Abstract
ABSTRACTIn the 2018–2019 period, the Chinese government adopted three policy measures to improve the quality of decision-making in state institutions and financial markets. The first measure requires cost benefit analysis in proposing public investment projects; the second requires local governments to make extensive disclosures before they could issue debt securities; and the third allows major international rating agencies to assess the creditworthiness of Chinese local government borrowers. Together, these steps represent China’s steadfast expansion of institutional capacity and market efficiency. They are also evidence of China’s continued adaptation of Western techniques in institutional capacity building to increase global competitiveness.
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