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Four decades of rapid economic growth and structural changes have transformed China from a largely rural society into an urban-rural society. We attribute China’s unprecedented growth and changes to its' land institutions. Unique institutional features – the urban-rural dual property rights arrangements, local state monopoly of primary land market, the transition of land supply from free allocation to auction-based market transactions, and land capitalisation – have given rise to a land-centred development model. This model promotes growth with abundant supply of land, promotes industrialisation using low-price industrial land, and promotes urbanisation relying on land capitalisation. However, under the situation of economic slowdown, industrial upgrading, and massive local government debts, this land-centred development model has encountered serious challenges and caused systematic financial and social risks. The reforms China currently conducts aim to address these challenges and risks. We argue that the key reform areas are housing institutions, local government debts and finance, and land institutions.
Speaker Biography:
Professor Shouying Liu is a Professor of Economics at the Renmin University of China. He graduated from Fudan University and held visiting scholarships at Harvard University and the University of Wisconsin-Madison.
Before joining the Renmin University of China, Professor Liu was the deputy director of the Rural Economy Division at the Development Research Center of the State Council and the chairman and chief editor at China Economic Times. He also holds positions at several academic associations and think tanks.
Professor Liu was the speaker of the 31th collective study session of the Politburo of the Chinese Communist Party, as well as the principle investigator of the World Bank projects of “China 2030” and “Urban China: Toward Efficient, Inclusive, and Sustainable Urbanization.” Professor Liu is the author of several books, including Land Institution Reform in China and Land Issues in the Transitional China. His works have generated strong influences within both academia and the government.