Central Local Relations Land Development And Local Public Finance In China

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Central Local Relations Land Development And Local Public Finance In China

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Author : Hang Chow
language : en
Publisher: Open Dissertation Press
Release Date : 2017-01-27

Central Local Relations Land Development And Local Public Finance In China written by Hang Chow and has been published by Open Dissertation Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-27 with categories.

This dissertation, "Central-local Relations, Land Development, and Local Public Finance in China: a Case Study of Guangdong Province" by Hang, Chow, 周恆, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Since the late 1990s, local governments in China have been relying heavily on land, which is a state-owned asset in urban area, to generate a significant amount of extra-budgetary revenue. Whilst this striking phenomenon has attracted numerous academic attentions, not many literatures shed the light on the process of central-local interactions. Adopting the procedural approach, this study examines the central-local fiscal and policy relations in the context of land finance. Taking the evidence from Guangdong province, this study understands the central-local relations as a process of policy interactions. After the central's attempt to recentralize the fiscal resources of local governments in the mid-1990s, localities have been facing fiscal stress, which led them to rely heavily on land conveyance income, an extra-budgetary revenue in order to complement the fiscal shortage in budgetary account. However, a series of socioeconomic consequences of local fervent land development have attracted frequent central interventions. The most noticeable example is the housing macro-regulations introduced in light of the soaring housing prices. The example of the housing macro-regulations rejected the classic centrist model of the central-local relations in China, which implies a zero-sum game. On the contrary, in face of an issue influencing the conflicting core interests of both actors, both the powers of central and local governments were intensified to the extent that no one single actor will totally win over another. The powers of the central and local governments were also mutually transformed in the course of the game. It is argued that local governments display a sense of resistance against the central interventions as they have strong interests in land and real estate industry after tax sharing reform. On the other hand, it is unlikely for the central government to give concession to local governments as the failure to alleviate the consequences of land finance may cause public discontent and even political crises. The possible outcome is either a "win-win" situation or loss for both actors. To avoid a negative-sum outcome, collaboration and compromise are recommended. The centre is urged to address the root problem of misalignment of revenue and expenditure and to institutionalize the relationship between the centre and subnational governments. DOI: 10.5353/th_b5217441 Subjects: Real estate development - China - Guangdong Sheng Central-local government relations - China - Guangdong Sheng Finance, Public - China - Guangdong Sheng

Central Local Relations Land Development And Local Public Finance In China

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Author : 周恆
language : en
Publisher:
Release Date : 2012

Central Local Relations Land Development And Local Public Finance In China written by 周恆 and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Central-local government relations categories.

Relationship Between The Central Government And Local Governments Of Contemporary China

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Author : Feizhou Zhou
language : en
Publisher: Springer
Release Date : 2017-06-12

Relationship Between The Central Government And Local Governments Of Contemporary China written by Feizhou Zhou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-12 with Social Science categories.

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.

China S Local Public Finance In Transition

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Author : Joyce Y. Man
language : en
Publisher:
Release Date : 2014-05-14

China S Local Public Finance In Transition written by Joyce Y. Man and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-14 with BUSINESS & ECONOMICS categories.

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.

China S Public Finance

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Author : Shuanglin Lin
language : en
Publisher: Cambridge University Press
Release Date : 2022-09-22

China S Public Finance written by Shuanglin Lin and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-22 with Political Science categories.

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.

The Property Tax In China

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Author : Yilin Hou
language : en
Publisher: Springer
Release Date : 2014-11-20

The Property Tax In China written by Yilin Hou and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-20 with Business & Economics categories.

