01900cas a2200265 a 4500 AALejournalIMF022082 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484378410 1018-5941 BD-DhAAL BD-DhAAL Lam, W. Raphael. China's Local Government Bond Market / W. Raphael Lam, Jingsen Wang. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (20 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 Local governments play a significant role in China's public finance and fiscal operations. The size of local government debt has grown rapidly over the past years, exceeding the stock of sovereign debt in China. How does this development compare to other countries and what policies can foster the sound development of the bond markets? This paper finds that despite its rapid growth, the local government bond market is still underdeveloped. Severe impediments-low liquidity, weak credit discipline, structural fiscal deficit in local governments-have become more visible. Reforms to develop a sound local government bond market should harmonize tax and regulations, build liquidity, and advance fiscal reforms to tighten off-budget borrowing and address intergovernmental imbalances. Mode of access: Internet Structure and Scope Of Government imf Wang, Jingsen. IMF Working Papers; Working Paper ; No. 2018/219 Full text available on IMF http://elibrary.imf.org/view/journals/001/2018/219/001.2018.issue-219-en.xml IMF e-Library