Local Government Financing Platforms In China A Fortune Or Misfortune
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Local Government Financing Platforms In China
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Author : Yinqiu Lu
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-16
Local Government Financing Platforms In China written by Yinqiu Lu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-16 with Business & Economics categories.
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 Government Financing Platforms In China A Fortune Or Misfortune
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Author : MissYinqiu Lu
language : zh-CN
Publisher: International Monetary Fund
Release Date : 2013-12-16
Local Government Financing Platforms In China A Fortune Or Misfortune written by MissYinqiu Lu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-16 with Business & Economics categories.
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.
Regulating Local Government Financing Vehicles And Public Private Partnerships In China
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Author : Hui Jin
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-16
Regulating Local Government Financing Vehicles And Public Private Partnerships In China written by Hui Jin and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-16 with Business & Economics categories.
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.
China S Local Government Bond Market
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Author : W. Raphael Lam
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-01
China S Local Government Bond Market written by W. Raphael Lam and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-01 with Business & Economics categories.
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.
The Law Of China S Local Government Debt Crisis
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Author : Donald C. Clarke
language : en
Publisher:
Release Date : 2016
The Law Of China S Local Government Debt Crisis written by Donald C. Clarke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Local government financing vehicles (“LGFVs”) -- companies capitalized and owned by local government and established for the purpose of raising funds for municipal infrastructure construction -- emerged in China in the 1980s as a response to the severe constraints on indebtedness by local governments themselves. The mushrooming of their number and indebtedness has sparked fears about their ability to repay the debt and the consequences of a default. In addition to taking on bank debt, a number of LGFVs have also issued bonds. While observers have questioned the value of collateral typically offered as security for the bonds, we know of no extensive analysis to date of the legal quality of the collateral: what exactly are the bondholders being promised, and what is the status of those promises in the Chinese legal system? This article is an attempt to answer that question, using data from two hand-collected samples of LGFV bond prospectuses from different regions in China in two different time periods. We find that current collateralization practices vary a great deal across bond issues and have changed over time, and discuss the legal and other problems attendant upon each type of backup. Remarkably, we find that unlike our initial sample of bond issues, recent bond issues virtually all state explicitly in the prospectus that they carry no security. Thus, the popular image of local governments wildly overpromising with guarantees they are not legally empowered to give seems, at least as far as recent bond issues are concerned, to be wholly wrong. This in turn calls into question the figures commonly provided for local government debt, since they often include LGFV debt that local government is neither legally nor morally obligated to pay. To be sure, they may wish to pay creditors voluntarily, but it is misleading to label as “debt” soft obligations of this nature. Creditors who have tried to force local governments to make good on their guarantees have uniformly failed, at most receiving half of what they sought. The argument that local governments have some politically enforceable obligation to pay on their guarantees does not seem supported by the evidence.
Local Government Financing Platforms In China
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Author : Yinqiu Lu
language : en
Publisher: International Monetary Fund
Release Date : 2013-12-16
Local Government Financing Platforms In China written by Yinqiu Lu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-16 with Business & Economics categories.
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.
Central And Local Government Relations In Asia
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Author : Naoyuki Yoshino
language : en
Publisher: Edward Elgar Publishing
Release Date :
Central And Local Government Relations In Asia written by Naoyuki Yoshino and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and sustainability of local government finances, and develops important findings and policy recommendations.
Fateful Decisions
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Author : Thomas Fingar
language : en
Publisher: Stanford University Press
Release Date : 2020-05-19
Fateful Decisions written by Thomas Fingar and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-19 with Political Science categories.
China's future will be determined by how its leaders manage its myriad interconnected challenges. In Fateful Decisions, leading experts from a wide range of disciplines eschew broad predictions of success or failure in favor of close analyses of today's most critical demographic, economic, social, political, and foreign policy challenges. They expertly outline the options and opportunity costs entailed, providing a cutting-edge analytic framework for understanding the decisions that will determine China's trajectory. Xi Jinping has articulated ambitious goals, such as the Belt and Road Initiative and massive urbanization projects, but few priorities or policies to achieve them. These goals have thrown into relief the crises facing China as the economy slows and the population ages while the demand for and costs of education, healthcare, elder care, and other social benefits are increasing. Global ambitions and a more assertive military also compete for funding and policy priority. These challenges are compounded by the size of China's population, outdated institutions, and the reluctance of powerful elites to make reforms that might threaten their positions, prerogatives, and Communist Party legitimacy. In this volume, individual chapters provide in-depth analyses of key policies relating to these challenges. Contributors illuminate what is at stake, possible choices, and subsequent outcomes. This volume equips readers with everything they need to understand these complex developments in context.
Parameters
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Author :
language : en
Publisher:
Release Date : 2016
Parameters written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Military art and science categories.
Rural Land Takings Law In Modern China
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Author : Chun Peng
language : en
Publisher: Cambridge University Press
Release Date : 2018-04-19
Rural Land Takings Law In Modern China written by Chun Peng 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 2018-04-19 with Law categories.
A contextualized and critical reading of the origin and evolution of China's rural land takings law.