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What does the state do in China’s state-led infrastructure financialisation?
[Financial geography III: the financialization of the city]

Author

Listed:
  • Imogen T Liu
  • Adam D Dixon

Abstract

China’s state-led financialisation of infrastructure is an alternative narrative to prevailing accounts of neoliberal financialisation in the advanced capitalist core, where the expansion of private market-based finance-led growth is theorised to transform traditional forms of public infrastructure development and production-based growth. Drawing on the case of Chinese state capital investment in Europe, we demonstrate empirically how the imperative to financialise infrastructure development is emergent from and contingent upon a productivist mode of capitalist development. We articulate two key transformations in which Chinese state capital is being used to leverage financial best practice and its network properties in service of the real economy.

Suggested Citation

  • Imogen T Liu & Adam D Dixon, 2022. "What does the state do in China’s state-led infrastructure financialisation? [Financial geography III: the financialization of the city]," Journal of Economic Geography, Oxford University Press, vol. 22(5), pages 963-988.
    • Handle: RePEc:oup:jecgeo:v:22:y:2022:i:5:p:963-988.
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    File URL: http://hdl.handle.net/10.1093/jeg/lbac009
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    References listed on IDEAS

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    Cited by:

    1. Zhenfa Li & Fulong Wu & Fangzhu Zhang, 2023. "State de-financialisation through incorporating local government bonds in the budgetary process in China," Journal of Economic Geography, Oxford University Press, vol. 23(5), pages 1169-1190.
    2. Yi Feng & Fulong Wu & Fangzhu Zhang, 2024. "Building state centrality through state selective financialization: Reconfiguring the land reserve system in China," Environment and Planning A, , vol. 56(3), pages 766-783, May.

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    More about this item

    Keywords

    Financialisation; infrastructure; China; state capitalism;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies

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