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DESCRIPTION;ENCODING=QUOTED-PRINTABLE:BOFIT Seminar - Gang Zhang (Cheung Kong Graduate School of Business) - Structural Misallocation in China =0D=0A Abstract This paper examines how China's quota system for developed-land distribution has led to structural resource misallocation. Since 2003, land quotas have been reallocated from developed to less-developed regions, forcing the latter to engage in large-scale borrowing through local government financing vehicles (LGFVs). We show that this policy, aimed at reducing regional disparities, redirected credit to LGFVs through market forces rather than administrative orders, while crowding out private firms and increasing their borrowing costs. Consequently, other resources, such as physical capital and human talent, were also misallocated. We develop a general equilibrium model to quantify how much of this misallocation contributed to the economic growth slowdown since the 2010s.=0D=0A  =0D=0A Online BOFIT seminars are open to all researchers interested in the subjects covered. The seminar will be recorded and the recording will be shared only with registered participants. Those wishing to attend a seminar are kindly asked to register in advance, by filling in  the Online Registration Form . =0D=0A The registration for the seminar is open until 9:00 am the day of the seminar. You will receive a link to join the seminar by email at the latest one hour before the seminar is scheduled to begin. =0D=0A
DTEND:20250401T083000Z
DTSTAMP:20250307T130425Z
DTSTART:20250401T073000Z
LOCATION:MS Teams
SUMMARY:Gang Zhang (Cheung Kong Graduate School of Business) - Structural Misallocation in China
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