Ye, Z;
Zhang, F;
Coffman, D;
Xia, S;
Wang, Z;
(2022)
China's urban construction investment bond: Contextualising a financial tool for local government.
Land Use Policy
, 112
, Article 105153. 10.1016/j.landusepol.2020.105153.
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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.
Type: | Article |
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Title: | China's urban construction investment bond: Contextualising a financial tool for local government |
Open access status: | An open access version is available from UCL Discovery |
DOI: | 10.1016/j.landusepol.2020.105153 |
Publisher version: | https://doi.org/10.1016/j.landusepol.2020.105153 |
Language: | English |
Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
Keywords: | Urban construction investment bond, Financialisation, Relative risks, Infrastructure finance, China |
UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > The Bartlett School of Planning |
URI: | https://discovery.ucl.ac.uk/id/eprint/10090770 |
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