模糊产权下的中国城市发展

Urban Development under the Obscure Property Rights in China

在保持经济持续增长和有效发展中 ,产权扮演着关键的角色。中国的经济改革将土地使用权和城市建设商品化、市场化 ,从而刺激了城市的发展建设。但是 ,渐进式的改革并不将产权在委托人和代理人之间作出明确的分配和清晰的定义。盈利刺激开发 ;兑现土地市场中由于产权模糊而产生的价值 ,也促使土地开发。自 1980年以来 ,正是这个双重激励机制 ,成为推动城市开发建设的动力。建筑业的市场化使房地产开发生机蓬勃。但也正是这个双重激励机制 ,使得许多迅速发展的中国沿海城市 ,面临有史以来最大的房地产供应过剩的局面。

Property rights play a key role in maintaining sustainable growth and in achieving efficient development. Chinas economic reforms have stimulated urban physical development through commodification and marketization of the land use right and building construction. Property rights over urban land as state assets are decentralized, but the gradualist reform does not assign and delineate property rights clearly between the principal and agents. Before too long, Shanghai, the city in a transition economy, reportedly faced a great property glut in its history. It is the two tier incentive structure that has constructed dynamics of Shanghai urban physical development since 1980. The marketization of buildings makes property development a viable business. Capitalization on valued properties in the open domain motivates all key actors in the development process to initiate redevelopment projects. Rapidly rising price benchmarks established by the booming property market escalate the urge to transform assets in the unsecured public domain to physical assets protected by the socialist use right.