“…2 On China's pension reform, see Ahmad and Hussain (1991), RGSSS (1995), Dorfman and Sin (2000), Friedman et al (1996), Hussain (1993), James (1997, 1999), World Bank (1997), and Zhou (1994. 3 Government liabilities can be classified into four categories, namely, explicit and direct (formal debt, budgeted expenditure), explicit and contingent (government guarantees and deposit insurance schemes), implicit and current (social insurance expenditure), and implicit and contingent (default of state-owned enterprises, banks, and social insurance funds).…”