پژوهش در پایداری بازار دارایی واقعی چین

Although China's real estate market (CREM) has made great development since the Chinese government adopted the reform and opening-up policy in 1978, it has been confronted with many problems during this period. This paper describes the background of CREM and its basic situation, outlines its main problems, and presents suggestions for its sustainable development

China has made significant progress in economic growth since the Chinese government adopted the “reform and opening-up” policy in 1978, which is reflected partially by CREM’s rapid development from 1978 to present. Nevertheless, with housing prices rocketing in China in recent years, a growing number of scholars, officials and common Chinese people are paying special attention to and putting forward their views or suggestions on the sustainability of CREM since it is related to the immediate interests of every person living in China.

CREM began to recover gradually since the Chinese government adopted the policy of reform and opening up in 1978, in the subsequent 30 years of which the Chinese government promulgated a series of laws and regulations concerning CREM. According to the data published by the National Bureau of Statistics of China, the sales of China’s commercial housing reached 4.4355 trillion RMBs with 947.55 million square meters in 2009. Housing prices and land transfer mechanism are the two most important problems emerged in the rapid expansion of CREM. Specifically, housing prices in China are too high compared with the disposable incomes of the Chinese people. There is a big demand on reforming the current land transfer mechanism. In order to maintain the sustainability of CREM, we propose to the Chinese Government: (1) to effectively depress the investment demand for housing; (2) to take account of the affordability of the local people in setting the control objectives of the housing price of a place; (3) to increase the supply of land for urban construction on the condition of ensuring the area of cultivated land; (4) to cut the dependence of the local governments on land-transfer revenues.