A widening wealth gaps factor on the citys economic growth and the impact of rapid urbanization.docx

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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