A research team led by Professor ZHONG Ninghua, Vice Dean of the School of Economics and Management and Director of the Department of Economics and Finance at Tongji University, recently published a major study in Management World, a top Chinese academic journal. The paper, entitled “Exploring Fiscal and Financial Synergy in Local Debt Management: A Study Based on Urban Investment Companies Undertaking Special Bond Projects,” was co-authored by Professor ZHONG, his master’s student SHEN Yitong, and QIAN Yilei, a lecturer at the School of Financial Management, Shanghai University of International Business and Economics (and a 2024 graduate of Tongji SEM).

The study addresses the dual nature of local debt risks, which include both fiscal and financial risks. It emphasizes that preventing and resolving local debt risks requires coordinated efforts from both fiscal and financial perspectives. The research explores the role of municipal investment companies in undertaking special bond projects as a way of achieving this synergy.