academic researchers, university faculty and students, and others concerned with government tax and expenditure policies and practices in China. This volume will be translated into Chinese and published in association with the Peking-Lincoln Center in Beijing.
Book Synopsis China's Local Public Finance in Transition by : Joyce Y. Man
Download or read book China's Local Public Finance in Transition written by Joyce Y. Man and published by Lincoln Inst of Land Policy. This book was released on 2011 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's economy has developed rapidly since the economic reforms in 1978, but public finance reforms have proceeded more slowly. This book looks at three major policy options addressing the underlying imbalance between revenues and expenditures at the local level in China. This is a valuable resource for anyone interested in local fiscal issues in China.
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.
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:
Book Synopsis Public Finance in China by : Jiwei Lou
Download or read book Public Finance in China written by Jiwei Lou and published by World Bank Publications. This book was released on 2008-01-31 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1980, China's economy has been the envy of the world. Is annual growth rate of more than 9 percent during this period makes China today the world's fourth-largest economy. And this sustained growth has reduced the poverty rate from 60 percent of the population to less than 10 percent. However, such rapid growth has also increased inequalities in income and access to basic services and stressed natural resources. The government seeks to resolve these and other issues by creating a 'harmonious society' -- shifting priorities from the overriding pursuit of growth to more balanced economic and social development. This volume compiles analyses and insights from high-level Chinese policy makers and prominent international scholars that address the changes needed in public finance for success in the government's new endeavor. It examines such key policy issues as public finance and the changing role of the state; fiscal reform and revenue and expenditure assignments; intergovernmental relations and fiscal transfers; and financing and delivery of basic public goods such as compulsory education, innovation, public health, and social protection. And it offers concrete recommendations for immediate policy changes and for China's future reform agenda. Public Finance in China' is a must-read for specialists in public finance and for those seeking an understanding of the complex and daunting challenges China is facing.
Book Synopsis China's Public Finance by : Shuanglin Lin
Download or read book China's Public Finance written by Shuanglin Lin and published by Cambridge University Press. This book was released on 2022-09-22 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, up-to-date, insightful, and innovative masterpiece on the Chinese public finance has finally emerged to fill the gap in the field. Considering China's public finance in its entirety, from tax systems, government spending, infrastructure financing, fiscal policies, local government debt, and central-local fiscal relationships to urban and rural social security and healthcare, it analyses China's public finance reforms and examines the reasons and the consequences of these reforms. It explores the challenges to China's public finance, examines its problems, and suggests potential solutions. While covering a broad range of themes, this book remains judicious with the evidence, providing its readers with innovative yet careful conclusions. Using enormous amount of the latest data and illustrative diagrams, the author explains China's public finance with expertise and clarity. This is an indispensable resource for students and scholars from a range of disciplines with an interest in the Chinese economy.
Book Synopsis Reforming China's Public Finances by : Mr.Ehtisham Ahmad
Download or read book Reforming China's Public Finances written by Mr.Ehtisham Ahmad and published by International Monetary Fund. This book was released on 1995-09-08 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: The reform of fiscal relations between different levels of geovernment is crucial to the success of China's current structural transformation to a socialist market economy. The reform will profoundly affect macroeconomic stability, growth prospects , and the effectiveness of providing public services and interregional equity. In order to review international experience and to clearly identify the policy options for China in the short to medium term, a conference was held in Shanghai in October 1993. The papers in this volume, edited by Ehtisham Ahmad, Gao Qiang, and Vito Tanzi, include those presented at the conference and a few that supplement it.
Book Synopsis Relationship between the Central Government and Local Governments of Contemporary China by : Feizhou Zhou
Download or read book Relationship between the Central Government and Local Governments of Contemporary China written by Feizhou Zhou and published by Springer. This book was released on 2017-06-12 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the connection between central-local government relations and the transition of contemporary China, the urbanization process and social development. Based on empirical investigations and theoretical research, it argues that this is the key to understanding the transition of central-local government relations from the overall fiscal rationing system in the 1980s and the tax distribution system in the 1990s. The former system provided the incentive for local government to “set up a number of enterprises” and resulted in rapid local industrialization, while the latter system enabled the local governments to move from “operating the enterprises” to “operating the land and cities”. The book analyzes two aspects of the profound impact of the change in central-local government relations on the behavior of local governments: land quota acquisition and urbanization, thus providing valuable insights into the economic and social development of contemporary China.
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.
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.
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.
Book Synopsis Taxation in Modern China by : Donald J. S. Brean
Download or read book Taxation in Modern China written by Donald J. S. Brean and published by Routledge. This book was released on 2013-10-23 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taxation in Modern China is concerned with tax and public financial issues arising in China's economic transition. The contributors, among the leading authorities on public finance, transitional economics and policy reform in China, direct attention to the largest and most comprehensive fiscal reform program in modern history. The essays collected here cover the main institutional, intergovernmental and industrial issues and address the long-term challenges facing China as well as transitional changes.
Book Synopsis Financing Local Government in the People's Republic of China by : Christine Wong
Download or read book Financing Local Government in the People's Republic of China written by Christine Wong and published by . This book was released on 1997 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study focuses on the status of local government finance at the subprovincial level. Fiscal reforms over the past decade have not kept pace with the rapid changes in demand for government services at lower levels. Wong examines the composition of revenue and expenditure at city, country, and township levels, and provides recommendations.
Book Synopsis Central and Local Finance in China by : Chuan Shih Li
Download or read book Central and Local Finance in China written by Chuan Shih Li and published by . This book was released on 1968 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Central and Local Finance in China by : Chuan Shih Li
Download or read book Central and Local Finance in China written by Chuan Shih Li and published by Forgotten Books. This book was released on 2018-03-02 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Central and Local Finance in China: A Study of the Fiscal Relations Between the Central, the Provincial, and the Local Governments The monograph is divided into seven chapters. Chapter I deals with the general organization of the different grades of government in China with special emphasis on fiscal ad ministration. Chapter II reviews the past and the present financial relations between the various units of the Chinese polity. Chapter III deals with the attempts at the separa tion of the local finances from the national finances. Chapter IV reviews cursorily the systems of national and local finance in England, Germany, Japan, and the United States, with a view of adopting the excellencies, and avoid ing the demerits, of each. Chapters V and VI constitute the author's views as to what ought to be some fundamental recommendations for the politico fiscal readjustments be tween the Central, the Provincial and the Local Govern merits in China. The last chapter deals with the fiscal relations between the Central Government and the leased territories and the foreign settlements, showing the financial bondage imposed on China by the various treaties. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Book Synopsis China's Financial System Under Transition by : Xiaoping Xu
Download or read book China's Financial System Under Transition written by Xiaoping Xu and published by Palgrave Macmillan. This book was released on 1998-01-01 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work offers a detailed and authoritative guide to financial reform in China since 1979: the book outlines the process of change, compares these changes to the earlier mono-banking system and shows the problems which remained.
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.
