Five Suggestions on the Long-term Mechanism of Real Estate

Source: Phoenix FINANCE; Author: Academy of Social Sciences Research Center of Urban and competitiveness of Chinese Ni Pengfei

Since reform and opening up, China's housing reform and real estate development has made great achievements, but in recent years there have been some serious harm to the people's livelihood, the root cause lies in the real estate development mechanism of distortion and imbalance. The central economic work conference: to promote the healthy development of the real estate market, it is necessary to suppress the price bubble, but also to prevent ups and downs, the key is to establish and improve the basic system of real estate system, and then form a long-term mechanism to support " Encourage the government, enterprises, institutions and new and old residents to support and participate in affordable, diversified housing purchase and rental consumption, inhibit "speculation": constrain government, residents, institutions and enterprises to support or participate in real estate investment and speculation.
First, adhere to the four principles, in line with national conditions, conform to the law of the basic system and long-term mechanism
The long-term mechanism of the steady development of real estate refers to: under the Chinese characteristics of the national conditions, based on a set of norms, stability and supporting the real estate development-related system, real estate market and the main body of the internal and between the pursuit of self- , So that the long-term stable development of real estate the relationship between the relationship and mechanism of action. It is a mechanism system including a number of mechanisms. There are two main aspects: First, the market mechanism, including competition, price, supply and demand, and risk mechanism among market players; and the incentive and restraint mechanism of market players. On the one hand, the market mechanism in some areas there is failure, on the other hand, the distortion of the market mechanism will bring the market to the market equilibrium of the general equilibrium, to achieve the average profit and efficiency and fairness, Of the imbalance. Second, the government mechanism, including government regulation, regulation, supervision, protection, intervention and other mechanisms of market economy, administration and law, as well as the government's internal operation, incentive and restraint mechanisms. These mechanisms can compensate for the failure of market mechanisms, but distorted government mechanisms will exacerbate a serious imbalance in the market.
China is a large socialist country with a vast territory, a large population and different regions, and will soon enter a comprehensive well-off society. The different regions have different characteristics in terms of population size, income level, resources and environment, and the development of the real estate industry. , Development trends and other aspects vary widely. Long-term mechanism must not only conform to China's national conditions, but also respect the objective laws of economic development. To this end, should adhere to the following principles:
First, the unified and differential balance. In the housing system framework and the basic policy of the implementation of national unity on the basis of specific housing systems, policies and standards, should be local conditions to maintain the differences, so long-term mechanism around the system has a certain uniqueness. This includes the specific property rights, development and management, exchange of rental and sale, consumption and use, and between the different cities of Dazhong, Xiaocheng and rural areas, between different regions of East and West China, between one, two, Distribution and other basic systems, as well as land, finance, taxation, household registration and management and other supporting systems should be different.
Second, the dynamic combination of government and the market. Housing special attributes and government and market limitations of the decision to solve the housing problem must make the market regulation and government regulation dynamic combination mechanism. After the farewell housing shortage era, the housing system fully reflects the market in the allocation of resources and the government to play a better role in determining the combination. To this end, on the one hand, improve the housing market system, correct the distortion of the mechanism, so that the market a comprehensive, positive and effective role. On the other hand, improve the control system, property rights system, regulatory system and security system, the use of government mechanisms to make up for market failure.
Third, the rental and the purchase of both convergence. Rent purchase broadly speaking, is the reproduction of two forms, through the housing production, exchange, distribution and consumption. As the current rental market and government mechanisms are not perfect, we should speed up the development of housing leasing development, management, consumption, exchange, distribution system and land, taxation, finance and supervision of supporting system construction and mechanisms to promote the development of specialized housing rental market.
Fourth, the problem-oriented and goal-oriented unity. Focus on solving the current problems, solve the "live" inhibit "speculation." Aims to achieve long-term goal, is to system design, construction of real estate development of long-term mechanism. The problem is the starting point of reform, the goal is to build the foothold, the two-oriented unity.
