The Urban Development Investment Corporations (UDICs) in Chongqing, China

Urban Development Investment Corporations (UDICs) have over the years become the central pillar in the local government drive to build infrastructure in China, where local governments are not allowed to engage in direct market borrowing. UDICs were...

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Bibliographic Details
Main Author:	World Bank
Format:	Other Urban Study
Language:	English
Published:	World Bank 2012
Subjects:	ACCOUNTABILITY ACCOUNTING ACCOUNTING STANDARDS ADB AMORTIZATION ASSET LIABILITY MANAGEMENT ASSET MANAGEMENT ASSET SALES ASSET TRANSFERS AUCTION AUDITING BALANCE SHEET BALANCED BUDGETS BANK BANKING SECTOR BANKING SECTOR REFORMS BANKS BOND BOND ISSUANCE BONDS BORROWING BUDGET BUDGETING BUDGETS CAPITAL CAPITAL BASE CAPITAL REQUIREMENT CAPITAL STRUCTURE CAPITALS CASH FLOW CASH FLOWS CENTRAL GOVERNMENTS COLLECTIONS COMMERCIAL BANK LOANS COMMERCIAL BANKS COMPANY LAW CONTINGENT LIABILITIES CONTINGENT LIABILITY CONTRACT CONTRACTS CORPORATE GOVERNANCE COSTS CREDIT CREDIT RATING CREDIT RATING AGENCY CREDIT RISK CREDITWORTHINESS CRITERIA CURRENT ASSETS DEBT DEBT MANAGEMENT DEFICITS DEVELOPMENT BANK DEVELOPMENT BANKS DIRECT INVESTMENTS DRAINAGE DRIVERS DRIVING ENTERPRISES EQUITY EXCESS LIQUIDITY EXPENDITURE ASSIGNMENTS EXPRESSWAYS FINANCE FINANCE INFRASTRUCTURE FINANCIAL DISTRESS FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL LEVERAGE FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL PERFORMANCE FINANCIAL PLANNING FINANCIAL POLICIES FINANCIAL RISK FINANCIAL STATEMENTS FINANCIAL SUSTAINABILITY FINANCIAL WEAKNESS FINANCING OF INFRASTRUCTURE FINANCING SOURCES FISCAL DECENTRALIZATION FISCAL POLICY FIXED ASSET FOREIGN BANKS FOREIGN EXCHANGE FOREIGN EXCHANGE RISK FOREIGN EXCHANGE RISK MANAGEMENT FUTURE GOOD GOVERNANCE GOVERNMENT BONDS GOVERNMENT OWNERSHIP GOVERNMENT REGULATION GOVERNMENT REVENUE GOVERNMENT SUBSIDY GRANTS GROSS DOMESTIC PRODUCT GUARANTEE GUARANTEES HIGHWAY HIGHWAY CONSTRUCTION HIGHWAY PROJECTS HIGHWAYS HOUSING HUMAN RESOURCES INDUSTRY INFORMATION SYSTEM INFRASTRUCTURE INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE FINANCE INFRASTRUCTURE INVESTMENT INFRASTRUCTURE PROJECTS INITIATIVES INSTITUTIONAL DEVELOPMENT INSURANCE INTANGIBLE INTEREST INTEREST RATE INTEREST RATE RISK INTEREST RATES INTERESTS INTERNAL CONTROLS INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL RATING AGENCY INVESTMENT CORPORATION INVESTMENT CORPORATIONS INVESTMENT RISK INVESTMENTS INVESTOR JOINT STOCK COMPANY LABOR LAND LAND DEVELOPMENT LAND USE LAND USE POLICIES LAWS LEGAL FRAMEWORK LENDING LIABILITY LIABILITY MANAGEMENT LIQUIDITY MANAGEMENT LIQUIDITY POSITION LOAN LOANS LOCAL FEES LOCAL GOVERNMENT LOCAL GOVERNMENT TAXES LOCAL GOVERNMENTS LOCAL LAWS MANAGEMENT INFORMATION SYSTEMS MANDATES MARKET MARKET BORROWING MARKET DEVELOPMENT MARKETS MATURITIES MILEAGE MUNICIPAL GOVERNMENTS MUNICIPALITIES OPERATIONAL REVENUES OPERATIONAL RISKS OWNERSHIP STRUCTURE PETROLEUM GAS POTENTIAL INVESTORS PRICE SETTING PRICING PRIMARY MARKET PRINCIPAL PROFIT PROFIT MARGIN PROFITABILITY PROJECTS PROPERTY PUBLIC BUDGETS PUBLIC EXPENDITURES PUBLIC SERVICES PUBLIC TRANSPORTATION PUBLIC UTILITIES RAIL TRANSPORT RAIL TRANSPORTATION RAILWAY RAILWAY SECTOR RAILWAYS REORGANIZATION REVENUE REVENUE ASSIGNMENT REVENUE SOURCES RING ROAD RING ROADS RISK RISK CONTROL RISK MANAGEMENT SYSTEMS RISK PROFILE ROAD ROAD MAINTENANCE ROAD PROJECTS ROADS SAFETY SANITATION SECURITIES SECURITIES MARKET SECURITY SERVICES SHARE STOCK STRUCTURAL PROBLEMS SUBNATIONAL GOVERNMENTS SUBSIDIARIES SUBSIDIARY SUBSIDIES SUBSIDY TAX TAX REFORM TAX REVENUE TAXATION TAXES TAXIS TECHNICAL ASSISTANCE TOLL TOLL REVENUES TOLL ROADS TRAFFIC TRAFFIC LAWS TRAFFIC MANAGEMENT TRAFFIC SYSTEM TRAINS TRANSFERS TRANSPARENCY TRANSPORT TRANSPORT TERMINALS TRANSPORTATION CONSTRUCTION TRANSPORTATION PLAN TRANSPORTATION PROJECTS TRANSPORTATION SERVICES TREASURY TRUE TUNNELS URBAN DEVELOPMENT URBAN RAIL URBAN ROADS URBANIZATION VALUE VEHICLE VEHICLES WAGES WATER SUPPLY WRITEOFFS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100813023912 http://hdl.handle.net/10986/2888

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Summary:	Urban Development Investment Corporations (UDICs) have over the years become the central pillar in the local government drive to build infrastructure in China, where local governments are not allowed to engage in direct market borrowing. UDICs were established during the early 1990s when local governments were under great pressure to both build municipal infrastructure and to reform the role of the government in infrastructure development. The UDIC model provided the local governments with a corporate government structure to borrow from the market and quickly develop infrastructure. They are treated as municipal corporations under the Company Law of the Peoples' Republic of China (PRC). The law does not clarify the relationship between UDICs and the local government, including the limits of the financial liability of the local governments vis-a-vis UDICs. The Government of China (GOC) agencies expect that the World Bank (WB) Technical Assistance Report (TAR), based on the detailed analysis of the financial operations of a selected UDIC in Chongqing, will offer critical technical assistance to the Chongqing Municipal Government (CMG), which can also be shared with other Chinese cities. The GOC agencies realize that this TAR is the first step in the right direction, in that it will specifically address the needs of a reform-minded municipal government and clarify one UDIC model in detail. It is anticipated that similar efforts can be undertaken in the coming years with other reform-minded and high-priority cities that are employing different models of UDIC to finance municipal infrastructure.

The Urban Development Investment Corporations (UDICs) in Chongqing, China

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