Jean-Francois Huchet: Local public finance, land use, urban construction: changing patterns of growth and the role of the state in China.

An important part of China's growth during the past fifteen years has been based on real estate construction and urban infrastructure. Complex public local financial packages are at the heart of the financing of this growth. The presentation will analyze how this funding is now facing significant financial, political and environmental limitations. The presentation will also explore the implications of the current reforms in the tax system and local debt refinancing and the impact they could have on the role of the state in the domestic economy, particularly in the Centre-Local government relations.