【摘 要】
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This paper studies issue of Chinese local govment debt.It discusses formation,structure and causes of mass local debt obligations in China rapidly piled up in p
【机 构】
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Public Policy Institute in the School of Public Policy & Management at Tsinghua University;School of
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This paper studies issue of Chinese local govment debt.It discusses formation,structure and causes of mass local debt obligations in China rapidly piled up in past few years.Based on the data compiled,it estimates that debt of local govments amounted to 19.41 trillion yuan by the end of 2012.Against this backdrop,total assets of Chinese local govments which can be used to service debt obligations are totalled to 76.54 trllion yuan.While a full-fledged financial crisis resulting from over-indebtedness of local govments is unlikely to emerge in an immediate future,insolvent problem of many local govments is pending,which may endanger stability of the banking system.The unchecked expansion of local govment debt is attributed to both dramatic change in extal environments and structural flaws of public govance in China ’s administrative system.To contain this severe systemic risk,private fund is a main source mobilized to alleviate financial distress faced by local govments,but public govance reform,fiscal accountability rule of laws and appropriate financial instruments consist of necessary conditions to solve the possible default problem.
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