A widening wealth gaps factor on the citys economic growth and the impact of rapid urbanization.docx
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Awideningwealthgapsfactoronthecityseconomicgrowthandtheimpactofrapidurbanization
ProfessionalForeignLanguageinFinance
Thesis:
Awideningwealthgap’sfactoronthecity's
economicgrowthandtheimpactofrapid
urbanization
Major:
Finance
Name:
Li
Date:
Contents
Abstract
Overview
PartOneAWealthGapBecauseofTheFastGrowthofEconomy
1Economicconcentrationinwideningthegap
2Whatcanwedotosolvethecontradiction
PartTwoTheImpactofRapidUrbanization
1Urbanizationinmakingthegap
2ThecharacteristicsslumsinChina
Conclusion
References
Thanks
Abstract
Prosperitywillnotcometoeveryplaceatonce,butnoplaceshouldremainmiredinpoverty.Withgoodpolicies,theconcentrationofeconomicactivityandtheconvergenceoflivingstandardscanhappentogether.Thechallengeforthistextistoallow—evenencourage—“unbalanced”economicgrowth,andyetensureinclusivedevelopment.Wecandothisthrougheconomicintegration—bybringinglaggingandleadingplacescloserineconomicterms.
Overview
Placeisthemostimportantcorrelateofa person’swelfare.Inthenextfewdecades,apersonbornintheUnitedStateswillearnahundredtimesmorethanaZambian,andlivethreedecadeslonger.Behindthesenationalaveragesarenumbersevenmoreunsettling.Unlessthingschangeradically,achildborninavillagefarfromZambia’scapital,Lusaka,willlivelessthanhalfaslongasachildborninNewYorkCity—andduringthatshortlife,willearnjust$0.01forevery$2theNewYorkerearns.TheNewYorkerwillenjoyalifetimeincomeofabout$4.5million,theruralZambianlessthan$10,000.
Foeexample,ABolivianmanwithnineyearsofschoolingearnsanaverageofabout$460permonth,indollarsthatreflectpurchasingpoweratU.S.prices.ButthesamepersonwouldearnaboutthreetimesasmuchintheUnitedStates.ANigerianwithnineyearsofeducationwouldearneighttimesasmuchintheUnitedStatesthaninNigeria.This“placepremium”islargethroughoutthedevelopingworld.Thebestpredictorofincomeintheworldtodayisnotwhatorwhomyouknow,butwhereyouwork.
PartOneAWealthGapBecauseofTheFastGrowthofEconomy
1Economicconcentrationinwideningthegap
Landuseissues,hasalwaysbeenanimportantfactorrestrictingthedevelopmentofChineseandforeigncities.Withtheaccelerationofurbanizationandindustrializationprocess,theconflictbetweenrigidandelasticdemandforlandsupplyofurbanlandresourceshavebecomeincreasinglyprominent,uncoordinatedeconomicdevelopmentandlandpolicymoreobvious,whichleddirectlytoChina'srealestatebubbleaswellasenvironmentalandsocialproblems.FromHebeitoBeijingandwehave,forexample,duetothepresenceofdiseconomiesofscale,theunevendistributionofeconomicdensityurbandevelopmentandotherissues,wearealwaysamongthebestofPM2.5,trafficcongestion,housingprices,Beijingislikeagiantsponge,absorbedtheoriginalpartofourdowntown,leavingusonlytheshadowofthecity'swateredge.Amongthem,thevariousland-usepoliciesmisleading,infact,thegovernmenthasbecomeameanstoincreaserevenue,controlpolicyprobablywillonlyfurtherenhancetherealestatepricesinordertocompensatefortheconsiderationofcapitalcityofscarcelandresourcesinitself.Thaterraticlandpropertyandlandinformationdisclosureisnotstandardized.
Aforecastto2020China'surbanizationrateof60%breakthrough,forexample,thattheurbanpopulationofabout850millionpeople,morethantheurbanpopulationbytheendof2012.Someexpertssaidthat"thescaleofChina'surbanindustriallandhasexceeded100,000squarekilometers,pursuanttoestimates,percapita100squaremetersofindustriallandtoprovidenewurbanpopulation,by2020,thetotalindustriallandwillexceed110,000squarekilometersofurbanthedatawillgreatlyexceededtheoverallplanningoflandandresourcescontrolobjectivesspecifiedin106,500squarekilometersoflanduse."urbandemandforland,essentiallyfortherealizationofthecity'seconomicandsocialdevelopmentobjectivesneeds.Urbanplanningistofulfillthedemand,asgovernmentactiontostrengthenlanduseandmanagement.WithChina'sincreasinglevelsofurbanization,urbanpopulationgrowthrequiresacorrespondingsupplyofland,whichoccupiespartofthearableland,whichisinlinewiththelawofdevelopmentoftheeconomy.Meanwhile,accordingtotheUrbanGrowthelasticity(thegrowthrateofurbanlanduse/urbanpopulationgrowthrate),leavingthedevelopmentofappropriatelandreservedforurbandevelopmentisalsoinlinewiththelaw.However,inthecontextofcompliancewiththeobjectivelaw,anareathesizeofblindexpansion,therationaldevelopmentofthecitybecomesunlawfulappropriationoffarmlandinappropriateandshouldbecorrected.Meanwhile,urbandevelopmentfromruraltourbanchange,inessence,fromthesocialprocessoflanduseefficiencytothecontent-typeepitaxialevolution.Urbanlanduseefficiencycanbedividedintotwolevels:
theoverallconfigurationstructurethatreflectsthelevelofefficiencyandreflectthelevelofthemarginalefficiencyofindividualuse.Inrecentyears,therapiddevelopmentoflarge-scaleurbanconstructionandinfrastructurepointofview,thetwolevelsofefficiencyisnothighprevalenceofthephenomenon.