Second, improve the housing system and basic system, the formation of support "live", inhibit "speculation" of the housing market mechanism
First, improve the multi-level and diversified housing system, in order to support the formation of "live" and inhibit "speculation" mechanism to create the basic environment. The imperfect housing system is an important reason for the formation of the imbalance mechanism of "hampering" and supporting "fry". That is: excessive housing system, inadequate protection of the housing system; new housing system over, the old system of the lack of housing; over-trading system, rental housing system is inadequate. Corresponding to this is the lack of institutional system. Therefore, from the resource allocation means, the establishment of the market to meet the multi-level needs and to provide the basic protection of the two basic housing system, can be further divided into: market regulation, government restrictions on housing, market regulation, government Support the health of housing, market participation in regulation, the Government limited protection of housing, the Government fully guarantee the four systems of affordable housing. From the form of property rights, the establishment of ownership and the right to use one of the housing system, the family through the purchase of land, self, build, borrow, purchase and other means, with the right to use and ownership of the establishment of separation of ownership and use of the housing system. The system of renting, borrowing, developing or purchasing a house, which only has a certain term of tenure and does not have the ownership of the house, by leasing the outside family, enterprise and institution, and some rent- Buy the system. Based on the combination of the two systems, the specific housing system will be rich and varied.
Second, the establishment of multi-level housing system, the formation of housing market property rights matching income mechanism, rental and rental balance mechanism, filtering mechanism, the price wage linkage mechanism. The monopoly of property right structure, the monopoly of development link, the segmentation of exchange and consumption system, the rigidity of the distribution link, the competition of distortions, the price inflation caused by the supply and demand and the price mechanism, only rent, rent, . Based on the above problems, first of all, the establishment of multiple property rights and protection mechanisms. Establish the property right system of individual, family, legal person, public and common, and so on, form the corresponding property and right matching mechanism of income and preference; establish and improve the tenant's rights protection system, implement tenant's citizen treatment system, build diversification rent Protection mechanisms for housing purchase. Second, the establishment of a fully competitive, rental balance of demand mechanism. Improve the second-hand housing transaction system and the leasing market system, open up new homes and old houses, rental and sale of goods and security of the "market" system, the formation of both leasing and sale of "ladder consumption, filtration use" mechanism; improve the commercial housing and security room tenant Priority to buy the system, the formation of "leasing simultaneously, after the first rent to buy" mechanism. Thirdly, perfect the supply mechanism of diversified competition, sale and sale equilibrium. The establishment of the government, collective organizations, individuals, public and private enterprises and housing cooperatives and other subjects of the diversified operating system, the formation of competitive development and management mechanism; the establishment of development, leasing, brokerage and financial services, mixed operating system, and gradually establish existing homes sales system, improve the real estate business The proportion of its own funds, the formation of sales and holding a balanced mechanism. Finally, the establishment of income subsidies and rental price linkage mechanism. Reform of the wage system, clearly defined wage structure, including housing wages, the establishment of housing wages with the price of automatic rising system; reform of the subsidy system, the implementation of rent-sharing separation or housing voucher system, the establishment of protection of rental subsidies and rental prices with the rise of the system.
Third, improve the basic supporting system, the formation of inhibition "speculation" to support the "living" of the supporting market mechanism
First, the reform of land acquisition, reserves, trading and income distribution system, the formation of the land market supply mechanism of competition, human supply and demand linked to the mechanism, the transfer of gold into the interests of the mechanism. Market distortions, supply and demand and price mechanism, resulting in market monopoly, supply and demand mismatch, price bubbles, the shortage of land for housing security, the speculation of land for commercial housing, and the price of land, land, land, land, land, and land. Sell. First of all, the establishment of "rural collective construction land" the right to use the market directly into the market system, the formation of an effective market competition mechanism. Second, the abolition of operating land reserve system. Land use right holders, after paying the relevant taxes and fees, are free to transfer the right of use through the market and form an effective competition mechanism in the secondary market. Third, the reform of the land index plan supply system, the establishment of urban construction land and increase or decrease the total population and the increase and decrease linked to the supply and demand mechanism. Thirdly, establish the third party evaluation system of urban land value, perfect the supporting system of land auction, refine and harden the capital's own and follow-up development conditions, and form the pricing mechanism of the market price to convergence. Finally, the establishment of land transfer gold central and local sharing system, inhibition of local government "speculation", the formation of income distribution constraint mechanism.
