In recent years,the risks and challenges at home and abroad have increased significantly,and the downward pressure on the economy has increased,especially the implementation of larger-scale tax and fee cuts under the ...In recent years,the risks and challenges at home and abroad have increased significantly,and the downward pressure on the economy has increased,especially the implementation of larger-scale tax and fee cuts under the proactive fiscal policy,while the rigidity of local fiscal expenditure has not been reduced,and the sustainable development of local finance is facing greater challenges.In particular,the COVID-19 pandemic has had a serious impact on the already stressed local finance,which has led to the intensifi ed contradiction between local fiscal revenue and expenditure.This paper analyzes the challenges to the sustainable development of local finance under the impact of COVID-19 from four angles:the greater economic downward pressure combined with larger-scale tax and fee cuts,the fiscal relationship between the central and local governments,land finance,and transfer payment,then puts forward the corresponding policy recommendations.展开更多
Debt problems at China＇s local level have been prevalent for years. With increasing concerns over local govern- ment debt risks, calls are increasingly becoming stronger to reform tax poli- cies and regulations. Rese...Debt problems at China＇s local level have been prevalent for years. With increasing concerns over local govern- ment debt risks, calls are increasingly becoming stronger to reform tax poli- cies and regulations. Researchers and bankers spoke out about the issue at the three-day Lujiazui Forum which opened recently in Shanghai. Edited excerpts follow：展开更多
In this paper,we investigate the reasons for the establishment and operation models of China’s Local Government Financing Vehicles(LGFVs).We also outline the current literature on the structural arrangement and the d...In this paper,we investigate the reasons for the establishment and operation models of China’s Local Government Financing Vehicles(LGFVs).We also outline the current literature on the structural arrangement and the developments of LGFVs.Moreover,we employ the empirical analysis to examine the driv-ing factors of the financial performance of LGFVs.Using 1,042 LGFVs that issued debt securities during the period 2011–2016,we find that the financial performance of LGFVs is positively asso-ciated with local tax revenues,local education levels,local saving deposits,and firm size but negatively associated with local gov-ernment spending and firm leverage ratios.Based on our empir-ical findings,we finally propose policy recommendations for the establishment of relevant investment and financing platforms.展开更多
文摘In recent years,the risks and challenges at home and abroad have increased significantly,and the downward pressure on the economy has increased,especially the implementation of larger-scale tax and fee cuts under the proactive fiscal policy,while the rigidity of local fiscal expenditure has not been reduced,and the sustainable development of local finance is facing greater challenges.In particular,the COVID-19 pandemic has had a serious impact on the already stressed local finance,which has led to the intensifi ed contradiction between local fiscal revenue and expenditure.This paper analyzes the challenges to the sustainable development of local finance under the impact of COVID-19 from four angles:the greater economic downward pressure combined with larger-scale tax and fee cuts,the fiscal relationship between the central and local governments,land finance,and transfer payment,then puts forward the corresponding policy recommendations.
文摘Debt problems at China＇s local level have been prevalent for years. With increasing concerns over local govern- ment debt risks, calls are increasingly becoming stronger to reform tax poli- cies and regulations. Researchers and bankers spoke out about the issue at the three-day Lujiazui Forum which opened recently in Shanghai. Edited excerpts follow：
基金supported by the MOE Project of Key Research Institute of Humanities and Social Sciences at Universities[16JJD790056]Fundamental Research Funds for the Central Universities,and the Research Funds of Renmin University of China[13XNJ003 and 20YYA01].
文摘In this paper,we investigate the reasons for the establishment and operation models of China’s Local Government Financing Vehicles(LGFVs).We also outline the current literature on the structural arrangement and the developments of LGFVs.Moreover,we employ the empirical analysis to examine the driv-ing factors of the financial performance of LGFVs.Using 1,042 LGFVs that issued debt securities during the period 2011–2016,we find that the financial performance of LGFVs is positively asso-ciated with local tax revenues,local education levels,local saving deposits,and firm size but negatively associated with local gov-ernment spending and firm leverage ratios.Based on our empir-ical findings,we finally propose policy recommendations for the establishment of relevant investment and financing platforms.
