Changing roles of the state in the financialization of urban development through chengtou in China
Changing roles of the state in the financialization of urban development through chengtou in China
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DOI：
10.1080/00343404.2021.1900558
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发表时间：
2021-03-25
期刊：
影响因子：
4.6
通讯作者：
Zhang, Fangzhu
中科院分区：
文献类型：
--
作者：
Feng, Yi;Wu, Fulong;Zhang, Fangzhu
虽然国家在城市发展金融化中的扶持作用已得到广泛注意，但不同国家行为体不断变化和多样化的作用却很少得到探讨。本文以城投公司为例，对这一问题进行了研究。首先，我们表明，金融化不仅是一个国家主导的过程，但国家也限制在不同阶段的金融化。其次，尽管中央有严格的规定，但地方政府一直在努力支持城投，这表明了州内的分歧。第三，我们说明了跨地区的地方政府的表现，金融化进一步区分地方融资模式。
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.