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Published in:
2021 | OriginalPaper | Chapter
China’s Provinces: Addressing the Discrepancies at the Local Level
Authors : Hannah Levinger, Christian Braun
Published in: Understanding China’s Real Estate Markets
Publisher: Springer International Publishing
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As China embarks on a path of economic rebalancing, regional differences in dealing with slowing growth, volatile property prices and changing investment and consumption patterns have moved into focus. It is often local challenges—such as Zhengzhou’s coping with a fading housing boom or Hainan’s growing debt burden, that shape the perception of China’s economic health. In fact, while all 31 provinces are affected by China’s transition, regional differences remain substantial. Not only is there huge variation in the provinces’ ability to stem China’s planned shift from investment-driven growth towards more sustainable and consumption-led development. But provincial risks are often at the root of China’s current reform trends, too, notably with regard to fiscal reform and the recent push to establish a functioning local government bond market.