Traditional theory holds that a farmland transfer market comes of institution, demand and land lease. In this article, several villages, including Hongqi in Sichuan province, Liyuantun in Hebei province, Hucun in Hunan province, and Xiaogang and its neighboring villages in Anhui province, are studied in terms of the formation and development of their farmland transfer markets. Based on this study, the article concludes that the prerequisite for the making of farmland transfer market is farmland output and returns. It is a necessary condition for the market while demand is a sufficient one. In particular, external capital may promote the demand for farmland and rediscover farmland value. Institution, however, is not the direct reason for the inception of the farmland transfer market, though it ensures that the regulations for this market will be upgraded.
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