This monograph offers a detailed analysis of the creation, pilot implementation, and possible wide adoption of the real property tax at the local level in China. Starting in 2003, as China’s economy gradually recovered from the Asian financial crisis that started in 1998, the real property market entered a period of rapid expansion, followed immediately by rampant speculation, rising housing costs, and official corruption. Over the last ten years, the price of real property in most cities has more than tripled, especially in metropolitan areas. In an effort to curb this, the government has instituted a number of property-market controls, including property tax pilot programs in Shanghai and Chongqing. While this is the latest of a number of fiscal reforms, it is a very important one that carries with it the ability to change the landscape of public finance, intergovernmental relations, and local governance in China. It represents a fundamental change in the provision of public services, the relationship between local governments and tax payers, and the status of localities in the government structure. Taking a public choice perspective, the authors argue that the local property tax should be used not solely as a means of controlling housing prices but should be fully employed as a fiscal and budgetary institution that will contribute to mitigating multifarious socio-economic problems resulting from economic growth, rapid urbanization, and widening income disparity. As this program is the first of its kind, so this book is the first detailed study of property tax in China; as such, it will appeal to researchers of public finance and public policy. It will also be of great interest to policymakers in China and in other countries that are considering adopting or reforming their versions of the local property tax. It fills the gap in a growing body of literature about the inner workings of Chinese economics and policy.

Assessing The Balance Of Power In Central Local Relations In China

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Author : John Donaldson
language : en
Publisher:
Release Date : 2017-12-21

Assessing The Balance Of Power In Central Local Relations In China written by John Donaldson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-21 with Central-local government relations categories.

How do we understand the evolution of central-local relations in China during the reform period? This book addresses this question by focusing on eight separate issues in which the central-local relationship has been especially salient ¿ government finance, investment control, regional development, administrative zoning, implementation, culture, social welfare and international relations. Each chapter introduces a sector and the way the center and various local governments have shared or divided power over the different periods of China¿s reform era. The balance of power is gauged dynamically over time to measure the extent to which one level of government dominates, influences or shares power in making decisions in each of these particular domains, as well as what is likely to occur in the foreseeable future. The authors assess the winners and losers of these changes among key actors in China¿s society. The result provides a dynamic view of China¿s changing power relations.

Central And Local Finance In China A Study Of The Fiscal Relations Between The Central The Provincial And The Local Governments

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Author : Chuan Shih Li
language : en
Publisher: Sagwan Press
Release Date : 2018-02-05

Central And Local Finance In China A Study Of The Fiscal Relations Between The Central The Provincial And The Local Governments written by Chuan Shih Li and has been published by Sagwan Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-05 with History categories.

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.

China S Local Public Finance In Transition

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Author : Joyce Y. Man
language : en
Publisher: Lincoln Inst of Land Policy
Release Date : 2011

China S Local Public Finance In Transition written by Joyce Y. Man and has been published by Lincoln Inst of Land Policy this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.

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.

The Fiscal Framework And Urban Infrastructure Finance In China

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Author : Ming Su
language : en
Publisher: World Bank Publications
Release Date : 2006

The Fiscal Framework And Urban Infrastructure Finance In China written by Ming Su and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Bank Policy categories.

China has experienced more than 25 years of extraordinary economic growth. Underlying this growth has been a decentralized fiscal system, in which provinces and large cities are given the freedom to make infrastructure investments to stimulate local development, and are allowed to retain a large part of the fiscal revenues that are generated from economic activity. Although successful as a growth strategy, this policy created two problems for national fiscal management. First, it significantly reduced the central government's share of fiscal revenues, which fell from 34.8 percent in 1980 to 22 percent in 1992. Second, it widened economic and fiscal disparities between the rapidly growing urban coastal region and the rest of the country. Rapid growth in subnational debt (which rose 23-fold in a decade) and subnational nonperforming loans (estimated by the authors to range between US$100 billion and US$150 billion) has placed pressure on China's financial system. Traditionally, China has favored bank lending as a source of finance because the banking system has provided a vehicle for central political control over local debt. But as China's financial system matures, creditworthiness standards must become more important. The authors recommend greater use of the revenue streams from infrastructure assets as a financing source, and gradual relaxation of central political control over subnational debt. One step in this direction would permit leading cities to issue municipal bonds based on objective financial standards.