Second, the reform and improvement of financial corporate governance and financial market system, the establishment of micro-mechanism of financial enterprises and financial market regulation mechanism. Financial institutions, impulsive, capital administrative pricing, asset shortage, high leverage, is a serious result in capital "speculation" to avoid "live", the influx of funds into the real estate market, an important reason. First of all, improve the financial institutions of corporate governance system. The balance of funds in the field of real estate and other areas of the configuration, the formation of financial institutions tend to "live" to avoid "speculation," the internal mechanism of the formation of the current income and future risk balance. Second, improve the multi-level capital market system. Creating diversified investment channels and a variety of investment tools, the formation of diversified assets of the full competition mechanism, the formation of funds for the "live" demand matching mechanism. Third, accelerate the market-oriented interest rate reform, the formation of market-oriented interest rate as soon as the price adjustment mechanism. Finally, improve the various types of financial instruments involved in the real estate leverage system, the formation of support "live" limit "speculation", the risk of control "short by long also" mechanism.
Fourth, improve the housing and related systems, the formation of both support "live" and inhibit "speculation" of the government mechanism
First, the introduction of property taxes and the implementation of real estate tax system, the establishment of support "live" and inhibit "speculation" tax adjustment mechanism. As a result of the lack of restraint involved in "speculation" all aspects of a reasonable levy system, but also the lack of support related to "live" room standard relief system, the tax system seriously contributed to the "speculation" and affected "live." Therefore, first of all, the need to establish a standardized low - income housing and middle - income ordinary commercial housing land, development, lending, trading, consumption and other sectors of the tax concession system to support the "live" positive tax adjustment mechanism. Secondly, the establishment of threshold and differential tax rate reasonable property tax system, the first in the housing prices rose too fast the introduction of property taxes. The establishment of the length of time under the holding, the progressive levy of the relevant transaction tax system, the formation of suppression "speculation" of the tax negative adjustment mechanism.
Second, reform and establish a new system of public finance, the formation of the central government on local public services, infrastructure, financial investment is linked with population movements, and the city administrative level and financial income inversely linked to the mechanism. Low-income urban residents, such as housing security needs of financial subsidies, and urbanization to bring the population of space transfer, the public demand to match. But the current financial system led to housing and other public financial investment in general the lack of new and old people uneven, different space, resulting in excess supply of third and fourth line cities, a second-tier cities supply shortage, damage the "live", contributing to some of the city's " fry". To this end, first of all, should be included in the new urban residents of the rent purchase housing financial subsidy system, the formation of new and old residents equalization mechanism. Second, the establishment of the city administrative level and financial income and infrastructure and public services, the higher level of financial investment linked to the system, the establishment of central to the city to provide affordable housing transfer payment scale and the scale of urban acceptance of new citizens are linked to the system, the formation of infrastructure and public services Inter - city equalization mechanism. Third, adjust the central and local fiscal and administrative power relations, the implementation of basic education and other national co-ordination, to improve the housing security and other central expenditure proportion, the future property tax into local income, increase the local value-added tax and income tax on the proportion, the establishment of vertical intergovernmental fiscal power and Rights and powers to match the mechanism.
Third, improve the government market management and internal management of the administrative system, to build the government's operating mechanism, incentive mechanism and restraint mechanisms. Lack of supervision of the housing market led to chaos in the field of development, intermediation and transaction. The lack of financial market supervision led to the huge amount of funds into the property market. The lack of land market supervision led to the emergence of the king. Passive and passive regulation and regulation even increased the market. Violent fluctuations, which are derived from the government's market management and self-management mechanism defects. In this regard, first of all, improve the land, financial and housing market regulatory system to plug loopholes and gaps, the formation of checks and balances between government departments at all levels of market supervision mechanism. Second, improve the government departments of the national urban housing investment, development, finance, rental, land, macroeconomic tracking and forecasting, the formation of coordination between government departments at all levels of market regulation mechanism. Again, a complete system of administrative responsibility and rights and related systems, the formation of cross-sectoral coordination between the upper and lower governments to prohibit the operation of the mechanism and restraint incentive mechanism.
