02047cas a2200253 a 4500 AALejournalIMF017119 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475536768 1018-5941 BD-DhAAL BD-DhAAL Jin, Hui. Regulating Local Government Financing Vehicles and Public-Private Partnerships in China / Hui Jin, Isabel Rial. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (32 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 In this paper, we argue that there is much room for China to strengthen its regulatory framework for public-private partnerships (PPPs). We show that infrastructure projects carried out through local government financing vehicles (LGFVs) were largely unregulated PPPs, and significant fiscal risks have already manifested themselves. While PPPs can potentially provide efficiency gains, they can also be used by governments to circumvent budgetary borrowing constraints. Therefore, effective PPP regulation is key to delivering PPPs' benefits while containing their potential fiscal risks. The authorities have taken concrete steps in order to establish a sound regulatory framework and foster a new generation of PPPs. However, to make the framework effective, we highlight a few issues to be resolved. Based on international best practice, we propose a four-pillar regulatory framework for China, which could be implemented gradually in three stages. Mode of access: Internet Rial, Isabel. IMF Working Papers; Working Paper ; No. 2016/187 Full text available on IMF http://elibrary.imf.org/view/journals/001/2016/187/001.2016.issue-187-en.xml IMF e-Library