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1 * D625 A Key 1940 X A B * 27

2 a 2010b Cui Cai et al

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24 http / /www. mof. gov. cn / zhuantihuigu / czjbqkcztz / t _ html Bo Z. & Chen G Bo Xilai and the Chongqing Model. East Asian Policy Cai J. Yang Z. Webster D. Song T. & Gulbrandson A Chongqing Beyond the latecomer advantage. Asia Pacific Viewpoint Cui Z Partial Intimations of the Coming Whole The Chongqing Experiment in Light of the Theories of Henry George James Meade and Antonio Gramsci. Modern China Key V. O The Lack of a Budgetary Theory. The American Political Science Review Lu X Government Subsidies Market Socialism and the Public Character of Chinese Television The Transformation of Chongqing Satellite TV. Modern China Moore M Revenues State Formation and the Quality of Governance in Developing Countries. International Political Science Review Moore M Between Coercion and Contract Competing Narratives on Taxation and Governance. In Braytigam D. Fjeldstad O. & Moore M. Eds. Taxation and State Building in Developing Countries. New York Cambridge University Press. Oates W Searching for Leviathan An Empirical Study. American Economic Review Rodden J Reviving Leviathan Fiscal Federalism and the Growth of Government. International 50

25 Organization World Bank The Urban Development Investment Corporations UDICs in Chongqing China. Avaliable on line http / /siteresources. worldbank. org /INTCHINA /Resources / / / Chongqing_UDIC_en. pdf. 殐檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭殐 Journal of Public Administration JPA ISSN /CN /D 殐檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭檭殐 51

26 JPA Journal of Public Administration Vol. 5 No SYMPOSIUM The Benefit and Price of Fiscal Decentralization in China Introduction Guang Zhang 1 Leviathan Hypothesis Fiscal Decentralization and Government Expansion Evidence from Chinese Provincial Panel Data from 1997 to 2009 Yuyi Zhuang & Guang Zhang 5 Abstract The Leviathan model hypothesizes that fiscal decentralization would help to control government size. A major reason for the denial of this hypothesis by previous empirical research at the Chinese provincial level is the failure to use effective decentralization measures. In this paper we measure fiscal decentralization as the proportions of sub-provincial revenues and expenditures to the total provincial revenues and expenditures and utilize a Chinese provincial panel dataset to test how fiscal decentralization would determine government size. It is found that the Leviathan model is applicable to the Chinese provincial level since fiscal decentralization helps to control government size while intergovernmental transfers tend to increase it. We also find that local governments are responsive to local public service demands and to the competitive pressure and social risks brought by openness. Key Words Leviathan Hypothesis Fiscal Decentralization Government Size Provinces Is It a Sustainable Ecnomic Great Leap A Fiscal Analysis of Chongqing's Rapid Economic Growth Yu You 27 Abstract The rapid economic growth in Chongqing receives great attention and many studies summarize the achievements and experience of Chongqing's economic growth. Based on Chongqing's main source of economic growth the structure of its fiscal revenue and expenditure and its local fiscal balance this paper studies Chongqing's economic growth from the public finance perspective and analyzes the panel data of fiscal balance of 178

27 the district and county government in Chongqing. As a result of this study this paper argues that the fiscal structures closely related to the rapid economic growth are the strength of resources' absorption in land finance the heavy investment in fixed assets and the wide gap between the government financial revenue and expenditure. Furthermore the growth of investment in fixed assets and non fixed assets expenditures the bank financing of liabilities and the investment plan after the financial crisis have significant impacts on the expanding gap between government financial revenue and expenditure. Going forward great import should be attached to Chongqing's financial and management risk exposure. Key Words Economic Growth Land Finance Local Government Investment Local Government Debt Government's Fiscal Action The Real Risk of China's Sub-national Debt the Risk Beyond Default Chunrong Zheng 52 Abstract Over the past two decades debt financing methods have helped China's local governments build badly needed infrastructure thereby achieving great development improving people's lives. However the negative effects cannot be ignored. Although the overall risk of default for China's local government debt is rather small the more frightening aspect of these methods is that local debt financing disrupts traditional fiscal management rules so much so that the local government itself is becoming the Leviathan and thereby creating new risks. These risks include government intervention in microeconomic business crowding out private sector investment and financing resulting in retrogression in China's market economy mechanism local government debt financing costs are close to zero inviting a recessive plunder of the income of private sector deposits debt funding of local government investment in blind decisionmaking engineering corruption and waste of assets and the existence of local government debt also created by the local government but off-budget means a modern fiscal system cannot be established undermining the unity of the budget. To eliminate these risks of local government debt our government needs to establish a mechanism for the phase separation of operating income and revenue income and expenditure of debt 179

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1997 2009 * 1997 2009 D625 A 1674-2486 2012 04-0005 - 22 Brenan & Buchanan 1980 * 10BZZ035 985 211 5 2009 2010 Niskanen 1971 2010 6 2007 Brenan & Buchanan 1980 Besley & Case 1995 Marlow 1988 Tiebout 1956