Fourth, accelerate the introduction of the "Housing Law", "Housing Lease Act" and "Property Tax Law" to build support "live" strong protection and inhibit the "speculation" hard constraints of the legal mechanism. To solve the market chaos, not only sell rent, speculation prevalence and lack of protection and other issues, to make some key systems of law, through the development and revision of the law, the formation of rigorous, normative and mandatory legal mechanism to regulate interest Market, protection of rights and interests, support "live" and punishment "speculation." In this regard, first of all, the development and implementation of real estate tax law and housing security law, the financial and legal regulation, the formation of a certain standard, start the corresponding degree of tax burden or financial subsidy legal adjustment mechanism. Second, the development and implementation of housing law and housing leasing law, urban housing management law to amend. Protect the rights and interests of residents and legal persons to build houses, rent houses and purchase houses, in particular to protect the rights and interests of all parties involved in renting, and to form a legal safeguard mechanism. Third, the German experience, modify the criminal law, a clear definition of the extent of real estate speculation and speculation, according to the extent of the law to determine the degree of crime or crime, were given a fine or sentencing, the formation of the legal disciplinary mechanism.
Fifth, follow the long-term mechanism of the law, to develop long-term mechanism-building roadmap and timetable
First, the long-term mechanism of the arduous nature and dynamics. The goal of the long-term mechanism construction is to build a new system, and finally to form a more stringent mechanism, which faces special national conditions, involving the reform of the basic system, the relationship between the important interests of adjustment, full of complexity, arduous and uncertain. Therefore, a long-term process is required. At the same time, the long-term mechanism is not once and for all, it must be with the time and conditions of change and constantly enrich, develop and improve. The so-called "magic foot, high-Yi Zhang", long-term mechanism is always on the road.
Second, the long-term mechanism for the construction of the window and timetable. "Long-term mechanism-building" conditions, but also need strength. The market situation is good, conditional but no power and pressure. Market adjustment period, the risk increases but there is power and pressure. In comparison, there is no escape route is the moment of reform, "the best window period", should immediately start a solid development of real estate long-term mechanism of the construction project. According to the timetable of establishing a mature socialist market economic system formulated by the Third Plenary Session of the 18th CPC Central Committee, it is expected that by 2020, a long-term mechanism for the steady development of the real estate market can be built up.
Third, the long-term mechanism-building road map and milestones. First, the first to establish economic adjustment and administrative adjustment mechanism. On the basis of the pilot, as soon as possible in housing prices rose too fast a second - line pilot property tax. Improve the relevant government departments of land, financial and housing market regulatory mechanism. As soon as possible the formation of government internal work market management and internal management of the working mechanism. Increase the hot urban land supply index, reduce the inventory of more cities in the land supply targets. Speeding up the Construction of New Public Finance System. Second, we should pay close attention to the establishment of a series of adjustment mechanisms for the market in housing, land and finance to be fully competitive, supply and demand balance and market pricing. Third, speed up the establishment of legal adjustment mechanism. Speed ​​up the housing law, housing security law, urban real estate management law, housing rental law, real estate tax law, etc. to develop and modify.
Fourth, the mechanism of long-term mechanism of protection and construction. The long-term mechanism to promote the construction of this arduous task, also need to protect the mechanism, the need to build operational mechanism, incentive mechanism and restraint mechanisms. First, the establishment of operating mechanism. Make the top-level design, clearly stage objectives, improve the organizational structure, decomposition of the overall task, the implementation of the main responsibility; secondly, the establishment of incentive mechanism. The implementation of advance and complete the task reward system. Implementation of the first to build more systems. Such as property tax levy instead of administrative restrictions on purchase, the central and local land transfer payments into the region, the first adjustment of the central and local tax revenue share ratio, and so on. Thirdly, establish forcing and restraining mechanism. The establishment of accountability system, the implementation of Forced Forced to form a mechanism for dereliction of duty. Serious problems first system, the establishment of Forced Forced mechanism, which sector and regional problems, which sector first. Take the countdown system, the formation of time Daobi, requiring the relevant regions and departments within the specified time to complete the task.


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