A Comparative Study of Land Economy under Different Ownerships in China

This paper creates a land economy model under the framework of the consistent growth theory to investigate the impacts of different forms of ownership on longterm economic equilibrium.As demonstrated under the model,in an economy of private ownership that allows the free transfer of land,land gradually becomes concentrated in the hands of a few;income growth deriving from technological progress merely contributes to the wealth and consumption of landowners;landless workers will struggle at the level of subsistence.An economy of public or collective ownership that forbids the transfer of land can ensure basic social equity.However,in a collective economy without a contract system,population is likely to grow excessively and thus requires external restraint.The conclusions of our model suggest that the long-term welfare and growth effect under collective ownership with a contract system is superior to those under private ownership and pure public ownership.

Impact of Chinese Local Government-led Construction Land Supply Strategies on Urban Innovation and its Spatiotemporal Differences

This study constructs a theoretical framework to analyze the impact of local governmentled construction land supply(LGCLS)strategies on urban innovation.It uses data related to 265 cities in China from 2005 to 2019 for empirical analysis.Its conclusions are as follows.For development stage differences,the impact of LGCLS strategies on urban innovation exhibited an inverted U shape with economic growth.The inflection point occurred when the per capita GDP equaled approximately RMB23,101 in 2008.For regional diferences,the inflection point in eastern China is higher and earlier than that in central and western China;before the inflection point,the positive infuence was more obvious in the central and western regions,whereas after the inflection point,the negative influence was more obvious in the eastern region.For the eastern Yangtze River Delta urban agglomerations and the northwestern resource-based urban agglomerations with relatively high per capita GDP,the negative impact of LGCLS strategies on urban innovation occurred earlier and showed spatial agglomeration characteristics.

China’s Economy:Soft or Hard Landing?

A global economic recession, ignited by the U.S. subprime mortgage crisis, might be unavoidable in the near future. In the meantime, a significant slowdown in China’s economic growth in the third quarter is posing daunting challenges to the government’s macro-control policies. Ha Jiming, Chief Economist at China International Capital Corp. (CICC), recently wrote an article in the 21st Century Business Herald about what he believes to be the root cause of China’s economic slowdown and how the government can revive the economy. Excerpts follow.