外文翻译.docx

外文翻译.docx

《外文翻译.docx》由会员分享，可在线阅读，更多相关《外文翻译.docx（14页珍藏版）》请在冰豆网上搜索。

外文翻译

AStudyontheMacro-ControlPolicyofChinaRealEstateDevelopment

Abstract

Therealestateindustryasapillarindustryofthenationaleconomyhasapronouncedeffectonthenationaleconomyandsocialdevelopment,andtherealestatemarketfailuressignificantlyaffectthefairnessofthetransactionandefficiency.Howevernowadayshousingsecuritysystemisnotperfect,andnotconducivetolong-termhealthydevelopmentoftherealestateindustry.OnthebasisofanalysisofthestatusofChineserealestateindustrydevelopment,weanalyzedtheneedformacro-control,andsummarizedthemacro-controloftherealestateindustrypolicyformulationandevaluationstandards,andregulationmechanismandmeansfromboththeoreticalandempirical;thenthispaperinterpretedtheimplementationoftherealestatemacro-controlpoliciesof2003-2012andfoundtheireffectiveness.Finally,afewsuggestionsaremadetoourrealestatedevelopmententerprisesinthenationalmacro-controlpolicies,andpointedouttheappropriateresponsemeasures.

Keywords:

Macro-ControlPolicy,RealEstateDevelopment,Regulation

1.Introduction

SinceChinesereformandopeningup,residentialrealestatemarkethascontinuedtoplayanimportantroleinstimulatingeconomicgrowthandimprovingthepeople’sstandardofliving,andthushasbecomethepillarindustryofChina’snationaleconomy.However,someproblemsaregraduallyexposedbecauseoftherapiddevelopmentoftheprocess,suchastheabuseoflandresources,demolitioninfringement,thehighfinancialcreditrisk,structuralimbalancesinmarketsupplyandhighprices.Therefore,inordertocompensateformarketimperfections,themacro-controloftheChineserealestateindustryhasagreatsignificanceforbuildingamoderatelyprosperoussociety,buildingasocialistharmonioussociety.Thestudyonmacro-controloftherealestateindustryatabroadismainlyconcentratedinthetwomajorareas-landeconomicsandurbaneconomics.Theyactivelyadvocatedthegovernmenttousemonetarypolicy,fiscalpolicy,andeconomicmeansforinterventionandregulationoftherealestatemarket,andatthesametimetheybelievethatthegovernmentinterventioninthehousingmarketandregulationisessential.RepresentativesscholarsincludesDeniseDipasqualewhopointedoutthatgovernmentinterventioninthehousingmarkettobeabletochangetheplace,cannotmeetthemarketeconomy,theroleoftheproposedgovernmentinterventioninthehousingprogramandWilliamC.Wheatonwho[1]studiedtherelationshipbetweentherealestateandthenationaleconomy,localgovernments,andtherealestateindustry,andthusproposedgovernmentinterventionandregulationoftherealestatemarketofnecessity.BradleyT.EwingandJamesE.Payne[2]useaVARmodelincludingmonetarypolicy,realoutput,marketrisk,andinflationandothermacroeconomicvariablesvolatilityofreturnonrealestateinvestment.Chinesescholarsfocusedontherelationshipbetweenrealestateandrelatedeconomicandpolicyfactorsgivenmoreattentionandstudyfrom2000tonowadays.Abouttherelationshipbetweenthepriceoflandandrealestateprices,SixinMa[3]analyzedthecharacteristicsofthetimeseriesofpricesandlandprices,andutilizedVARmodeltoanalyzetherelationshipbetweenhousingandlandprices,andcometoalong-termpremiumpricesisduetoandthelandisnotaresultoftheconclusionoftheprices.GuanghuiZheng[4]usedWuxiCityrealestatedevelopmentasanexampletoanalyzetherelationshipbetweenhousepricesandlandpricesfromtheperspectiveofthelandandhousingpricesconstitutespremiumofhighorlowpricelevelresults.Effectofthemacro-controlontherealestateindustry,ofChunhongZhaireported[5]thatthemeasurestostrengthenmacro-controloftherealestateindustryinChinahasachievedremarkablesuccess,buttoacertainextent,therearestillsomemisunderstandingandblindspots,suchasdemandandinhibitionsupplycontradictionspoliciestimelinessdirectionalerrorsandinfluentialrealestatedevelopmentandtheeffectofthemacro-control.HongjinLiverified[6]CareypricesmodelwithChina’sdata,andhefullyinterprettheobviousrigidsupplysince2004bycombiningwiththeactualdevelopmentoftherealestatemarketinrecentyears.Accordingtohismodel,itwasnecessarytosuppressthedemandforinvestment,limitfinancialresourcestotherealestatemarkettoofastintothedevelopmentofotherfinancialmarketsdiversionoffunds,encouragecompetitionandcomprehensivemeasurestoreducethemanufacturer'sdevelopmentcosts,inordertoeffectivelysuppressbeforerankinghighandhouseprices.Itcanbeconcludedfromtheaboveresearchesthateveniftheforeigntheoriesandpoliciesofmacro-controlmeasuresintherealestatemarketisquitemature,thenecessaryofstudyonthelandsystem,socialsystemstillexistsbecauseitmightbedifficulttoborrowtheforeigntheoriesdirectlyconsideringthelimiteddevelopmenttimeofChina’scurrentrealestate.Domesticmacro-controloftherealestateindustryisstilllimitedtotheanalysisoftherelationshipbetweenaparticularpolicyandrates,andtherefore,webelievethisstudywillsupplementandimprovethepreviousstudies.

