The Relationship between Infrastructure Investment and Coordinated Urban and Rural Development in China and its Significance: A Review

With economic growth in the west, the theory of equality and efficiency has gone through three major stages: from the end of 19th century to early 20th century, welfare economics represented by "economic interventionism", "neo-classic synthesis" and "welfare economic school" advocated "the priority of equality"; following World War II, scholars, mainly those believing in economic liberalism, promoted "the priority of efficiency" and free market mechanism as a countermeasure against "efficiency crisis" emerging from the western countries. On the basis of equality and efficiency, the article aims at expounding the relationship between infrastructure investment and coordinated urban and rural development from political, economic and social perspectives. In addition, by commenting on the studies in this field, this article reviews the history of coordinated urban and rural development, and envisions the future and significance of studying the relationship between infrastructure investment and coordinated urban and rural development. Table I.