Edited by Ray Yep, June Wang and Thomas Johnson
Chapter 3: Land-based finance: how revenue concern drives urbanization
In relevant academic works in China, the concept of ‘land-based finance’ includes various land-centred financing approaches and mortgage patterns derived from state-dominated processes in funding urban development. The impacts of local government authorities on urban development and planning are more decisive than those in other countries. Local prefectural municipalities take dual roles of both land use regulator and land user, which incorporated all the institutional settings and approaches of ‘land-based finance’. This chapter is divided into two parts. The first part rests on the institutional background review of ‘land-based finance’ in China. The author reviews the institutional reforms, restructurings and adjustments, which shaped the fundamental framework of land-centred urban development in local China. After that, the author moves to prefectural level, focusing on two of the most important local institutional settings in charge of manipulating ‘land-finance’. In the second part, a four-component framework of land-based finance has been developed to elaborate not only different stages and processes in ‘land-based finance’, but also their inter-connections and input-output analyses. The split stages and processes are to provide a detailed map of how land-based revenue generation drives urban development.
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