George Osborne has despatched Treasury officials to Beijing to advise China on how to use the private sector to build schools, hospitals and other public projects, including adopting the much-criticised private finance initiative .
The Treasury has recently minimised the number of new PFI projects after finding in 2012 that many were “tarnished by waste, inflexibility and lack of transparency”.
But China has turned to Britain for advice as it struggles to overhaul its government finances after years of debt-fuelled infrastructure investment left many municipal and regional authorities effectively insolvent.
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