The role of money in China's urban production: the local property industry in Qujing, a fourth-tier city

What has made the urbanization of capital possible in China since the late 1990s? A major strand of literature in urban geography has pointed out land as the main trigger of urbanization. Scholars have highlighted the empowerment of local governments and their subsequent role in implementing China's national urbanization objectives because of substantial revenues from the commodification of land. Other scholars have looked beyond the supply side, emphasizing the role of demand in stimulating urban development in China. In terms of demand, the speculative rationale of urban households aided land and property development during the 2000s, when property became a main alternative financial asset. However, this still raises the question of how urban production is financed. Based on a case study of the fourth-tier city of Qujing, in Yunnan province, this article investigates the financing of urban production from the perspective of the development industry. For the time being, little is known about how these companies finance their operations.