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Asymmetric property rights in China's economic growth

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  • Zhang, Xiaobo

Abstract

This paper highlights the difference between secure investor property rights and loosely defined individual property rights. Globalization and fiscal decentralization have intensified this difference. On the one hand, in the presence of mobile foreign direct investments and under the arrangement of fiscal decentralization, local governments compete vigorously to offer various protections on the property rights of investors; on the other hand, local governments and developers attempt to acquire land at as low price as possible by taking advantage of the loopholes inherent in the Chinese law. Secure investor property rights together with weak protections on individuals’ land property rights is argued to be one of the major drivers of China’s rapid economic growth. But the same factor can veer those individuals being deprived of land into violence and social unrest, which may undermine China’s social stability and long-term sustainable growth.

Suggested Citation

  • Zhang, Xiaobo, 2006. "Asymmetric property rights in China's economic growth," DSGD Discussion Papers 55406, CGIAR, International Food Policy Research Institute (IFPRI).
    • Handle: RePEc:ags:dsgddp:55406
    DOI: 10.22004/ag.econ.55406
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    Cited by:

    1. is not listed on IDEAS
    2. Shiuh-Shen Chien & Ian Gordon, 2008. "Territorial Competition in China and the West," Regional Studies, Taylor & Francis Journals, vol. 42(1), pages 31-49.
    3. Xu, Chenggang & Zhang, Xiaobo, 2009. "The evolution of Chinese entrepreneurial firms: Township-village enterprises revisited," IFPRI discussion papers 854, International Food Policy Research Institute (IFPRI).
    4. Lindbeck, Assar, 2006. "Economic-Social Interaction during China’s Transition," Working Paper Series 680, Research Institute of Industrial Economics.
    5. Du, Julan & Lu, Yi & Tao, Zhigang, 2015. "Government expropriation and Chinese-style firm diversification," Journal of Comparative Economics, Elsevier, vol. 43(1), pages 155-169.
    6. Zhang, Xiaobo, 2006. "Fiscal decentralization and political centralization in China: Implications for growth and inequality," Journal of Comparative Economics, Elsevier, vol. 34(4), pages 713-726, December.
    7. repec:pri:cepsud:134chow is not listed on IDEAS
    8. Boudewijn Bouckaert, 2007. "Bureaupreneurs in China: we did it our way," European Journal of Law and Economics, Springer, vol. 23(2), pages 169-195, April.
    9. Mukherjee, Anit & Zhang, Xiaobo, 2007. "Rural Industrialization in China and India: Role of Policies and Institutions," World Development, Elsevier, vol. 35(10), pages 1621-1634, October.
    10. Lindbeck, Assar, 2007. "Economic-Social Interaction in China," Working Paper Series 720, Research Institute of Industrial Economics.
    11. Gregory C. Chow, 2006. "Rural Poverty in China: Problem and Policy," Working Papers 68, Princeton University, Department of Economics, Center for Economic Policy Studies..

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