Beyond Land and Debt: Rebuilding the Fiscal Foundation to Revitalise Local Government Finance and Macro Management in China
China’s local governments have long been the engines of its economic miracle, and their ailing finances have been a drag on growth and the delivery of fiscal policy in the past few years. Under China’s decentralized system, local governments drive 85% of public spending and over 80% of infrastructure investment. A decade-long fiscal erosion, the…

