29

transition economics

dual-track

30

51

97 12

system

AB

Lawrence J. Lau, Yingyi Qian and Gernard Roland, Pareto-improving Economic Reforms Through Dual-

Kenneth Lieberthal 1998

John Logan, Bian Yanjie and Bian Fuqin, Housing Inequality in Urban China in the 1990s, International

Track Liberalization,Economics Letters, vol. 55, no. 2August 1997, pp. 285~292.

147

Journal of Urban and Regional Research, vol. 23, no.1March 1999, pp. 7~25 ; Ya-ping Wang, Housing
Reform and its Impacts on the Urban Poor in China, Urban Studies, vol. 15, no. 62000, pp. 845~864 ;
Jieming Zhu, A Transitional Institution for the Emerging Land Market in Urban China,Urban Studies, vol.
42, no. 82005, pp. 1369~1390.

31

2001
contract
constraints

shock therapy
big-bang

Dewatripont and Roland

1.
2.
3.

2002 2003

Mathias Dewatripont and Gernard Roland, The Design of Reform Package under Uncertainty,American
Economic Review, vol. 85, no. 51995, pp. 1207~1223.

32

51

97 12

K. Lieberthal

1984

10 1980
1. 2.

Lawrence J. Lau, Yingyi Qian and Gernard Roland, Pareto-improving Economic Reforms Through DualTrack Liberalization, pp. 285~292.

Kenneth Lieberthal 147

1996 72

1990 66~67

33

Coase

private property rights

Pejovich

Ronald Coase, The Nature of the Firm,Economics, no. 41937, pp. 386~495; Ronald Coase,The
Problem of Social Cost,The Journal of Law and Economics, no. 31960, pp. 1~44.

2002 60

Svetozar Pejovich
1999 46

34

51

97 12

relative price
contract

formal
rulesinformal rules

Lai
VfE
E
Lai zoning
V E
E E

V1fE1,
V2fE2
V1 V2
V1 V2

Douglass North, Structure and Change in Economic HistoryNew York: Norton, 1981

Ronald Coase 1995

Lawrence Wai-chung Lai, The Economics of Land-use Zoning: A Literature Review and Analysis of the

Lawrence Wai-chung Lai, Zoning and Property Rights: A Hong Kong Case Study, 2 nd ed.Hong Kong: Hong

Douglass North 1995

Work of Coase,Town Planning Review, vol. 65, no.11994, pp. 77~98.

Kong University, 2001, pp. 59~63.

35

VfE

V2 V

V1V2

1949 1950
1980 30

1978
1980 10

1999 471

1994

36

51

97 12

Zhu

1980

1979 4216.4 1990

8901 110% 3072.2 5850
196.9 1144 4.8

1980

1986
1987

473

Jieming Zhu, A Transitional Institution for the Emerging Land Market in Urban China, pp. 1369~1390.

1995 3

20 1998 226

37

1992

1992

1995

1992

1997
1990

2001
8 1
1.
2.
6.25 500 3.

1970

1992 205 2071.56 1988 1991

2003 102

2002 5

980.36 2.1

38

51

97 12

1979

1980

1983

20

1986

1988

70

1991

1992

1994

1995

1996

1998

1999

2000

2001

150 2004
1999
3 2004 1
3 2004 4~7

2
1978 4.5 1980
1990 6.6 1999
10 1989 124 14.6
50%
1990

Ya-ping Wang, Housing Reform and its Impacts on the Urban Poor in China, pp. 845~864.

20 229

39

1992

1978 1985 1990 1995 1999 2000 2002 2003 2004

4.5

5.4

6.6

8.0

10.9

11.8

13.1

13.8

14.8

1999-2003 20002004 1985 1986

1986 199519992004 2001-2007
2001-2007

1993 10 576
1994

1997 67.7
3540.1 39.6 28.1 2005
2004 163.81
85% 32%
2004

1992 GDP 10%

GDP GDP
3
1992 1.8% 2002 6.9%
1990 1990
1999 1997

Andrew Hamer and Ester Van Steekelenburg, Urban Housing in Urban China: A New Chapter,Review of

