Money Matters : Local Government Finance in the People's Republic of China

Cover -- Contents -- Figures and Tables -- Figures -- A: Aggregate Trends in Public Finances -- B: Key Public Finance Initiatives of the Third Plenum -- C: ADB's Suggestions on Local Government Financing -- D: ADB's Suggestions on Budget Improvements -- E: ADB's Suggestions on Tax Reform -- F: ADB's Suggestions on Fiscal Decentralization -- 2.1 Central and Local Government Tax Revenue and Expenditure -- 2.2 Government Debt, as of mid-2013 -- 2.3 Growth in Local Government Debt -- 2.4 Local Government Explicit Debt and Other Obligations -- 2.5 Debt Projections, by Scenario (ratio to GDP, %) -- 2.6 Local Government Debt, by Source and Borrower, as of mid-2013 -- 2.7 Typical Structure of a Local Government Investment Vehic -- 2.8 Gross Proceeds from Land-Based Financing -- 2.9 Growth of Local Bond Financing, CNY billion -- 2.10 Consequences of Implicit Guarantees -- 4.1 Sources of Revenue, 2013 -- 4.2 Business Tax Revenue -- 4.3 Domestic Revenue from Value-Added Tax -- 4.4 Property Tax Revenue, 2013 -- 4.5 Domestic Consumption Tax Revenue -- 4.6 Energy Subsidies, 2011 -- 4.7 Projected Road Revenue and Expenditure -- 4.8 Resource Tax Revenue, 2013 (percent) -- 4.9 Enterprise Income Tax Revenue -- 4.10 Personal Income Tax Revenue -- 5.1 International Comparisons of Decentralization -- 5.2 Government Expenditure, by Function, 2013 -- 5.3 Tax Revenue and Expenditure by Province, 2012 -- 5.4 Variation in Tax Revenue between Provinces -- 5.5 Transfers and Gross Regional Product, by Province, 2012 -- 6.1 Key Public Finance Initiatives of the Third Plenum -- A2.1 Vertical Structure of Government in the PRC -- A2.2 Distribution of Expenditure by Level of Government in 2009 (percent) -- Tables -- 2.1 Debt Sustainability Indicators in the US States -- 2.2 Sample Indicators for an Early-Warning System in the PRC -- 2.3 Main Types of Public-Private Partnerships.