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China

Price: $ 22

Urban reform in China began about 10 years ago. The first measures concentrated on administrative control of land allocation and on revenue generation. Such limited objectives as ensuring local food supplies--by preventing urban expansion into nearby farmland-- were quickly achieved. But this study concludes that the measures were piecemeal.
Successful transition from state to private ownership of real property has implications for every sector of the economy. It would require a strategy of complementary legal, fiscal, planning, and institutional reforms grounded in the ultimate objective of promoting land market transactions.
This study endorses such an approach, suggesting courses of action and outlining potential pitfalls with examples from cities in China and elsewhere. Both central and local authorities must play a part in this restructuring. Among the suggestions for policy reform this study makes are promotion of competitive real estate markets, provision of a legal framework that gives investors confidence in buying and selling land use rights, and setting firm environmental guidelines.

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