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ECONOMIC OPENNESS AND PUBLIC EXPENDITURE IN CHINA: A REGIONAL ANALYSIS

By S. Guillaumont Jeanneney and P. Hua

Abstract

The transition of China towards a market economy was accompanied by a vast fiscal decentralisation movement. Econometric analysis of the determinants of budgetary and extrabudgetary expenditure of the provinces does not permit us to reject the hypothesis that the provinces observe a similar behaviour to governments of developing economies which are significantly affected by external shocks and that, in order to alleviate external risk, the provinces take control of a more significant share of the revenues of the economy

Year: 2011
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