How Does Land Finance Shape the Middle Class in China?—From the Perspective of Financial Sociology
Land finance is a crucial dimension for comprehending the substantial and swift ascent of China's middle class.Prior research has not adequately addressed this issue,and economic and financial analyses frequently overlook its social ramifications.This article seeks to establish an analytical framework from the perspective of financial sociology to explore the relationship between land finance and the emergence of the middle class,scrutinizing the driving mechanisms and consequences of land finance in shaping the middle class.Land finance has played a pivotal role in facilitating industrial upgrading and the expansion of the professional middle class.It has stimulated currency creation and leveraged the rapid enhancement of the housing status of the middle class.Additionally,the provision of public resources has influenced the identity of the middle class,hastening the development and growth of the Chinese middle class.However,simultaneously,it introduces the accumulation of social and financial risks.In conclusion,this article puts forth policy recommendations aimed at mitigating the risks associated with land finance,emphasizing the importance of addressing both social and financial aspects.
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