ThirdPlenarySessionofeighteenthon"landreform"issueisquiteserious.Andthismaywellbethesolutiontourbandevelopmentandlandscarcitycontradictoryinflectionpoint.Overall,however,theThirdPlenarySessionofeighteenthisundoubtedlythesameoldtune,whichmakesuseofthelandtenurereformpeopleexpectaseriousblow,suchasthedeepeningofreformandmarket-orientedreformoftheurbanlandmanagementsystem,thepromotionofcollectiveconstructionlandcirculation,takingthedifferencebetweentheland-usepolicies,setthe"extendedborder",butalsosomeofthemoreinterestingnewformulation,suchasgivingfarmersmorepropertyrights,theestablishmentofaunifiedurbanandruralconstructionlandmarket.However,thesereferencesremainunresolvedcontradictionsscarcityoflandandurbandevelopment,landusebasicallystillinakindofcompensationforlandcapital,capitalcoststoimprovelandpatterns.Therefore,theurbanexpansionofthescale,includingtheconstructionofnewsatellitecities,fromthecurrentpointofview,thereisnosignificantpositivecorrelation,suchasimpactonsolvingtrafficcongestion,environmentalpollution,landuseissues.Infact,almosteveryoneoftheworld'sdevelopedcountriesinthestageofrapiddevelopmentofexistingurbanlandusehaveexperiencedthepain,justaswedonottaketheoldroadwasoncecalledtheWesternpollutionfirst,treatmentlater,weinfactgourbandevelopmentintheWesttheoldroad.Therefore,thedevelopmentofthecity,infact,canbedescribedasavarietyofmulti-resourceallocationprocess,butthisprocessisbasedonthemarketeconomyandthenaturalmechanismsofjointactiononwasabletohappen.
2Whatcanwedotosolvethecontradiction
Althoughtheproblemsofeconomicintegrationdefysimplesolutions,theguidingprincipledoesnothavetobecomplex.Thepolicymixshouldbecalibratedtomatchthedifficultyofthedevelopmentchallenge,determinedbytheeconomicgeographyofplaces.Today,policydiscussionsaboutgeographicdisparitiesindevelopmentoftenstartandendwithaconsiderationofspatiallytargetedinterventions.TheReportreframesthesedebatestoincludeallinstrumentsforeconomicintegration—institutions,infrastructure,andincentives.Thebedrockofintegrationeffortsshouldbespatiallyblindinstitutions.Asthechallengesposedbygeographybecomemoredifficult,theresponseshouldincludeconnectiveinfrastructure.Inplaceswhereintegrationishardest,thepolicyresponseshouldbecommensuratelycomprehensive:
institutionsthatunite,infrastructurethatconnects,andinterventionsthattarget.
PartTwoTheImpactofRapidUrbanization
1Urbanizationinmakingthegap
Ateamofurbanexperts,aspartofaroutineexercisein1974,forecastthesizeoftheworld’smostpopulouscitiesin2000.Kinshasa,theDemocraticRepublicofCongo’scapital,wouldgrowto9million,morethanLondontoday.Pakistan’sKarachiwouldexpandto16million,almostaslargeasNewYorkCity.Theforecastswerewayoff.Kinshasa’spopulationisabouthalfofLondon’stoday,Karachi’sabouthalfofNewYorkCity’s.Whyweretheexperts,generallygoodatforecastingnationalpopulations,sowronginpredictingcitysizes?
Thereason:
forecastingthespatialdistributionofpeopleinacountryisnotthesamethingaspredictingthesizeofitspopulation.Asshowninearlierchapters,spatialtransformations—thegrowthofcitiesandleadingareas—arelinkedcloselytochangesintheeconomy,especiallythesectoraltransformationsthataccompanygrowthandtheopeningofaneconomytoforeigntradeandinvestment.Sopredictingthesizeofacityiseconomicforecasting,ahazardousoccupation.TakeGuangzhouinChina.Itspopulationin2000wasmorethanathirdlargerthanthe4.5millionpredictedin1974.Beijing’swashalfthe19millionpredicted.TheexpertscouldnothaveforeseenChina’seconomicliberalizationandgrowth,whichquicklywouldchangethecountry’sspatialstructure.Simplyextrapolatingpasttrends,theyshouldinsteadhaveexaminedthemarketforcesofagglomeration,migration,andspecialization—andthegovernmentpoliciesthathelporhinderthem.
2ThecharacteristicsslumsinChina
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