Title: Chinese local government debts: institutional change, roles in economic growth and pricing

Authors: Kerry Liu

Addresses: The China Studies Centre, University of Sydney, Australia

Abstract: The Chinese Government started a new budget law and the debt swap for bond program in 2015. This study especially focuses on this institutional change by addressing the Chinese local government debt issue, including: the institutional background of this 2015 reform; the role of local government debt in local economic development, which is the first of its kind in the academic literature; and the pricing of local government bond as an asset class.

Keywords: China; local government debt; local government bond; yield spread.

DOI: 10.1504/IJEPEE.2022.120074

International Journal of Economic Policy in Emerging Economies, 2022 Vol.15 No.1, pp.12 - 27

Received: 06 Aug 2019
Accepted: 28 Feb 2020

Published online: 06 Jan 2022 *

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