Property market Regulation Wheels: liquidity and demand coexist

In the first decade of the 21st century China Economic Arena, the real estate regulation has staged several "opera".　　The current fold, after 2008 years of international financial crisis, China's government to stimulate the economic plan, the 2009 China's successful "Bao-eight", the central government chasing "King", the first-tier city housing prices crazy rise, and so a series of plot development, finally in April this year, accompanied by the "precision" policy of the rapid pace, entered the climax of drama At the moment, the last round of regulation of the "remaining temperature" remains-from 2005 to 2006, for some areas of housing supply structure unreasonable, housing prices rise too fast, "the State Council on the effective stability of housing prices notice" (country eight), " State Council forwarding Ministry of Construction and other departments to do a good job of stabilizing housing prices notice of the work (eight), "the State Council forwarded to the Ministry of Construction and other departments on the adjustment of housing supply structure to stabilize the housing price advice" (six) successively released, but fell into the higher prices of the whirlpool. Finally, in September 2007 and December, the CBRC jointly issued a "notice" with the People's Bank two times to raise the down payment ratio of two suites to 40%, while lending rates were 1.1 times times the benchmark rate, cutting off the financial umbilical cord to spur speculative demand, and some city-level housing prices fell to the ground-after October 2007　　Shenzhen housing prices overall fell more than 30%, a large number of speculators into a "naked swimmer", triggering a large market shock. The international financial crisis that broke out in September 2008 made China's economy face severe challenges.　　In the situation of a sharp contraction in the outside, the real estate industry, the "pillar industry" of the national economy, attempts to rewrite the 1997 Asian financial crisis after the outbreak of "a solo savior" hero poem. In the 2009 China "Bao-eight" grand narrative, the real estate industry in a thrilling way, playing the role of no one to match. But unlike the story of coping with the Asian financial crisis more than 10 years ago, by reforming the housing system, the Chinese government has replaced the economic miracle of "high growth and low inflation" with the reform of its stock market, which is more like the reverse process of the 2007 monetary tightening, announced in December 2008. Buying a house for a loan, but the per capita housing area below the local average, and then apply for a loan to buy a second set of housing to improve the living conditions of the residents, comparable to the implementation of the first loan to buy the general housing preferential policy "loosening of policy, and the economic stimulus package of huge credit and manufacturing capital transfer,　　Unprecedented liquidity has been squeezed into the property market, causing prices to soar, forcing the central government to curb the credit valve again. In China's social and economic transformation of the "full play", the real Estate regulatory "opera" to support the two major elements of China's economy-adequate liquidity and huge housing demand-the story. As early as the 2003 real estate industry by the State Council as a "pillar industry of the national economy", there have been scholars, including in-depth attention to the real estate development of the Economist, and constantlyAnother possibility for the climax of the story-how to attract sufficient liquidity to the realm of "scholars", rather than the endless pursuit of "King of the Earth"? It will be affordable housing, designed to provide a stable medium and long-term return of products, the largest absorption of liquidity, manufacturing the most real and safe economic growth, in the 20th century half of the European and American developed countries experience, there are many successful cases-we must look, including our intelligence and emotion, Invest more in this area. Otherwise, the huge fluidity, may overflow to the weak survival situation the encroachment, the property market regulation "The wheels" will be more and more deep, the liquidity and the demand coexist-this Chinese economy's most advantageous condition, may move toward its opposite. (text/Wang June) (Source: "Lookout" Newsweek)