What does the state do in China's state-led infrastructure financialisation?

Imogen T. Liu*, Adam D. Dixon

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

6 Citations (Scopus)
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China's state-led financialisation of infrastructure is an alternative narrative to prevailing accounts of neoliberal financialisation in the advanced capitalist core, where the expansion of private market-based finance-led growth is theorised to transform traditional forms of public infrastructure development and production-based growth. Drawing on the case of Chinese state capital investment in Europe, we demonstrate empirically how the imperative to financialise infrastructure development is emergent from and contingent upon a productivist mode of capitalist development. We articulate two key transformations in which Chinese state capital is being used to leverage financial best practice and its network properties in service of the real economy.

Original languageEnglish
Pages (from-to)963-988
Number of pages26
JournalJournal of Economic Geography
Issue number5
Early online date2 May 2022
Publication statusPublished - Sept 2022


  • China
  • Financialisation
  • infrastructure
  • state capitalism

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Economics and Econometrics

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