Turning land into assets: local government borrowing through land assetization in China

Abstract

Local governments use state-owned land to raise massive funds to finance urban development in China. However, how is land formed and calculated as a financial asset? We aim to unpack the political-economic dynamics underpinning the phenomenon of turning land into a financial asset. Based on practices in Shanghai, Nanjing, and Jiaxing, this study provides a concrete account of how state-owned land is mobilized to secure funds by urban development corporations (chengtous) and the state itself through land reserve bonds. In either approach, the state manipulates asset formation and calculative techniques to achieve a favorable quantification of asset value. Therefore, the land is not a standard type of collateral but an extension of state credit. We contribute to the geography of assetization by arguing that land is turned into assets through state actions beyond being colonized by financialized techniques.

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