This book provides key insights into how to control local
government debts and optimize the makeup of debts in China. The
rapid growth of investment in infrastructure on the part of local
governments has offset the slowdown of investment growth in
manufacturing and real estate and maintained the growth rate of
7.7% in 2013. However, local governments' debts have accumulated,
which increases the risk of debt default and threatens the
stability of China's financial system. The research suggests that
increasing the proportion of issuing bonds in total debts would be
the first step toward eliminating the debt risk. Second, the
Chinese government should play its part; and lastly, the government
should relinquish its administrative control and monopoly in order
to allow the service industry to further develop.
General
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