Urban and Regional Development Studies, vol. 11, no. 21999, p. 97.
20 234~235

2005
2005 300

40

51

97 12

5 2000

rent-seeking

GDP

GDP
RMB

1990

756.45

3.75

3.50

20.70

0.50

1991

893.77

12.19

7.10

54.40

1.40

GDP%
RMB
% GDP%

1992

1114.32

20.48

14.80

20.90

1.80

1993

1511.61

26.38

14.90

12.00

1.70

1994

1971.92

39.09

14.30

24.50

2.00

1995

2462.57

91.29

14.10

1.7

3.70

1996

2902.20

124.26

13.00

24.10

4.30

1997

3360.21

147.51

12.70

15.30

4.40

1998

3688.20

185.40

10.10

23.40

5.00

1999

4034.96

210.53

10.20

15.00

5.20

2000

4551.15

251.70

10.80

15.40

5.50

2001

4950.84

316.85

10.20

20.9

6.4

2002

5408.76

373.63

10.90

14.5

6.9

2003 40

2000
52% 35.2% WTO

WTO

1999

2000

2001

41

WTO

2001
8 1

2001 8 12 41.16 5
2002 748.89 2001 18.7%
373.63 14.5% GDP
3.6% 37.9% 243.55
5.8%

2006
5

2006
2002

5.6

2002

2003

42

51

97 12

2000

relative prices
2001
WTO

1997 2002

1997

1998

1999

2000

2001

2002

65.4

73.9

81.2

85.8

93.5

97.2

901.6

922.2

843.4

571.2

347.7

95.7

96.3

98.5

102.1

108.7

1999-2003
2002 2 2003
5
20032003 129

1995 2006

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

280.38

356.01

334.07

320.66

324.49

408.82

439.17

567.76

676.28

900.67

920.84

835.63

132.83

163.52

168.00

283.02

359.42

480.97

615.17

739.89

1109.86

2064.74

1906.05

1841.04

536.31

528.56

617.02

1056.77

1243.33

1445.87

1681.48

1846.38

2224.47

3233.74

2845.70

2615.49

2477

2968

2891

3026

3102

3326

3659

4007

4989

6385

6698

7039

1. 2001 85
2003 150 2005 374
2. 2003 152
2005 378 2007
362

43

1980
1994
20
100 100
3

1996

2002 2002 230

1996 262~263

2 1 2002 13~26

90 1995 428~440

1998 127

44

51

97 12

1999

2004 10 1
2005

1998

41 1 2001

2001

82
87~91
1996 21~23

2003

2006 11 15

77

45

2005

2004~2006 : %
2004

2005

2006

25.9

25.5

23.8

0.7

1.1

1.3

2.2

2.4

1.3

42.9

40.4

40.4

27.8

30.5

32.4

0.5

0.1

0.8

100

100

100

2007 362

2000

WTO

H. Soto 2001

46

51

97 12

97 9 9 97 10 22 97 11 14

47

The Dual-Track System of Shanghai's

Housing Reform and Its Emerging Process:
Perspective of Property Right Theory
Ping-hsiang Hsu
Assistant Professor
Department of Tourism Management, Diwan College of Management

Ruey-hua Liu
Associate Professor
Department of Economics, National Tsing-Hua University

Yi-jun Tao
Research Assistant, Center for Contemporary China, National Tsing-Hua University

Abstract
In the process of Chinas economic reform, dual-track approach becomes
an institutional characteristic of incrementalism. From the theoretical views of
property rights and transaction costs, the authors try to clarify the meanings of
dual-track approach for housing market, and the barrier it causes in merging
two different systems. The authors notice that larger group of overseas home
buyers and the political pressure from entering WTO will raise the possible
cost for dual-track system. Accordingly, an institutional change is necessary
when the cost of the dual-track system is much more than its benefit. Since
housing value is affected by many variables, such as location, criminal rate,
public service and job opportunityetc., housing reform requires institutional
support from other sectors as well. As a result, the authors conclude that
Shanghais housing reform has not accomplished yet. Canceling the dual-track
system does not end up Shanghais housing reform.
Keywords: Shanghai; housing reform; dual-track approach; institutional
change

48

51

97 12

1999-2003

2000-2004

3 2004
4~7
150 2004

1986 1986
2001-2007 2001-2007

90 1995

20 1998

1996

H. Soto 2001

2001

1994

1996

1996

1998
2005

2005

2002
2 2003

4~5
1990

2003
Ronald Coase 1995

2 1 2002
13~26
2002

49

1995

Kenneth Lieberthal
1998

1999

2003

3
2004
1~4
2002 2002

41 1
69~86
2001
2002

Douglass North

1995
Svetozar Pejovich
1999

Coase, Ronald, The Nature of the Firm, Economics, no. 41937, pp. 386~495.
Coase, Ronald, The Problem of Social Cost, The Journal of Law and Economics, no. 3
1960, pp. 1~44.
Dewatripont, Mathias and Gernard Roland, The Design of Reform Package under Uncertainty,
American Economic Review, vol. 85, no. 51995, pp. 1207~1223.
Hamer, Andrew and Ester Van Steekelenburg, Urban Housing in Urban China: A New
Chapter, Review of Urban and Regional Development Studies, vol. 11, no. 21999,
pp. 91~99.
Lai, Lawrence Wai-chung, Zoning and Property Rights: A Hong Kong Case Study, 2nd ed.
Hong Kong: Hong Kong University, 2001.
Lai, Lawrence Wai-chung, The Economics of Land-use Zoning: A Literature Review and
Analysis of the Work of Coase, Town Planning Review, vol. 65, no. 11994, pp.
77~98.
Lau, Lawrence J., Yingyi Qian and Gernard Roland, Pareto-improving Economic Reforms
Through Dual-Track Liberalization, Economics Letters. vol. 55, no. 2August 1997,
pp. 285~292.
Logan, John, Bian Yanjie and Bian Fuqin, Housing Inequality in Urban China in the 1990s,
International Journal of Urban and Regional Research, vol. 23, no. 1March 1999,
pp. 7~25.
North, Douglass, Structure and Change in Economic HistoryNew York: Norton, 1981.
Wang, Ya-ping, Housing Reform and its Impacts on the Urban Poor in China, Urban

50

51

97 12

Studies, vol. 15, no. 62000, pp. 845~864.

Zhu, Jieming, A Transitional Institution for the Emerging Land Market in Urban China,
Urban Studies, vol. 42, no. 82005, pp. 1369~1390.