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Fiscal Vulnerabilities And Risks From Local Government Finance In China
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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.
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 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 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.
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 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:
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.
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.
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 Intergovernmental Fiscal Reform in China by : Mr.Philippe Wingender
Download or read book Intergovernmental Fiscal Reform in China written by Mr.Philippe Wingender and published by International Monetary Fund. This book was released on 2018-04-13 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: China is the most decentralized country in the world in terms of expenditures shares, with subnational governments responsible for 85 percent of government spending. Limited revenue autonomy and insufficient intergovernmental transfers have led to large unfunded mandates and a build-up of debt outside the budget. The government has recently announced an ambitious intergovernmental fiscal reform, which will increase the role of the central government. Comprehensive reform is needed to improve public service delivery, increase overall social spending levels and reduce regional disparities. Revenue reforms are also necessary to improve efficiency and reduce vulnerabilities from excessive subnational borrowing. These reforms are challenging, but are crucial so that the government can support China’s continued development and prosperity.
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 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.
Download or read book Money Matters written by and published by . This book was released on 2014 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1484314727 Total Pages :77 pages Book Rating :4.4/5 (843 download)
Book Synopsis People's Republic of China by : International Monetary Fund. Asia and Pacific Dept
Download or read book People's Republic of China written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2017-08-15 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines the drivers and prospects for high levels of savings in China. China has one of the highest levels of national savings in the world, which is at the heart of its external and internal imbalances. High and rising household savings have mainly resulted from demographic changes as a result of the one-child policy and the breakdown of the social safety net during the transition from a planned to a market economy. Demographic changes will put downward pressure on national savings. Policy efforts to strengthen the social safety net and reduce income inequality are also needed to reduce savings further and faster and to boost consumption.
Book Synopsis Central and Local Finance in China; a Study of the Fiscal Relations Between the Central, the Provincial, and the Local Governments by : Chüan-Shih Li
Download or read book Central and Local Finance in China; a Study of the Fiscal Relations Between the Central, the Provincial, and the Local Governments written by Chüan-Shih Li and published by Palala Press. This book was released on 2015-11-19 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work.This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1475566921 Total Pages :93 pages Book Rating :4.4/5 (755 download)
Book Synopsis People's Republic of China by : International Monetary Fund. Asia and Pacific Dept
Download or read book People's Republic of China written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2013-07-17 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt: This staff report on People’s Republic of China 2013 Article IV Consultation highlights macroeconomic developments and outlook. China has maintained robust growth since the global crisis, but the heavy reliance on credit and investment to sustain activity is raising vulnerabilities. The consequence is a steady build-up of leverage that is eroding the strength of the financial sector, local government, and corporate balance sheets. This is most apparent in the continued rapid expansion in total social financing. The development of nontraditional finance marks a shift to more market-based intermediation, and the migration of activity to less-regulated parts of the system poses risks to financial stability.
