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Abstract

This paper reviews the development of land quota market in China and proposes that it is a policy innovation to address the problems created by the land management system: the degradation of rural areas and the inflexibility of the land quota system. While the innovation can serve as a temporary solution, its operation is still under constraints imposed by the inertia in China’s land tenure. The sources of the inertia are the country’s socialist legacy, the reliance on land finance and the concentration of land management power. These factors undermined the capacity of the land quota market to tackle the problems that it ideally would fix.

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