Index Drift: Legal Nature, Subject of Rights and Institutional Orientation of Land Index Transactions: A Comparative Analysis Based on Dipiao, Jidiquan and Diquan

Abstract

China’s land index transaction emerges under the planned allocation mode of construction land indicators. The imbalance in index distribution across geographical spaces and regional development levels constitutes the endogenous driving force for land index transactions. Following the basic process of land index production, trading, and utilization, land index transactions can be broadly divided into two stages: initial allocation and market allocation. These transactions involve four powers (rights): land planning power, land consolidation power, trade supervision power, and profit distribution rights, which form a bundle of powers (rights). By analyzing local characteristic land index transaction practices such as Chongqing’s Dipiao, Yiwu’s Jidiquan, and Foshan’s Diquan, it is found that fragmented land planning, the collective action dilemma in land reclamation, ineffective price mechanisms, and unreasonable distribution mechanisms constitute the realistic predicament of land index allocation. Therefore, it is necessary to systematically improve the land planning power, establish a government-led rule system for land consolidation power and a market-oriented trading mechanism, and ultimately realize the fair distribution of land profits and the optimization and promotion of overall social welfare.