Urban land and housing
Under economic transition, market forces are increasingly the dominant drivers of urban processes in China, particularly in housing and land development. The adoption of a leasehold system for urban land, instead of wholesale privatization, has distinguished China from other transitional economies. Reforms in the housing sector, on the other hand, have led to rising levels of private home ownership. The outcomes of these efforts are in stark contrast to how land and housing were allocated under state socialism (1949-1979).