References
- Asian Development Bank. (2022). Addressing inequality in the People’s Republic of China. https://doi.org/10.22617/BRF220321-2
- CPC Central Committee and State Council. (2018). Reform plan for the collection and management system for state tax and local tax. http://www.xinhuanet.com/politics/2018-07/20/c_1123156533.htm.
- Fu, Y., & Zhang, Y. (2007). China style decentralization and fiscal expenditure structural bias: The price of competition for growth. Management World, 3, 4–12.
- Guo, S., Wen, L., Wu, Y., Yue, X., & Fan, G. (2020). Fiscal decentralization and local environmental pollution in China. International Journal of Environmental Research and Public Health, 17(22), 8661. https://doi.org/10.3390/ijerph17228661
- He, Z. P., & Jia, G. L. (2020). Rethinking china’s local government debts in the frame of modern money theory. Journal of Post Keynesian Economics, 43(2), 210–230. https://doi.org/10.1080/01603477.2020.1734468
- IMF. (2022). People’s Republic of China: Selected issues. 2022, 022. https://doi.org/10.5089/9798400201486.002
- IMF. (2023). 2022 article IV consultation staff report. IMF Country Report No. 23/67.
- Kim, J. and Dougherty, S. (eds.) (2020). Ageing and fiscal challenges across levels of government. OECD Fiscal Federalism Studies. OECD Publishing. https://doi.org/10.1787/2bbfbda8-en
- Lam, R. (2019). Local government bond market. In Schipke, A., Rodlauer, M. and Zhang, L.M. (eds) The future of China’s bond market. IMF. https://doi.org/10.5089/9781484372142.071
- Lerner, A. (1943). Functional finance and the federal debt. Readings in Fiscal Policy, Volume VII, 468–478.
- Liang, Y. (2016a). Shadow banking in China: Implications for financial stability and macroeconomic rebalancing. The Chinese Economy, 49(3), 148–160. https://doi.org/10.1080/10971475.2016.1159903
- Liang, Y. (2016b). Inside shadow banking in China: Credit driven growth vs. financial stability. Journal of Economic Issues, 50(2), 461–470. https://doi.org/10.1080/00213624.2016.1179046
- Liang, Y., & Li, S. J. (2016). Competition model and the change of local governments’ behavior and governance of China’s local government debt. The Chinese Economy, 49(3), 199–212. https://doi.org/10.1080/10971475.2016.1159906
- Li, S. J., Li, D. M., & Liang, Y. (2023). From local government implicit debt risk to systemic financial risk: What are the transmission mechanisms? Working Paper.
- Ministry of Finance. (2023a). “Local government bond issuance and outstanding debt balance in december 2022”. (2022nian12yue Difang Zhengfu Zhaiquan Faxing He Zhaiwu Yu’e Qingkuang) https://yss.mof.gov.cn/zhuantilanmu/dfzgl/sjtj/202301/t20230128_3864087.htm
- Ministry of Finance. (2023b). Report on the execution of the central and local budgets for 2022 and on the draft central and local budgets For 2023. https://english.news.cn/20230315/4fdad960c6124600973b579b7ed09a8b/202303154fdad960c6124600973b579b7ed09a8b_XxjwshE007111_20230315_CBMFN0A001.docx
- Ministry of Finance. (2021). Report on the execution of the central and local budgets for 2022 and on the draft central and local budgets For 2023. https://www.gov.cn/xinwen/2021-03/13/content_5592780.htm
- OECD. (2022). OECD economic surveys: China 2022. OECD Publishing. https://doi.org/10.1787/b0e499cf-en
- Qiao, B. Y., Fan, X. Q., Rahemtulla, H., van Rijn, H., & Li, L. (2022). Critical issues for fiscal reform in the People’s Republic of China Part 1. Revenue and Expenditure Management. Working Paper No. 53. December 2022 Asian Development Bank.
- State Council. (2018). Notice of the state council on the establishment of the central adjustment system of the basic pension insurance fund for enterprise employees. http://www.gov.cn/zhengce/content/2018-06/13/content_5298277.htm.
- State Council. (2013). Notice to improve local party leaders and officials.
- Ruml, B. (1946). Taxes for revenue are obsolete. American Affairs, VIII(1), 35–38.
- UNESCO. (2015). Education 2030: Incheon declaration and framework for action towards inclusive and equitable quality education and lifelong learning for all. UNESCO Institute. https://iite.unesco.org/publications/education-2030-incheon-declaration-framework-action-towards-inclusive-equitable-quality-education-lifelong-learning/
- Wang, X., & Herd, R. (2013). The system of revenue sharing and fiscal transfers in China. OECD Economics Department Working Papers, No. 1030, OECD Publishing.
- Wingender, P. (2018). Intergovernmental fiscal reform in China. IMF Working Paper, WP/18/88. https://doi.org/10.5089/9781484351109.001
- Wong, C. (2021). Plus ça Change: Three decades of fiscal policy and central–local relations in china. China: An International Journal, 19(4), 1–31. https://doi.org/10.1353/chn.2021.0039
- Wray, L. R. (2012). Modern money theory: A primer on macroeconomics for sovereign monetary systems. Palgrave Macmillan.
- Wray, L. R. (2016). Taxes are for redemption, not spending. World Economic Review, 7, 3–11.
- Yu, Y. D. (2023). Thoughts on China’s current macroeconomic situations and policies. (in Chinese). Economists 50 Forum. http://www.50forum.org.cn/home/article/detail/id/10650.html
- Zhang, M. (2023). How to understand and resolve local government debt risks. Economic Herald, 2023/6/15 (in Chinese). https://www.jingjidaokan.com/icms/null/null/ns:LHQ6LGY6LGM6MmM5ZTg0ZWI4NDM3MjI1MjAxODhiZDA5OGY2MjAwYmQscDosYTosbTo=/show.vsml
- Zhang, L., Brooks, R., Ding, D., Ding, H., He, H., Lu, J., & Mano, R. (2018). China’s high savings: Drivers, prospects, and policies. IMF Working Paper 18/277 (Washington: International Monetary Fund). https://doi.org/10.5089/9781484388778.001
- Zhao, Y., He, B., & Xuan, J. (2018). Fiscal and taxation system reform: Further running-in between the central and local governments (in Chinese). China Newsweek, 00(24), 20–24.