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A multi-scalar view of urban financialization: urban development and local government bonds in China

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  • Zhenfa Li
  • Fulong Wu
  • Fangzhu Zhang

Abstract

How urban financialization is achieved across different government levels receives limited attention. This study addresses the gap by examining the deployment of China’s local government bonds (LGBs). LGBs introduce a distinct financialization process in which the government relies on debt-financing for urban development, but in a regulated way to constrain financial risks. Urban financialization is realized through the multi-scalar structure of the government. The centralized procedure strengthens central and provincial regulations on local development projects. The multi-scalar government not only facilitates urban financialization but also executes statecraft by designing the process.

Suggested Citation

  • Zhenfa Li & Fulong Wu & Fangzhu Zhang, 2022. "A multi-scalar view of urban financialization: urban development and local government bonds in China," Regional Studies, Taylor & Francis Journals, vol. 56(8), pages 1282-1294, August.
    • Handle: RePEc:taf:regstd:v:56:y:2022:i:8:p:1282-1294
    DOI: 10.1080/00343404.2021.1998419
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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. Mingyao Cao & Keyi Duan & Haslindar Ibrahim, 2023. "Local Government Debt and Its Impact on Corporate Underinvestment and ESG Performance: Empirical Evidence from China," Sustainability, MDPI, vol. 15(14), pages 1-18, July.
    3. Yu, Qing & Hui, Eddie Chi-Man & Shen, Jianfu, 2023. "Do local governments capitalise on the spillover effect in the housing market? Quasi-experimental evidence from house purchase restrictions in China," Land Use Policy, Elsevier, vol. 133(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. Gertjan Wijburg, 2023. "Commodifying Havana? Private accumulation, assetisation and marketisation in the Cuban metropolis," Urban Studies, Urban Studies Journal Limited, vol. 60(16), pages 3216-3232, December.

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