China's Unique Property Rights Defy Economic Theory, Enabling Massive Growth
The article discusses how property laws in China have evolved over time, focusing on land ownership and property rights. It argues that Chinese land law is different from traditional property theories, as public ownership of land is still significant. Despite the lack of clear property rights, China's real estate market has thrived due to social relationships playing a crucial role in property construction. This challenges the idea that strong legal property rights are essential for economic growth. The study suggests that social relations can drive property functioning without strict legal enforcement.