毕业论文外文翻译-对中国房地产开发的宏观调控政策的研究.doc

A Study on the Macro-Control Policy of China Real Estate DevelopmentAbstractThe real estate industry as a pillar industry of the national economy has a pronounced effect on the national economy and social development, and the real estate market failures significantly affect the fairness of the transaction and efficiency. However nowadays housing security system is not perfect, and not conducive to long-term healthy development of the real estate industry. On the basis of analysis of the status of Chinese real estate industry development, we analyzed the need for macro-control, and summarized the macro-control of the real estate industry policy formulation and evaluation standards, and regulation mechanism and means from both theoretical and empirical; then this paper interpreted the implementation of the real estate macro-control policies of 2003-2012 and found their effectiveness. Finally, a few suggestions are made to our real estate development enterprises in the national macro-control policies, and pointed out the appropriate response measures. Keywords: Macro-Control Policy, Real Estate Development, Regulation1. IntroductionSince Chinese reform and opening up, residential real estate market has continued to play an important role in stimulating economic growth and improving the peoples standard of living, and thus has become the pillar industry of Chinas national economy. However, some problems are gradually exposed because of the rapid development of the process, such as the abuse of land resources, demolition infringement, the high financial credit risk, structural imbalances in market supply and high prices. Therefore, in order to compensate for market imperfections, the macro-control of the Chinese real estate industry has a great significance for building a moderately prosperous society, building a socialist harmonious society. The study on macro-control of the real estate industry at abroad is mainly concentrated in the two major areas-land economics and urban economics. They actively advocated the government to use monetary policy, fiscal policy, and economic means for intervention and regulation of the real estate market, and at the same time they believe that the government intervention in the housing market and regulation is essential. Representatives scholars includes Denise Dipasquale who pointed out that government intervention in the housing market to be able to change the place, cannot meet the market economy, the role of the proposed government intervention in the housing program and William C. Wheaton who 1 studied the relationship between the real estate and the national economy, local governments, and the real estate industry, and thus proposed government intervention and regulation of the real estate market of necessity. Bradley T. Ewing and James E.Payne 2 use a VAR model including monetary policy, real output, market risk, and inflation and other macroeconomic variables volatility of return on real estate investment. Chinese scholars focused on the relationship between real estate and related economic and policy factors given more attention and study from 2000 to nowadays. About the relationship between the price of land and real estate prices, Sixin Ma 3 analyzed the characteristics of the time series of prices and land prices, and utilized VAR model to analyze the relationship between housing and land prices, and come to a long-term premium prices is due to and the land is not a result of the conclusion of the prices. Guang hui Zheng 4 used Wuxi City real estate development as an example to analyze the relationship between house prices and land prices from the perspective of the land and housing prices constitutes premium of high or low price level results. Effect of the macro-control on the real estate industry, of Chun hong Zhai reported 5 that the measures to strengthen macro-control of the real estate industry in China has achieved remarkable success, but to a certain extent, there are still some misunderstanding and blind spots, such as demand and inhibition supply contradictions policies timeliness directional errors and influential real estate development and the effect of the macro-control. Hong jin Li verified 6 Carey prices model with Chinas data, and he fully interpret the obvious rigid supply since 2004 by combining with the actual development of the real estate market in recent years. According to his model, it was necessary to suppress the demand for investment, limit financial resources to the real estate market too fast into the development of other financial markets diversion of funds, encourage competition and comprehensive measures to reduce the manufacturer's development costs, in order to effectively suppress before ranking high and house prices. It can be concluded from the above researches that even if the foreign theories and policies of macro-control measures in the real estate market is quite mature, the necessary of study on the land system, social system still exists because it might be difficult to borrow the foreign theories directly considering the limited development time of Chinas current real estate. Domestic macro-control of the real estate industry is still limited to the analysis of the relationship between a particular policy and rates, and therefore, we believe this study will supplement and improve the previous studies.2. Necessary of macro-control policy in real estate development2.1. Effect on the national economy and social developmentThe real estate industry as a pillar industry of the national economy has a pronounced effect on the national economy and social development. Investment share in GDP of real estate development has increased year by year, rising to 43.6% from 69.8% during a period of 2004 to 2011, and the real estate industry has become a pillar industry of the national economy, as reflected in Table 1. On one hand, the real estate industry through the upstream and downstream industries (such as home appliances, building materials industry) as well as to stimulate consumption in the form of further stimulating economic growth, played a huge multiplier effect. On the other hand, the rapid development of the real estate industry to promote the improvement of peoples living standards, the per capita living space of the urban population has reached 37 m2 by the end of 2011. The housing problem has become a key issue of the life of the people. With the advance of Chinas urbanization process, the needs of the residential real estate industry have great potential for development. The important position of the real estate industry as a pillar industry of the national economy determines the macro-control must be carried out to ensure its stable and healthy development.2.2. Effect on fairness of the transaction and the efficiencyMarket failures in the real estate industry, mainly exhibit at two aspects: first, the serious information asymmetry leads to a “market failure”. In the primary market, the national state-owned land use right transfer to the real estate developers there is significant information asymmetry, opaque and poor enforcement of the government for the program appear repeatedly throughout Beijing, Shanghai and other cities have for several years for the program could not be completed. Housing cost and quality information in the distribution of buyers and sellers in the secondary market, is asymmetric, that