Credit Supply, Land Finance And Urban Infrastructure Leve

With the rapid growth of the national economy,the process of urbanization in China is accelerating,and the demand of residents for urban infrastructure is increasing day by day.However,in recent years,due to the gradual slowdown of economic growth,the growth of government revenue has dropped.The central government strictly controlled the debt burden of local governments and strengthened the regulation of the real estate market,therefore the mode of relying on traditional financing channels to promote infrastructure construction could not be sustained and the shortage of construction funds became increasingly serious.The study of the interactive relationship among credit issuance,land finance and urban infrastructure has theoretical significance and practical values for making full use of fiscal and financial policy means,promoting the innovation of infrastructure project financing mode,and accelerating the process of urbanization.Based on the data of 35 large and medium-sized cities in China from 2010 to 2019,a comprehensive evaluation index system including 5 primary indicators and 12 secondary indicators is constructed by using the entropy method to calculate the development level of urban infrastructure.The panel vector auto regression model was established to analyze the dynamic effects of credit issuance,land finance and urban infrastructure level.Besides,comparative studies of eastern,central and western regions are carried out to investigate the differences between different regions.Finally,put forward countermeasures and suggestions to improve the level of urban infrastructure.The results show that the overall level of urban infrastructure in China is increasing year by year,but there are obvious differences among cities,showing the characteristics of decreasing from east to west.(1)At the national level,credit issuance and land finance have a positive effect on the level of urban infrastructure for a long time,while the improvement of urban infrastructure has a promoting effect on land finance and credit issuance,and the impact on land finance is more significant.(2)At the regional level,urban land finance in the eastern and central regions has a positive effect on infrastructure,and urban credit in the western region has a positive effect on infrastructure.On the other hand,urban infrastructure in the eastern and central regions has a positive effect on land finance,and urban infrastructure in the western region has a positive effect on credit issuance.It is suggested that:(1)Give full play to the supporting role of credit funds in urban infrastructure construction,and encourage and guide private capital to participate in investment in various way.(2)Improve the longterm mechanism of financial funds to support urban infrastructure construction and reduce the dependence on land finance.(3)Formulate differentiated fiscal and financial policies to support the balanced development of urban infrastructure in different regions.