Читать книгу The Political Economy of the BRICS Countries - Группа авторов - Страница 42

Sources: CEIC Data Co., Ltd.: IMF, Information Notice System; and IMF staff estimates and projections.

^aSurveyed unemployment rate.

^bAfter adjusting local government debt swap, staff estimate that TSF stood at 203 percent of GDP in 2015.

^cAverage selling prices estimated by IMF staff based on housing price data (Commodity Building Residential Price) of 70 large and mid-sized cities published by National Bureau of Statistics (NBS).

^dAdjustments are made to the authorities’ fiscal budgetary balances to reflect consolidated general government balance, including government-managed funds, state-administered SOE funds, adjustment to the stabilization fund, and social security fund.

^eEstimates of debt levels before 2015 include central government debt and explicit local government debt (identified by MoF and NPC in Sep 2015). The large increase in general government debt in 2014 reflects the authorities’ recognition of the off-budget local government debt borrowed previously. The estimation of debt levels after 2015 assumes zero off-budget borrowing from 2015 to 2021.

^fExpenditure side nominal GDP.

^gAugmented fiscal data expand the perimeter of government to include local government financing vehicles and other off-budget activity.

^h“Augmented fiscal balance” = “augmented net lending/borrowing” — “net land sales proceeds” (in percent of GDP) as we treat net land sales proceeds as financing.