Developmentalism Of Industrial Policies And The Great Change Of Real Estate Industry In China (1992-2012)

Since1990s，with the gradually progress of the Reform&open policy, it has agreat transformation from the traditional planned economic system to modern marketsystem for Chinese economy and society, especially the marketisation andglobalization as important powers greatly pushed China into a new development stage.In this grand social context, there was also a big change for Chinese real estateindustry which was from the early stage development before1998to a quickprosperity after1998. As a phenomenon of industrial evolution，the fast growing upfor China’s real estate industry in the past two decades undoubtedly embodied animportant organizational and institutional meaning.On the development of Chinese real estate industry，it had four explanatoryperspectives in the existed researches which are industrial life cycle theory，institutionalism，structure-conduct-performance paradigm and the political interactionapproach. These four analysis perspectives believed that the natural evolution processwhich is based on the free market mechanism, government’s concrete industrialpolicies and rules, industrial structure or competition structure, and the game orcooperative mechanism between different actors on particular benefit respectivelycould be the decisive influential factors for the development of the real estate industryin China. Frankly these researches from the four perspectives could provide usimportant frameworks and observation lenses to understand the development ofChinese real estate industry, however, they could still hardly give us a more effectiveinterpretive approach to analyze a long term development and evolution process ofChinese real estate industry.So，in this research, we will apply the framework and analysis variable of socalled Developmentalism industrial policy which are on the basis of the combinationof the historical institutionalism in economic Sociology and the main ideas ofcomparative political economics to give a structural interpretation on the complexevolution process of Chinese real estate industry from1992to2012. Concretelyspeaking，by using four important analysis dimensions which are the strategic cognition of developmentalism，concrete cooperative industrial polices，the pendulummechanism of growing-up and stability，and the ties of government and enterprises,this research will do a deeply-seated analysis around the structural influence onChinese real estate industry by the nation’s developmentalism industrial policies.In this research, we found that in the context of marketisation and globalizationfor Chinese economic and social development, under the function of nationaldevelopmentalism industrial policies, it has a important change for Chinese real estateindustry during1992and2012, especially from1998, which can be described as thata series of changes from preliminary development to quickly prosperous， from anemerging industry to an important pillar industry， from low level marketization to ahigher marketization，from a limited influence on personal life to a great influence onpersonal life. As a structural functional mechanism, under the frame ofdevelopmentalism industrial policy，the developmentalism ideological cognition ofthe government provided an important cognitive direction for the development of thereal estate industry；the cooperative industrial policies could be a direct institutionaldynamic；the pendulum of growing-up and stability could reflect the nation’s strategicdecision； and the special government-enterprise ties also provide a interactionstructure precondition for the evolution of Chinese real estate industry. Therefore, wecan come to a conclusion that the developmentalism industrial polices of thegovernment is the critical factor which affect the complicated evolution of Chinesereal estate industry since1990s.