Multilevel financing of sustainable infrastructure in China—Policy options for inclusive, resilient and green growth
Open Access
- 26 February 2021
- journal article
- research article
- Published by EnPress Publisher in Journal of Infrastructure, Policy and Development
- Vol. 5 (1), 1251
- https://doi.org/10.24294/jipd.v5i1.1251
Abstract
COVID-19 has amplified existing imbalances, institutional and financing constraints associated with a development strategy that did not take sufficient account of challenges with emissions, environmental damage and health risks associated with climate change in a number of countries, including China. The recovery from the pandemic can be combined with appropriately designed investments that take into account human, social, natural and physical capital, as well as distributional objectives, that can also address commitments under the Paris agreement. An important criterion for sustainable development is that the tax regimes at the national and sub-national levels should reflect the same criteria as the investment strategy. Own-source revenues, are essential to be able to access private financing, including local government bonds and PPPs in a sustainable manner. Governance criteria are also important including information on the buildup of liabilities at all levels of government, to ensure transparent governance. Despite differences in political systems, the Chinese experiences are relevant in a wide range of emerging market countries as the measures utilize institutions and policies reflecting international best practices, including modern tax administrations for the VAT, and income taxes, and benefit-linked property taxes, as well as utilization of balance sheets information consistent with the IMF’s Government Financial Statistics Manual, 2014. The options have significant implications for policy advice and development cooperation for meeting global climate change goals while ensuring sustainable employment generation with transparency and accountability.Keywords
This publication has 5 references indexed in Scilit:
- Multilevel responses to risks, shocks and pandemics: lessons from the evolving Chinese governance modelJournal of Chinese Governance, 2020
- Distribution of COVID-19 Morbidity Rate in Association with Social and Economic Factors in Wuhan, China: Implications for Urban DevelopmentInternational Journal of Environmental Research and Public Health, 2020
- Learning about urban climate solutions from case studiesNature Climate Change, 2019
- REBALANCING IN CHINA: FISCAL POLICIES FOR SUSTAINABLE GROWTHThe Singapore Economic Review, 2018
- Could smog pollution lead to the migration of local skilled workers? Evidence from the Jing-Jin-Ji region in ChinaResources, Conservation and Recycling, 2018