Determinants of the urban investment bonds in China

Daike Li, Yang Chen*

*Corresponding author for this work

Research output: Chapter in Book or Report/Conference proceedingChapterpeer-review

1 Citation (Scopus)


This chapter investigates the determinants of the issuance of urban investment bonds (UIBs) across 31 provinces in China during the period of 2005-2013 using a spatial autoregressive model. We find that the provincial governments tend to compete with or imitate their neighboring provinces in bond issuance. The neighborhood can be defined in terms of either geographical proximity or economic performance. We also find that the fiscal gap, governments’ investments in housing and public welfare, and bond level in the previous year have positive association with the issuance of UIBs in China.

Original languageEnglish
Title of host publicationThe State of China's State Capitalism
Subtitle of host publicationEvidence of Its Successes and Pitfalls
PublisherPalgrave Macmillan
Number of pages23
ISBN (Electronic)9789811309830
ISBN (Print)9789811309823
Publication statusPublished - 1 Jan 2018


Dive into the research topics of 'Determinants of the urban investment bonds in China'. Together they form a unique fingerprint.

Cite this