 China’s urban construction investment bond: Contextualising a financial tool for local governmentZhen Ye, Fangzhu Zhang, D'Maris Coffman (), Senmao Xia, Zhifeng Wang and Zhonghua Zhu Land Use Policy, 2022, vol. 112, issue C 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. Keywords: Urban construction investment bond; Financialisation; Relative risks; Infrastructure finance; China (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:lauspo:v:112:y:2022:i:c:s0264837719324810 DOI: 10.1016/j.landusepol.2020.105153 Access Statistics for this article Land Use Policy is currently edited by Jaap Zevenbergen More articles in Land Use Policy from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.