China has room to regulate local government financing – IMF paper
Government can and should rein in fiscal risks, authors say
China needs to do more to tackle the fiscal risks posed by public-private partnerships (PPPs) in China, and a so-called four-pillar approach could be the way to do it, according to a working paper published by the International Monetary Fund on September 16.
Authors Hui Jin and Isabel Ria say local governments turned to PPPs to circumvent budget constraints. But as the number and size of financing vehicles have grown, concerns have arisen as to their sustainability.
A four-pillar approach could
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