Fiscally Federal or Flailing? The Case of China's Local Government Finances
With the ensuing trade and tariff war between China and the US, external economic hostility is mounting onto Beijing's ongoing economic woes. The major stakeholders responsible for powering China through this tumultuous economic period are China's local governments. In this episode of 'All Things Policy', Amit Kumar discusses with Anushka Saxena how China's local government financing model works, what its challenges are, and what policy measures are being experimented with to deal with the double whammy of falling revenues and expanding expenditure mandates. Amit also sheds light on how local governments have leveraged LGFVs and special purpose bonds over the past few years to deal with its targets, and why acknowledging and addressing the consequent off-the-book debt should be the big ticket agenda item for Beijing's economic priorities going forward.
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