中国住房金融体系的发展进程、逻辑及对策

THE HISTORICAL PROCESS, EVOLUTIONARY LOGIC AND DEVELOPMENT COUNTERMEASURES OF CHINA’S HOUSING FINANCE SYSTEM

中国住房金融体系20年的发展可以用'高速'二字来概括,对居民生活条件的改善和经济增长形成了巨大贡献.中国住房金融体系的大发展来自于三大力量的推动:制度改革的推动、城市化的推动和银行经营转变的推动.但中国住房金融的大发展也形成了房价泡沫,主要原因在于中国住房金融存在三大深层次问题:第一,住房金融支持的方向有失偏颇,表现为'轻租重售';第二,住房金融性质定位不清晰,经历了早期商业性金融主导向政策性金融主导的转变,此后以公积金为主体的制度又被边缘化;第三,住房金融缺乏顶层设计,既没有住房金融相关法律支撑又缺乏专业的监管机构,住房金融的产品结构体系也不尽合理.为使中国住房金融体系更好发展,我们提出'形成多层次住房金融体系,完善住房金融监管架构'的构想.

The 20-year development of China's housing finance can be summarized by the word"high-speed",which has made great contributions to the improvement of residents'living conditions and economic growth.The great development of China's housing fi nance is driven by three major promotion forces:the promotion of institutional reform,the promotion of urbanization and the promotion of the transformation of banking operations.However,the great development of China's housing fi nance has also formed a housing price bubble.The main reason lies in that there are three deep-seated problems in China's housing fi nance:First,the direction of housing fi nance support is biased,presenting the feature"less renting more selling";Second,the nature of housing fi nance is unclear,and it has undergone a transition from early commercial fi nance domination to policy-oriented fi nance domination.Since then,the system with the provident fund as the main body has been marginalized;Third,housing fi nance lacks toplevel design,which has neither legal support nor professional supervision institutions,and the product structure system of housing finance is not reasonable.In order to make China's housing fi nance system develop better,we propose the concept of"formation of a multi-level housing fi nance system,improvement of the housing fi nance regulatory framework".