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The municipal government in China has engaged deeply in offshore financing to lever local development projects. However, what is the role of the central government in this process? This paper answers this question by considering the central government’s dual role: as a stakeholder in city-regional development and as a financial regulator determining unequal access to financial markets among market actors. We argue that the Chinese central state has sponsored certain city-regions to develop by privileging the municipal government’s access to global financial markets to lever local entrepreneurial strategy. The state’s geopolitical/geoeconomic self-interests have underpinned the geographical inequality in municipal offshore financing.

Global financial networks, municipal offshore financing and state-sponsored city-regional development