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The size and structure of China's government debt
Authors:Shiyu Li  Shuanglin Lin
Institution:aSchool of Finance, Renmin University of China, Beijing 100872, China;bSchool of Economics, Peking University, Beijing 100871, China;cDepartment of Economics, College of Business Administration, University of Nebraska, Omaha, NE 68182, United States
Abstract:This paper analyzes the size and structure of China's government debt. In addition to explicit government debt, we consider three types of government contingent liabilities: local government debt, university debt, and state banks’ nonperforming loans. The size of each types of debt is estimated and the reasons for the emergence of each type of debt are analyzed. International comparisons are made and it is found that China's government debt is larger than many other developing countries. To insure fiscal sustainability and to leave rooms for future expansionary fiscal policies, the government should reduce contingent liabilities.
Keywords:JEL classification: H63  O53
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