Land Markets, Property Led Growth and Urban Economic Development: Lessons from China
Institutions for urban land management and economic performance
This paper examines the role of land markets in urban economic development from the perspective of property led urban development in China. First, however, we will provide a brief review of the international debate on property led urban development, particularly in the context of UK.
The origins of property led urban development can be traced to the inception of regional policy in the 1930s in the UK for building industrial estates in peripheral regions but were taken up by local authorities in early 1970s (Jones, 1996). From 1979 to early 1990s, however, property led development became central pillars of urban policy, regeneration and city economic development in the UK and USA (see for example, Healey et al, 1992; Jones 1996; Fainstein, 1995). The emphasis, though, shifted from direct subsidised public provision to subsidising direct private provision with the aim of engendering a more sustainable private market involvement without public subsidy in the long run. The underlying economic rationale for property-led urban policy was to resolve property market deficiencies/failures (in terms of lack of supply of appropriate infrastructure and property) to bolster private sector confidence for investing in inner city/peripheral projects (Jones, 1996). However, the reasons for its wide adoption can be seen in several macro-economic and political developments.
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