China's recent urban development in the process of land and housing marketisation and economic globalisation

The postreform landscape is characterised by the formation of a more market-oriented system and the 'open-door' policy. Economic globalisation and marketisation, especially in the arena of urban land and housing, are becoming the key variables determining the postreform urban development in China. Since China opened its door in 1978, foreign investment has continued to flow into the cities and played a vital role in urban development. In the first round of economic reform (1978-1992) urban policies were formulated under the internal constraints of a socialist system. Since 1992 onwards, however, substantial marketisation in land and housing and the inflow of foreign capital into real estate have begun to qualitatively change the scene of urban development. Now China is moving closer to the World Trade Organisation (WTO) membership. The 'synergetic' effect of global and local forces will continue to transform urban China. This paper therefore aims to offer an initial examination of these two variables and then to explore of the implications for urban planning and real estate growth. (C) 2001 Elsevier Science Ltd. All rights reserved.