A multi-scalar view of urban financialization: urban development and local government bonds in China. Issue 8 (3rd August 2022)

• Record Type: Journal Article
• Authors: Li, Zhenfa; Wu, Fulong; Zhang, Fangzhu
• Is Part Of: Regional studies. Volume 56:Issue 8(2022)
• Page Start: 1282
• Page End: 1294
• Publication Date: 2022-08-03
• Subjects: local government bonds -- urban financialization -- multi-scalar government -- China; H74 -- H76 -- O23 -- R51; Regional planning -- Periodicals; Regional planning -- Great Britain -- Periodicals; 307.14
• DOI: 10.1080/00343404.2021.1998419
• Languages: English
• ISSNs: 0034-3404

Abstract

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.