China - State Council on Muni Bonds & local government debt management v2014-09-21.docx

    In September 2014 China announced major reforms to their framework for financing local government infrastructure.  The document posted on our website is my annotated version of the State Council decree translated into English by an unknown hand.  It provides for a number of important policy and regulatory changes of the kind that are being supported globally by the World Bank/PPIAF-SNTA City Creditworthiness Initiative.  Other countries should consider creating a similar framework (adapted to their own circumstances) for promoting the use of their domestic capital markets to finance local government infrastructure.  I say, bravo for China!  Let me know what you think.  --  David Painter