Reassessing the Perimeter of Government Accounts in China

Author/Editor:

Rui Mano ; Phil Stokoe

Publication Date:

December 8, 2017

Electronic Access:

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

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.

Series:

Working Paper No. 17/272

Subject:

English

Publication Date:

December 8, 2017

ISBN/ISSN:

9781484331651/1018-5941

Stock No:

WPIEA2017272

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

25

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