Reassessing the Perimeter of Government Accounts in China

26 Pages Posted: 18 Jan 2018

See all articles by Rui C. Mano

Rui C. Mano

International Monetary Fund

Phil Stokoe

International Monetary Fund (IMF)

Date Written: December 2017

Abstract

China's official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF's augmented government accounts. This paper argues that the broader concept of augmented government remains relevant despite recent positive measures to separate off-budget units from the government. In fact, new avenues to finance public infrastructure, such as Special Construction Funds and Government Guided Funds, have emerged and this paper re-defines the perimeter of augmented government to include them. Finally, concrete steps for improving China's fiscal accounts are put forward. If these steps are taken, the perimeter of general government would expand relative to official statistics but would likely be narrower than where augmented aggregates place it.

Keywords: China, Asia and Pacific, Government Statistics, Fiscal Risks, Local Government Finance, General

JEL Classification: H10, H60, H70

Suggested Citation

Mano, Rui C. and Stokoe, Phil, Reassessing the Perimeter of Government Accounts in China (December 2017). IMF Working Paper No. 17/272, Available at SSRN: https://ssrn.com/abstract=3104542

Rui C. Mano (Contact Author)

International Monetary Fund ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

HOME PAGE: http://sites.google.com/site/ruimano/

Phil Stokoe

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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