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

Zhenfa Li, Fulong Wu and Fangzhu Zhang

Regional Studies, 2022, vol. 56, issue 8, 1282-1294

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.

Date: 2022
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DOI: 10.1080/00343404.2021.1998419

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