Speaker:

Prof Jean Oi
Goh Keng Swee Professor in China Studies,
East Asian Institute, National University of Singapore

Date & Time:

Friday, 28 November 2025
10:30 am – 12:00pm (Singapore Time)

On-site Venue:

Seminar Room 3-1
Manasseh Meyer Building, Lee Kuan Yew School of Public Policy
NUS Bukit Timah Campus
469C Bukit Timah Road
Singapore 259772

Registration is required:

https://forms.office.com/r/DFZqaQQpqc (or scan the QR code in the poster above)

Synopsis:

In the wake of COVID-19 and the collapse of the property market, China’s Local Government Financial Vehicles (LGFVs), which were created to borrow on behalf of local governments, have amassed trillions in debt, draining local coffers and prompting service cuts and deferred civilservice pay.

Central authorities have mandated that LGFVs cease operation or transform by the summer of 2027. Yet, few LGFVs have been closed after land-sale revenues have dried to a trickle.  Instead, recent research, including fieldwork in China, reveals a surprising shift: in many localities, LGFVs are reinventing themselves as venture capitalists.

In this talk, Professor Jean Oi will examine the transformation of LGFVs into local investment companies, driven by comprehensive restructuring and the financialisation of local state-owned enterprises. The discussion considers whether this shift can resolve local government debt and evaluates the implications for China’s economic prospects in the years ahead.