ABSTRACT
China’s recent modernization would be remarkable if the nation had merely spent huge sums of money quite rapidly to replace crumbling buildings and infrastructure. The fact that China has accomplished these feats with support from its new private sector—and despite the nation’s prohibition of the private ownership of land, its stated adherence to Marxist principles, and its absence of a comprehensive property law until 2007—makes these successes even more incredible. By allowing state-owned land to be controlled by private parties for extended time periods, China was able to ignite private investment.
