%0 Journal Article
%@ 0264-2751
%A Feng, Yi
%A Wu, Fulong
%A Zhang, Fangzhu
%D 2024
%F discovery:10194092
%I Elsevier
%J Cities
%K Land finance, urban governance, entrepreneurialism, land reserve institution
%T New land reserve institution and changing entrepreneurial urban governance in China
%U https://discovery.ucl.ac.uk/id/eprint/10194092/
%V 152
%X Existing studies suggest that land financing has given rise to entrepreneurial  governance in China because local governments act like entrepreneurs to capture land value  appreciation. However, the new land reserve institution has recently forbidden local  governments from using land as collateral and centralized the financial management of land  reserve projects. Given this profound change in land institutions, we ask whether local  governments have become less entrepreneurial. This paper investigates the Shanghai Land  Reserve Centre. The funding restriction and declining land profitability make it more  challenging to generate land revenue. However, the local government is now adapting to the  new land reserve institution, developing new entrepreneurial tactics, and treating land  investment as a recurrent income stream. Facing the conjuncture of alarming local government  debts, re-centralizing state control, and structural limits of land finance, local governments’  entrepreneurial stance is not eliminated, but their entrepreneurial practices are reshaped.  Theoretically, this paper contributes to understanding how urban entrepreneurialism evolves  in response to changing political and economic conjunctures.
%Z © 2024 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).