Shanghai municipal investment corporation: Extending government power through financialization under state entrepreneurialism
Shanghai municipal investment corporation: Extending government power through financialization under state entrepreneurialism
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DOI：
10.1177/23996544221114955
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发表时间：
2022-07
期刊：
影响因子：
--
通讯作者：
Yishen Feng;Fulong Wu;Fangzhu Zhang
中科院分区：
文献类型：
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作者：
Yishen Feng;Fulong Wu;Fangzhu Zhang
金融化的城市治理意味着地方政府越来越依赖金融手段，在某些极端情况下，被股东利益所俘获。然而，金融化治理随着地方治理的各种特征而发生变异。本文以上海市投资公司（SMI）的运作为背景，对中国的金融化城市治理进行了剖析。上海市政府将SMI作为城市发展融资的中介。本文以上海市SMI最新的公司化案例为基础，提出了上海市政府通过金融手段特别是股权手段对SMI进行管理和支持的金融化治理雏形。在这样做的过程中，市政府将金融技术内部化，以管理国有资产，寻求资金，并指导城市发展项目。在金融化的过程中，国家的权力并没有被削弱。相反，上海政府将权力延伸到金融市场，以实现其目标。
Financialized urban governance means that local governments have been increasingly reliant on financial techniques and in some extreme cases, been captured by shareholders’ interests. However, financialized governance mutates with various characteristics of local governance. This paper unpacks financialized urban governance in China based on the operation of Shanghai Municipal Investment Corporation (SMI). The Shanghai municipal government uses SMI as an intermediary to finance urban development. Based on the latest corporatization of SMI, we illustrate an embryonic form of financialized governance in which the Shanghai municipal government relies on financial means especially shareholding to manage and support SMI. In doing so, the municipal government internalizes financial techniques to manage state assets, seek funding, and guide urban development projects. The power of the state is not undermined during the process of financialization. Instead, the Shanghai government extends its power to the financial market to achieve its goals.