Call for look into local financing
A reform of the way local government financing is carried out should be undertaken because the huge government debt has raised concerns about the slowing Chinese economy.
Several economists, researchers and bankers made the call for the reform during the Night Chat by the Huangpu River, part of the three-day Lujiazui Forum which opened in Shanghai yesterday.
Jia Kang, head of the Research Institute for Fiscal Science of the Ministry of Finance, advocated a partial replacement of the local government financing platform with other funding channels that are more transparent and stable.
"The trial program last year that allowed local governments to issue bonds directly is the right path for government financing," Jia argued. "As a researcher, I don't understand why the draft revision to the budget law removed the article that allows local authorities to issue bonds directly."
Several economists, researchers and bankers made the call for the reform during the Night Chat by the Huangpu River, part of the three-day Lujiazui Forum which opened in Shanghai yesterday.
Jia Kang, head of the Research Institute for Fiscal Science of the Ministry of Finance, advocated a partial replacement of the local government financing platform with other funding channels that are more transparent and stable.
"The trial program last year that allowed local governments to issue bonds directly is the right path for government financing," Jia argued. "As a researcher, I don't understand why the draft revision to the budget law removed the article that allows local authorities to issue bonds directly."
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