As the era of land-based finance fades, Beijing must ramp up special-purpose bonds and policy tools to plug a widening government funding gap
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China’s Ministry of Finance. Photo: VCG
Debt resolution, weak land revenues and falling infrastructure funds show that local governments are no longer driving expansion…
A look beyond headline growth figures reveals how provinces are relying on the monetization of state assets to fill in the gaps…
Ultra-long bonds, tax changes and tighter debt oversight anchor fiscal strategy as growth remains uneven
Early surge in budget outlays contrasts with weak revenue growth
Robust corporate tax receipts boost general budget, even as plunge in land revenues squeezes local finances
Recovering producer prices boost tax receipts while weak land sales continue to pressure local finances