is to understand and grasp the extent of the buyers and sellers of commercial housing information, leading to monopoly sellers on price and absolute advantage, the purchaser due to the lack of information only to be forced to accept the price and risk. Real estate monopolistic behavior leads to a “market failure”. Limited land supply will inevitably leads to a monopoly, especially when the local price rises too fast, people tend to land as a means to preserve and increase the value-added, thus affecting the efficient allocation and rational utilization of land.2.3. NecessaryHousing security system is not perfect, and not conducive to long-term healthy development of the real estate industry. From the 1980s, the implementation of housing reform in China determines the target of the reform of the early housing owned and commercialization, and therefore with the protection of fundamental rights, to some extent, to meet the housing needs of urban residents. With the reform step by step, a new housing system enables countries and units gradually exit from the turnkey housing investment functions, individuals became live. Circular of the State Council on further deepening of the reform of the urban housing system to speed up housing construction in 1998 to determine the establishment and improvement of affordable housing based multi-level urban housing supply system, implementation of different families of different income housing supply policy. However, in the actual process, the proportion of affordable housing and low-rent housing in the housing security, far from the needs of the extent (of affordable housing investment accounted for only about 5% since 2005, in 2008 affordable housing sales area accounted for 5.5% of the total sales of commercial property); qualification and there is lax security objects, part of the dislocation; lax construction standards, the size is too large, and the quality cannot keep up; inappropriate site, transportation and other issues.7 Therefore, Chinas housing security system is not perfect, and cannot effectively achieve the protection of the fundamental rights of the urban housing. Therefore we must improve housing security system through real estate macro-control, to solve the housing difficulties of low-income families.3. Regulation principles and evaluation criteria of macro-economic3.1. Macroeconomic regulation and control of industrial policy formulation, regulationCompared with the planned economy, the countrys current regulation of prices, increased use of the administrative planning tool with a variety of economic means to match, the limited prices directly and indirectly affect the regulation of prices combined ideas, price regulation is more flexible and efficient. In this year's government work report, Premier Wen Jia bao explicit proposal to curb real estate prices rising too fast, the real estate prices rising too fast as the one of the two key points of the price of the work, the price of the real estate industry into government priorities . This means that, after following the control of the real estate investment, stable prices Next major macroeconomic objectives. In recent years the government macro-control real estate prices and regulatory measures:(1) Administrative approaches As for the practical stabilize housing prices, the State Council promulgated the clear path to government price regulation: increase the housing supply structure readjustment, real estate development and land supply structure based on control of the high price of commercial housing construction, adjustment, efforts to increase the scale of construction of ordinary commodity housing, affordable housing and low-rent housing, to clean up idle land to promote the rational utilization of the stock of land, improve land total actual supply and utilization efficiency. Relocation program management, strict reasonable assurance as to the scale of the annual demolition, and resolutely put an end to the existence of quick success in the towns and house demolition, blind comparisons and demolition and construction activities, avoid demolition passive housing demand excessive growth. Land, taxation, financial and other relevant policies and measures, a combination of various properly guide residents housing consumption, control the unreasonable demand. Illegal acts to increase efforts to control investment buyers demand great effort to rectify the order of the real estate market, and severely punish illegal sales, maliciously drive up housing prices, and effectively curb speculation. The spirit of this document can be summarized as the three "basic": supply and demand balance, the basic structure and reasonable prices basically stable. The above policy should be said to have had an impact on house prices. Price Monitoring Center monitoring according to the National Development and Reform Commission, in March 2005, prices rose higher areas of the supply of second-hand housing market has been a marked increase in commercial housing prices come down: in real estate thermal hardest hit Shanghai in mid-April of the current year's weekly the volume has been reduced to 60,000.However, according to the theory of modern economics, administrative means alone cannot mobilize the role of the market mechanism; the use of economic means to carry out macro-control is the trend.(2) Economic instrumentsGovernment can make use of the means of economic regulation generally include the fiscal, financial, tax, investment and other means. Economic measures to control real estate prices, the government is based on the market mechanism under the conditions of the use of interest rate, subsidies, taxes, tax rates and other economic levers to directly or indirectly regulate and control real estate prices, secondary market play its decision on the price role. In 2005, the central bank raised the personal housing loan interest rates, leverage using interest rates to control prices. Individual housing loans will no longer apply the prime rate, and return to the level of the same period the benchmark lending rate, imposing a lower, and also be adjusted in the proportion of down payment. The central bank to adjust interest rates will have a two-way regulation on market demand and supply. On one hand, it will help control the growth rate of real estate development loans, and deter reckless investment. On the other hand, the interest rate fine-tuning, the short-term market expectations will have a greater impact, but the impact on the cost of home loans. Rate hike after the total interest expenses increased, but the amount is not allocated to the month, most buyers can completely digest. Thus, by raising interest rates means lower demand for real estate, to combat speculative hype, to curb the rise in house prices does play a positive role. However, due to the demand on the real estate market the main, both to meet the basic living needs of low-and middle-income class, there are high-income groups to buy high-end residential, also includes a number of speculative buyers. Their needs motivation, ability to pay and the interest rate sensitivity is obviously completely different.3.2 Prices of government macro-control policy evaluationIn recent years, the government prices of macro-control policies to curb the current housing rose play a positive role, but there are many deficiencies in some important respects, which can be summarized as follows:(1) Control