当前位置：
X-MOL 学术
›
Land Use Policy
›
论文详情
Our official English website, www.x-mol.net, welcomes your
feedback! (Note: you will need to create a separate account there.)
China’s urban construction investment bond: Contextualising a financial tool for local government
Land Use Policy ( IF 6.0 ) Pub Date : 2020-11-01 , DOI: 10.1016/j.landusepol.2020.105153 Zhen Ye , Fangzhu Zhang , D’Maris Coffman , Senmao Xia , Zhifeng Wang , Zhonghua Zhu
Land Use Policy ( IF 6.0 ) Pub Date : 2020-11-01 , DOI: 10.1016/j.landusepol.2020.105153 Zhen Ye , Fangzhu Zhang , D’Maris Coffman , Senmao Xia , Zhifeng Wang , Zhonghua Zhu
Abstract This paper examines the Urban Construction Investment Bond (UCIB) as a tradable product in the financial market and a financial tool for local government in China. The development of this financial product is contextualised in infrastructure finance and local government debt. The creation of UCIB helps finance infrastructure investment and potentially reveal the relative risks through the secondary market. The spatial distribution of UCIB demonstrates different relative risks of this financial instrument in local conditions. The government uses this financial tool to bridge the emerging capital market and infrastructure finance, and the Chinese financial market now treats UCIB as an emerging asset class. The development of UCIB has sped up the pace of financialisation in China. Although relative risks help investors choose different UCIBs, the overall risk of UCIB cannot be ignored.
更新日期：2020-11-01
京公网安备 11010802027423号