The Use of Value Capture for Transport Projects in China: Opportunities and Challenges
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Date
2019-12-15
Open Access Location
Journal Title
Journal ISSN
Volume Title
Publisher
Eastern Asia Society for Transportation Studies
Rights
This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International
License (CC BY 4.0)
Abstract
Value capture (VC) could be a useful tool to address the huge demand for public transport infrastructure funding in China. This research identifies the opportunities and challenges faced by VC implementation in China and explains how local governments and local transit agencies dealt with the regulatory barriers. The findings of this research offer insights including: (1) macro environment, regulatory framework, and supportive policy environment provide opportunities to adopt VC projects, while the risk of acquiring land vale cannot be isolated from the global political and economic situations; (2) the regulatory challenges of land transactions and lack of property tax system restrict the application of VC; (3) evidence from the case study of Shenzhen demonstrates that local government may creatively deal with the regulatory challenges to do VC and benefit local community; (4) institutional capacity is vital to implement VC. The analysis of Shenzhen experience can provide a reference for other Chinese cities to implement VC.
Description
Keywords
China, Institutional Capacity, Macro-economic Factors, Regulatory Framework, Transportation Funding, Value Capture
Citation
Asian Transport Studies, 2019, 2018-2019, 5 (5), pp. 784 - 810