The article discusses how the regulation of natural resources, like hot springs, is influenced by various actors such as the government, developers, and local communities. Through a case study in Guangdong Province, it was found that private developers and local governments often dominate the regulation process, sometimes at the expense of local communities' rights. To ensure sustainable development, it is important to consider the rights of local communities and establish more standardized market-oriented mechanisms. The study highlights the importance of understanding resource regulation as a dynamic negotiation involving not just the government but also non-state actors and local communities.