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Changing roles of the state in the financialization of urban development through chengtou in China

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  • Yi Feng
  • Fulong Wu
  • Fangzhu Zhang

Abstract

While the enabling role of the state in the financialization of urban development has been widely noted, the changing and variegated roles of different state actors have been less explored. This paper investigates this issue based on chengtou as financial agencies in China. First, we show that financialization is not merely a state-led process, but that the state also restricted financialization at different stages. Second, albeit with stringent central regulations, local states have striven to support chengtou, which demonstrates intrastate divergence. Third, we illustrate the performance of local states across regions to show that financialization further differentiates the patterns of local financing.

Suggested Citation

  • Yi Feng & Fulong Wu & Fangzhu Zhang, 2022. "Changing roles of the state in the financialization of urban development through chengtou in China," Regional Studies, Taylor & Francis Journals, vol. 56(8), pages 1259-1270, August.
    • Handle: RePEc:taf:regstd:v:56:y:2022:i:8:p:1259-1270
    DOI: 10.1080/00343404.2021.1900558
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    Cited by:

    1. Zhenfa Li & Fulong Wu & Fangzhu Zhang, 2023. "Adaptable state-controlled market actors: Underwriters and investors in the market of local government bonds in China," Environment and Planning A, , vol. 55(8), pages 2088-2107, November.
    2. Yun Li & Ming Xu & Juncheng Dai & Zhenshan Yang & Zhe Cheng, 2023. "Examining the Impact of Infrastructure Financialization on Uneven Regional Development: Evidence from China," Land, MDPI, vol. 12(3), pages 1-12, March.
    3. Bao, Helen X.H. & Wang, Ziyou & Wu, Robert Liangqi, 2024. "Understanding local government debt financing of infrastructure projects in China: Evidence based on accounting data from local government financing vehicles," Land Use Policy, Elsevier, vol. 136(C).
    4. 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.
    5. 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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