Neoliberal financial governance and its transformation under real estate boom and bust: The case of Ordos City, China

Xing Su and Zhu Qian

Land Use Policy, 2022, vol. 112, issue C

Abstract: Based on the conceptual framework of neoliberal and post-neoliberal governance, this study explores the changing financial governance under the real estate boom-bust cycle in Ordos City, China. It finds that Ordos City’s neoliberal financial governance, featuring excessive deregulation, active public–private partnerships, market-friendly and growth-chasing institutional restructuring, land financialization, and enthusiastic state investment, has significantly contributed to the city’s real estate boom and overbuilding. In Ordos City’s post-bubble period, although preferential financial policies and deregulation persist, neoliberal financial governance has been largely curbed through reinforced governance and enhanced welfare and redistributive policy efforts such as the Housing Exchange Program. This article reiterates the essence of China’s neoliberal governance and verifies the existence of neoliberal governance in Ordos City. It also showcases the resilience of neoliberal local governing strategies in China. Nevertheless, the post-neoliberal endeavors in Ordos City, characterized by reinforced welfare and redistributive measures, and timely and effective state intervention via rigorous governance and enhanced public ownership of real estate assets for redistribution, add critical insights to the global intellectual and practical quests for post-neoliberal possibilities. Finally, this study calls for combined efforts of sustainable development policy initiatives, effective policy implementation, rigorous governance, and a mindset of sustainability for all to combat neoliberalism.

Keywords: Neoliberal governance; Post-neoliberal governance; Real estate boom-bust cycle; Overbuilding; Ordos City; China (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:lauspo:v:112:y:2022:i:c:s0264837719323750

DOI: 10.1016/j.landusepol.2020.104728

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