UCL Discovery
UCL home » Library Services » Electronic resources » UCL Discovery

China's urban construction investment bond: Contextualising a financial tool for local government

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. Green open access

[thumbnail of Ye_Relative Risk Premium in China’s Urban Construction Investment Bond- View from Financial Market_AAM.pdf]
Preview
Text
Ye_Relative Risk Premium in China’s Urban Construction Investment Bond- View from Financial Market_AAM.pdf - Accepted Version

Download (837kB) | Preview

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
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
Downloads since deposit
151Downloads
Download activity - last month
Download activity - last 12 months
Downloads by country - last 12 months

Archive Staff Only

View Item View Item