Changing roles of the state in the financialization of urban development throughchengtouin China
研究了中国城投公司作为金融中介在城市发展金融化中的角色，发现国家既推动也限制金融化，且中央与地方、不同地区之间存在角色差异。
While the enabling role of the state in the financialization of urban development has been widely noted, the changing and variegated roles of different state actors have been less explored. This paper investigates this issue based on chengtou as financial agencies in China. First, we show that financialization is not merely a state-led process, but that the state also restricted financialization at different stages. Second, albeit with stringent central regulations, local states have striven to support chengtou, which demonstrates intrastate divergence. Third, we illustrate the performance of local states across regions to show that financialization further differentiates the patterns of local financing.