An institutional analysis of China's urban development: Case study of real estate market in transitional Chongqing

Abstract

Chinaa??s economic reform since 1978 has triggered profound institutional changes and organizational transformations, which have generated dynamic forces and shaped the patterns and processes of Chinaa??s urban development. This dissertation aimed at assessing the impact of institutional change on urban development by examining the formation and growth of real estate market in Chinaa??s transitional economy. Using Chongqinga??the biggest city in western Chinaa??as a case study, data were collected from field reconnaissance surveys and interviews. An institutional economics framework was developed for discussing and interpreting the data. Results showed that rapid urban development was induced by the new institutional structure of the real estate market. A new urban development pattern which was characterized by multiple centers in spatial development, and a path-dependent and incremental market sector in time evolution has emerged. Underlying the dynamic patterns was the urban development process, in which transitional institutions were the incentive mechanisms to form the real estate market and further to lead the urban regeneration and development. The effective policy formation was also discussed in this dissertation.