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Reassessing the Perimeter of Government Accounts in China
Author:
Rui Mano
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Phil Stokoe
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Series:
IMF Working Papers
Volume/Issue:
Volume 2017: Issue 272
Language:
English
Publication Date:
08 Dec 2017
DOI:
https://doi.org/10.5089/9781484331651.001
ISBN:
9781484331651
ISSN:
1018-5941
Pages:
25
Keywords:
WP; government; government unit; government purchase decision; government Finance Statistics Manual; adding govt; government fund; Government Statistics; Fiscal Risks; Local Government Finance; China; government support; Public investment and public-private partnerships (PPP); Public sector; Government finance statistics; Fiscal law; Fiscal accounting and reporting; Global
Legal-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.
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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.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund