政策性住宅金融:国际经验与中国借鉴——兼论中国住房公积金改革方案

Policy Housing Finance: International Experiences and Implications for China

住房事关民生福祉、国家经济发展与社会和谐稳定。政策性住宅金融是政府为解决国民住房问题做出的一种特殊金融安排。发达经济体运行模式多借助市场力量,微观主体多为商业金融机构,切入点多从需求入手,动员的社会资本远大于强制性储蓄。中国住房公积金曾对住房福利分配向市场化的转变产生积极促进作用,也存在覆盖面窄、普惠性差、用途单一、配贷机制不健全加剧分配不公等问题。长远发展看,去行政化可将住房公积金打造成真正的政策性住宅金融机构,但其运行模式不一定是国家住房银行,可以是混合所有制住房储蓄银行或住房基金。

Policy housing finance is a special financial arrangement by the government to solve thehousing shortage problem. In the developed countries, policy housing finance usually ismore market-oriented and commercial financial institutions are the main players inproviding support for buyers. China's public housing fund program has contributed to thecountry's efforts to transform the subsidized distribution-based housing system into themarket-oriented model, but its low coverage ratio, low efficiency of capital use and porouslending mechanism have led to many problems. In the long run, the current public housingfund system should be improved to become a real policy housing finance institution.