Employing the Modern Monetary Theory (MMT), this paper examines the current Chinese fiscal system and highlights its three characteristics. First, fiscal revenues are centralized at the central government while expenditures are decentralized at the local governments; second, fiscal spending...

Reveals the 28 Unique Milestones in China's Financial Industry"Pants with close crotch," "polyandry," and "a tiger in a cage" -- these enigmatic terms are frequently used by Chinese economists and policy-makers to figuratively describe certain significant financial events in the history of New...

Cover -- Contents -- Chapter 7 Eight-Character Policies -- Chapter 8 Large Treasury, Small Bank -- Chapter 9 Loans for Appropriations -- Chapter 10 Credit Difference Contracting -- Chapter 11 Full Loan Financing -- Chapter 12 Eating from Separate Stoves -- Chapter 13 Food First, Construction...