2.Necessaryofmacro-controlpolicyinrealestatedevelopment

2.1.Effectonthenationaleconomyandsocialdevelopment

Therealestateindustryasapillarindustryofthenationaleconomyhasapronouncedeffectonthenationaleconomyandsocialdevelopment.InvestmentshareinGDPofrealestatedevelopmenthasincreasedyearbyyear,risingto43.6%from69.8%duringaperiodof2004to2011,andtherealestateindustryhasbecomeapillarindustryofthenationaleconomy,asreflectedinTable1.Ononehand,therealestateindustrythroughtheupstreamanddownstreamindustries（suchashomeappliances,buildingmaterialsindustry）aswellastostimulateconsumptionintheformoffurtherstimulatingeconomicgrowth,playedahugemultipliereffect.Ontheotherhand,therapiddevelopmentoftherealestateindustrytopromotetheimprovementofpeople’slivingstandards,thepercapitalivingspaceoftheurbanpopulationhasreached37m2bytheendof2011.Thehousingproblemhasbecomeakeyissueofthelifeofthepeople.WiththeadvanceofChina’surbanizationprocess,theneedsoftheresidentialrealestateindustryhavegreatpotentialfordevelopment.Theimportantpositionoftherealestateindustryasapillarindustryofthenationaleconomydeterminesthemacro-controlmustbecarriedouttoensureitsstableandhealthydevelopment.

2.2.Effectonfairnessofthetransactionandtheefficiency

Marketfailuresintherealestateindustry,mainlyexhibitattwoaspects:

first,theseriousinformationasymmetryleadstoa“marketfailure”.Intheprimarymarket,thenationalstate-ownedlanduserighttransfertotherealestatedevelopersthereissignificantinformationasymmetry,opaqueandpoorenforcementofthegovernmentfortheprogramappearrepeatedlythroughoutBeijing,Shanghaiandothercitieshaveforseveralyearsfortheprogramcouldnotbecompleted.Housingcostandqualityinformationinthedistributionofbuyersandsellersinthesecondarymarket,isasymmetric,thatistounderstandandgrasptheextentofthebuyersandsellersofcommercialhousinginformation,leadingtomonopolysellersonpriceandabsoluteadvantage,thepurchaserduetothelackofinformationonlytobeforcedtoacceptthepriceandrisk.Realestatemonopolisticbehaviorleadstoa“marketfailure”.Limitedlandsupplywillinevitablyleadstoamonopoly,especiallywhenthelocalpricerisestoofast,peopletendtolandasameanstopreserveandincreasethevalue-added,thusaffectingtheefficientallocationandrationalutilizationofland.

2.3.Necessary

Housingsecuritysystemisnotperfect,andnotconducivetolong-termhealthydevelopmentoftherealestateindustry.Fromthe1980s,theimplementationofhousingreforminChinadeterminesthetargetofthereformoftheearlyhousingownedandcommercialization,andthereforewiththeprotectionoffundamentalrights,tosomeextent,tomeetthehousingneedsofurbanresidents.Withthereformstepbystep,anewhousingsystemenablescountriesandunitsgraduallyexitfromtheturnkeyhousinginvestmentfunctions,individualsbecamelive.CircularoftheStateCouncilonfurtherdeepeningofthereformoftheurbanhousingsystemtospeeduphousingconstructionin1998todeterminetheestablishmentandimprovementofaffordablehousingbasedmulti-levelurbanhousingsupplysystem,implementationofdifferentfamiliesofdifferentincomehousingsupplypolicy.However,intheactualprocess,theproportionofaffordablehousingandlow-renthousinginthehousingsecurity,farfromtheneedsoftheextent（ofaffordablehousinginvestmentaccountedforonlyabout5%since2005,in2008affordablehousingsalesareaaccountedfor5.5%ofthetotalsalesofcommercialproperty）;qualificationandthereislaxsecurityobjects,partofthedislocation;laxconstructionstandards,thesizeistoolarge,andthequalitycannotkeepup;inappropriatesite,transportationandotherissues.[7]Therefore,China’shousingsecuritysystemisnotperfect,andcannoteffectivelyachievetheprotectionofthefundamentalrightsoftheurbanhousing.Thereforewemustimprovehousingsecuritysystemthroughrealestatemacro-control,tosolvethehousingdifficultiesoflow-incomefamilies.

3.Regulationprinciplesandevaluationcriteriaofmacro-economic

3.1.Macroeconomicregulationandcontrolofindustrialpolicyformulation,regulation

Comparedwiththeplannedeconomy,thecountry’scurrentregul