Asian Development Bank - Local Public Finance Management in the Peoples Republic of China: Challenges and Opportunities

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LOCAL PUBLIC FINANCE MANAGEMENT IN THE PEOPLES REPUBLIC OF CHINA

CHALLENGES AND OPPORTUNITIES

2014 Asian Development Bank

All rights reserved. Published in 2014.

Printed in the Philippines.

ISBN 978-92-9254-566-6 (Print), 978-92-9254-567-3 (PDF)

Publication Stock No. RPT146570-2

Cataloging-in-Publication Data.

Asian Development Bank.

Local public finance management in the Peoples Republic of China: Challenges and opportunities.

Mandaluyong City, Philippines: Asian Development Bank, 2014.

1. Fiscal administration. 2. Tax reforms. 3. Public finance. 4. Local finance. I. Asian Development Bank.

The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

ADB encourages printing or copying information exclusively for personal and noncommercial use with proper acknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works for commercial purposes without the express, written consent of ADB.

Note:

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Contents

Tables, Figures, and Boxes

Foreword (Ayumi Konishi)

Foreword (Li Kouqing)

Acknowledgments

Abbreviations

Executive Summary

1 Introduction

1.1 Overview of Local Public Management

1.2 Issues in Local Public Finance Management

2 Reforming Local Budgeting and Budgetary Institutions

2.1 Local Budget Management

2.2 Local Debt Management

3 Local Tax Reforms

3.1 Residential Property Tax

3.2 Environmental Taxes

4 Conclusion

Appendixes

References

Tables, Figures, and Boxes

Tables

1 Expenditure Assignment in the PRC

2 Tax Assignment in the Peoples Republic of China (%)

3 Features of Alternate Budget Formats

4 Performance Budget Payoffs

5 Spectrum of Performance Budgeting Reforms

6 Vertical Fiscal Gap in the PRC2011

7 Subnational Revenues by Source, 2010 (%)

8 Sources of Subnational Capital Financing (%)

9 Revenues of Prefecture-Level Cities, 2010 (%)

10 Comprehensiveness of Local Budget Using Data from Jiangyin Muncipality, 2009

11 The PRCs Local Budgetary Revenues and Land Leasing Income

12 Local Government Debt, Sources of Finance and Disposition of Borrowed Funds, 2010 (CNY billion)

13 Local Bond Financing, 20052013 (CNY billion)

14 Sources of Capital Financing by Type of Investment and Fiscal Capacity of Local Government

15 Fiscal Risk Matrix, Local Government Exposures

16 Real Property Tax in an International Context

17 Approaches to Property Valuation

18 Decision Criteria Regarding the Choice of Public Policy Instrument for Environmental Protection

19 Energy Subsidies in the Peoples Republic of China, 2011

A1 Basic Elements of Public Finance Management Framework

A2 Debt Affordability in the United States, by State

A3 Moodys Rating Criteria for Credit Worthiness

A4 Ex ante Regulation of Subnational DebtA Worldwide Perspective

A5 Costs and Benefits of Carbon Taxes for Selected Countries, 1987

Figures

1 Share of Revenue Collection and Direct Spending by Level of Government, 2011

2 Relative Importance of Subprovincial Governments as Measured by Local Government Expenditure Share

3 Reversal of Fortunes of Local Governments in the PRC19782011

4 Local Debt by Order of Local Government, 2010

A1 Structure of Government of the Peoples Republic of China, 2011

A2 The Unified Budget System of the Peoples Republic of China

A3 Local Budget Process in the Peoples Republic of China

Boxes

1 The Medium-Term Budget Framework Process in Hebei Province

2 Project Evaluation and Budget Review Framework Piloted by Yunnan Province, 2012

3 Zhejiang Provinces Requirements for Budget Plans, 2012

4 Questionnaire Used in the Executive Review in Canada

5 Diversity of Views on the Objectives and Design of a Future Residential Property Tax in the Peoples Republic of China

A1 Early Warning Systems of Fiscal Stress

Foreword

The Peoples Republic of China (PRC) has a long history of recognizing good local governance as a catalyst for economic growth and to improve local economies and social outcomes. Local governments in PRC have had a stellar record of delivering growth and reducing poverty. These achievements, however, came at the lack of attention to fiscal transparency in budgeting; fiscal responsibility in borrowing; and underprovision of public goods such as environmental protection, orderly urban growth, and social inclusion.

This report grew out of an Asian Development Bank (ADB)-financed technical assistance project to ensure an adequate policy response to local public finance management and to achieve medium-term fiscal reforms in PRC. It analyzes the bottlenecks in local public finance management by focusing on local budgeting, debt management and taxation, and suggestions for policy options.

Local budgeting, debt management, and taxation have important bearings on local public finance management. Linking local budgeting with fiscal planning and medium-term priorities is key for accountability, whereas comprehensiveness in budgeting and its execution is vital for transparency. Strengthening local fiscal capacity is also necessary to balance spending powers with expenditure responsibility. To meet local investment needs with fiscal discipline, local borrowing needs to be formalized by institutionalizing ex-ante and ex-post regulatory frameworks.

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