China: macroeconomic stability in a decentralized economy by World Bank

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Preferential interest rate loans should be restricted to the policy banks. On the other hand, the problem of nonperforming working capital loans should not be transferred to the policy banks, but should be tackled independently of the policy banks. Reducing PBC Financing: The Role of Government Securities. Passage of the draft PBC Law will preclude direct government borrowing from PBC. In the meanwhile, the authorities have significantly expanded the volume of funds to be raised in the form of government securities and they have chosen a carefully diversified array of terms and maturities to appeal to different segments of the market.

More precisely, the CGD is defined as the sum of the budget deficit and that part of central bank lending that is undertaken to serve the policy objectives of government. 3 percent of GDP over the same period. The CGD has seen a particularly sharp increase in recent years as central bank lending for policy-related purposes expanded rapidly. Central bank "policy loans" have been mostly long term and intended to finance government investment expenditures, but they also include loans of shorter maturities to help finance the operating costs of vulnerable SOEs.

The target should be to phase out all direct or indirect PBC funding for at least SDBC within the next five years. The policy banks must develop the capacity to undertake independent evaluation of projects, and as PBC financing of their operations is phased out, any remaining subsidies implicit in their operations ought to be financed systematically from budgetary appropriations. This will be essential if the policy banks are to gain credibility in domestic and international capital markets. Finally, such fixed investment loans as continue to be made by the state banks to "basic" and "pillar" industries, should no longer be subject to preferential interest rates.

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