01740cas a2200253 a 4500 AALejournalIMF014135 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484349953 1018-5941 BD-DhAAL BD-DhAAL Zhang, Yuanyan. Fiscal Vulnerabilities and Risks from Local Government Finance in China / Yuanyan Zhang, Steven Barnett. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (29 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students China weathered the global financial crisis better than most, thanks to a large and timely stimulus. This stimulus, however, was mainly in the form of off-budget infrastructure spending and thus not visible in the headline fiscal data. We construct a time series for the augmented fiscal deficit and debt-augmented to include off-budget activity-that better illustrates the counter-cyclical role of fiscal policy. The results also show that the augmented fiscal deficit and debt are both considerably higher than the headline government data suggest. Nonetheless, at around 45 percent of GDP, the augmented debt is still at a manageable level. Mode of access: Internet Barnett, Steven. IMF Working Papers; Working Paper ; No. 2014/004 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/004/001.2014.issue-004-en.xml IMF e-Library