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MOF should aim to reach a wider array of investments through the use of underwriters, moving eventually to an auction based system. In parallel, efforts must be made to extend the maturity of government bonds beyond three years. This is important in view of the need to raise funds for the policy banks, the nature of whose activities requires the development of longer-term debt instruments. Developing such instruments would be facilitated by measures to enhance the liquidity of government paper through development of the secondary market.

On the other hand, the problem of nonperforming working capital loans should not be transferred to the policy banks, but should be tackled independently of the policy banks. Reducing PBC Financing: The Role of Government Securities. Passage of the draft PBC Law will preclude direct government borrowing from PBC. In the meanwhile, the authorities have significantly expanded the volume of funds to be raised in the form of government securities and they have chosen a carefully diversified array of terms and maturities to appeal to different segments of the market.

Poor monitoring of budgetary investment expenditures and weak management of cash flow have contributed to waste and unnecessary arrears. Causes of Weakening Monetary Control. The size of the government deficit itself does not explain inflationary pressure in the Chinese economy. Equally, if not more important, is the way in which the CGD has been financed. Heavy reliance on central bank financing of the CGD has impaired the conduct of monetary policy in China. Moreover, the declining effectiveness of the credit plan, China's traditional instrument for ensuring monetary restraint, has made monetary policy accommodating of surges in aggregate demand.

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