Abstract
“City and town construction” and “urbanization” are synonymous and are different interpretations of the term “urbanization”. The term “urbanization” was first proposed by the Spanish engineer Ildefonso Cerda in the mid-seventeenth century. The so-called “urbanization” refers to the process of transforming rural villages into cities and towns which is caused by the development of social productive forces and division of labor, that is, the concentration and expansion of socio-economic relations such as population and production mode, urban lifestyle, thinking pattern and values between urban and rural areas, which is often accompanied by the urbanization of people, urbanization of land, urbanization of non-agricultural industries and the effective spillover of urban culture.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
Notes
- 1.
Geng Mingzhai: “Research on Peasants’ Entry into the City and Related Issues—Also on the Road to New Urbanization”, “Urbanization Leads to the Coordinated Development of the” Three Modernizations: “Theoretical Thinking and Practical Exploration”, Social Science Literature Press, 2012.
- 2.
From 1945 to 2008, the global urbanization level increased from about 27% to 50%, which was a great historical achievement and mankind entered the urbanization era of universal prosperity.
- 3.
This is typically represented by the urbanization model in the Yangtze River Delta and the Pearl River Delta in China after the reform and opening up. In the 1980s when industrialization accelerated in these areas, the dual structure of urban–rural division had not been broken, village enterprises could not enter cities but gather in villages with the population and corresponding services industries concentrated therein, as a result, villages have subsequently become large and small towns. The continuous connection of small towns has filled the entire space with large and small regional units with urban forms but without overall planning of urban space, therefore, there is no strong central urban district, neither complete urban function.
- 4.
From 2000 to 2009, China’s urbanization rate increased from 36.2% to 45.7%, while the area of arable land decreased from 1.924 billion mu in 2000 to 1.826 billion mu in 2009. Each 1% increase in the urbanization rate will reduce the area of arable land by 10 million mu.
- 5.
Ministry of Civil Affairs: Statistical Communiqué on Social Service Development 2011, Ministry of Civil Affairs website.
- 6.
** and Cheng **hua (2005) calculated based on the cross-sectional data of 30 provinces across China from 1980 to 2004 that the elasticity coefficient of investment against the urbanization rate is 1.97, which means that for each increase of 10,000 in the urban population, the investment in fixed assets of the whole society will increase by 19,700 yuan. Wang Jian (2009) estimated that from 2003 to 2008, each additional urban resident would introduce about 500,000 yuan in the investment of urban fixed assets.
- 7.
Li Jianjun, China’s Underground Financial Survey, China Finance Press, 2006, pp. 117–131.
- 8.
**nxiang Municipal Party Committee and Municipal People’s Government: Report to the National Development and Reform Commission on the Symposium, Work Report by **ang City (June 9, 2010).
- 9.
Cao Chenguang (2007) argued that insufficient financial supply has severely restricted the sustainable development of rural economy; Song Chaoying et al. (2009) proposed that China’s rural financial system is characterized by supply restraint, i.e., imbalanced supply structure and insufficient overall quantity with poor promoting effect on the rural economy. The author also found in the previous research that financial development has only promoted rural economic development and increased peasants’ income to a certain extent, but failed to give the full play to financial scale effect and efficiency as the result of China’s defective rural financial system (Zhou **aoquan: Research on the Innovation of Rural Finance and Agricultural Land System in the Overall Planning of Urban–Rural Development-A Case Study of **nxiang City, Henan Province, Post-doctoral Report of Guanghua School of Management, Peking University).
- 10.
Taking the Agricultural Bank as an example, before 1998, there were basically around 65,000 branches and business outlets in the country remained. However, by 2005, the number had been reduced to 28,234. In 2009, it was further reduced to 23,624 with lots of branches originally located below the county level evacuated to cities.
- 11.
The reason for choosing 1981 as the sample is that China resumed the issuance of national debt from that year.
Jiang Ailin: Analysis of Five Measurement Methods of Urbanization Level, Journal of Central University of Finance and Economics, Vol. 8, 2002, pp. 76–80.
- 12.
Jiang Ailin: Analysis of Five Measurement Methods of Urbanization Level, Journal of Central University of Finance and Economics, Vol. 8, 2002, pp. 76–80.
- 13.
Robert King, Ross G. Levine, “Finance and Growth: Schumpeter Might Be Right”, The Quarterly Journal of Economics, MIT Press, 1993, Vol. 108 (3), pp. 717–737, August.
- 14.
Financial correlation ratio: The ratio of all financial assets against GDP.
- 15.
Wang Zhiqiang, Sun Gang: Empirical Analysis of the Relationship between China’s Financial Development Scale, Structure, Efficiency and Economic Growth, Management World, Vol. 7, 2003, pp. 13–20.
- 16.
Wang Zhiqiang, Sun Gang: Empirical Analysis of the Relationship between China’s Financial Development Scale, Structure, Efficiency and Economic Growth, Management World, Vol. 7, 2003, pp. 13–20.
- 17.
Zhang **aodong: Econometrics Basics, Nankai University Press 2007, p. 335.
- 18.
The micro level refers to retail financial service providers including various types of financial intermediary agencies ranging from private loaners to commercial banks and in between; the mid-scale level refers to basic financial facilities and a series of institutions and specifications to promote financial intermediaries to reduce transaction costs, expand the scale and depth of services and improve skills; the macro level refers to the “top-level” regulations and policy frameworks formulated by the central bank, financial regulatory authority, the Ministry of Finance and other relevant government agencies.
- 19.
Chen Yuan: Development Finance and China’s Urbanization Development. Economic Research, Iss. 7, 2010. P15.
- 20.
In the construction of urban infrastructure, China Development Bank has formed a financing model characterized by “government entry-development financial incubation-market exit” through building credit, fostering loan subjects and introducing government coordination and credit enhancement, which has reduced market transaction costs and improved capital allocation efficiency to a certain extent. In terms of SME financing, China Development Bank adheres to government promotion, platform financing, credit construction and market-oriented operations and has initially formed a new financing model based on working platform, loan platform, guarantee platform and credit promotion association, which has effectively supported the development of SMEs to a certain extent.
References
Guo, X. (2010). The path of financial support for China’s urbanization during the twelfth five-year plan period. China Investment, 7.
Hu, B. (2002). Policy finance and China’s urbanization development strategy. China Finance, 10.
King, R., & Levine, R. G. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737.
Lu, Y., & Ma, Y. (2009). New thoughts on promoting China’s urbanization process with financial support. Journal of Suzhou Education College, 1.
Wang, Z., & Sun, G. (2003). Experience analysis of the relationship among the scale, structure, efficiency and economic growth of China’s financial development. Management World, 7.
Zhang, Z. (2008). Empirical research on the relationship between the financial development and urbanization of Ningxia. Journal of Ningxia Normal University, 3.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2022 The Commercial Press, Ltd.
About this chapter
Cite this chapter
Zhou, X. (2022). Research on Financial Support to the New Urbanization. In: Li, Y., Cheng, Z. (eds) China’s Reform and New Urbanization. Springer, Singapore. https://doi.org/10.1007/978-981-16-4916-5_9
Download citation
DOI: https://doi.org/10.1007/978-981-16-4916-5_9
Published:
Publisher Name: Springer, Singapore
Print ISBN: 978-981-16-4914-1
Online ISBN: 978-981-16-4916-5
eBook Packages: Economics and FinanceEconomics and Finance (R0)