The Fiscal Framework And Urban Infrastructure Finance In China
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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.
The Fiscal Framework And Urban Infrastructure Finance In China
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Author : Ming Su
language : en
Publisher:
Release Date : 2016
The Fiscal Framework And Urban Infrastructure Finance In China written by Ming Su 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.
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.
Financing Cities
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Author : George E. Peterson
language : en
Publisher:
Release Date : 2007
Financing Cities written by George E. Peterson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Finance, Public categories.
Modernizing China
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Author : W. Raphael Lam
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-14
Modernizing China 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 2017-01-14 with Business & Economics categories.
China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors. Visit : http://www.elibrary.imf.org/page/modernizing-china
Modernizing China
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Author : W. Raphael Lam
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-14
Modernizing China 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 2017-01-14 with Business & Economics categories.
China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme across the reforms that will deliver this transformation is that it can no longer be achieved by raising the amount of physical investment and government direction of resource allocation. Instead China is building a new set of policy frameworks that will allow markets to function more effectively—not unfettered markets, but markets that work efficiently, in line with broad social and other policy goals, and in a sustainable way. Hence, China is now building a new soft infrastructure, that is, the institutional plumbing that underpins and guides the functioning of markets as the key organizing principle toward achieving sustained economic and social progress. Against this background, this volume provides policymakers, academics, and the public with valuable information about policies and institutions in China today. It also looks at the road ahead and key principles that can help China in navigating it. The book focuses on issues crucial in the country’s transformation, such as tax policy and administration, social security, state-owned enterprise reform, medium-term expenditure frameworks, the role of local government finances, capital account liberalization, and renminbi internationalization. As China moves toward a more price-based allocation of resources, strengthening monetary policy frameworks and financial sector regulation will be particularly important in channeling resources to the most productive sectors and minimizing the risks of financial sector stress. Also, upgrading statistical frameworks will be critical for macroeconomic policymaking and investors.
Public Finance In China
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Author : Jiwei Lou
language : en
Publisher: World Bank Publications
Release Date : 2008-01-31
Public Finance In China written by Jiwei Lou 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 2008-01-31 with Political Science categories.
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.
Reforming China S Public Finances
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Author : Mr.Ehtisham Ahmad
language : en
Publisher: International Monetary Fund
Release Date : 1995-09-08
Reforming China S Public Finances written by Mr.Ehtisham Ahmad 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 1995-09-08 with Business & Economics categories.
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.
Money Matters
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2014-12-01
Money Matters written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-01 with Political Science categories.
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.
Private Participation In Infrastructure In China
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Author : Michel Bellier
language : en
Publisher: World Bank Publications
Release Date : 2003
Private Participation In Infrastructure In China written by Michel Bellier 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 2003 with Business & Economics categories.
Infrastructure has played a major role in China's rapid development. Over the past decade the road network expanded by more than 40 percent, water production grew by more than 50 percent, and China has become the world's second largest energy producer. However, foreign direct investment in infrastructure accounts for a small share of foreign direct investment flows and for only 10 percent of total investment in infrastructure. Meeting the demand for cheaper, more reliable, and more efficient infrastructure services will require more than US$75 billion a year over the next decade. Increasing the participation of the private sector, domestic and foreign is an obvious policy option. Public-private partnerships can reduce the fiscal subsidies on public agencies and improve the targeting of subsidies to poor people, students, the elderly and other disadvantaged groups. This report reviews China's current framework for private participation in infrastructure. It also compares China's experiences with those of other countries, providing legal, regulatory, and financial framework recommendations as well as sector-specific suggestions.
Intergovernmental Fiscal Reform In China
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Author : Mr.Philippe Wingender
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Intergovernmental Fiscal Reform In China written by Mr.Philippe Wingender 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 2018-04-13 with Business & Economics categories.
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.