抑制资产泡沫需要兼顾长远利益和短期风险

To control asset bubbles need consider both long term benefits and short term risks

现阶段亟待抑制的资产泡沫——房地产泡沫,其典型的表现形式为一线及部分二线城市房价快速上涨、地王频现、新增住房信贷/GDP比例快速上升。造成房地产价格过快上涨的原因在于廉价信贷泛滥、不合理的房地产刺激政策以及土地供应不足。房地产泡沫扭曲经济结构、与"大众创业、万众创新"理念背道而驰。抑制房地产泡沫需要厘清多个理论问题,需要兼顾长远利益和短期影响。短期内应消除房地产泡沫的货币基础,长期则应通过顶层设计改变经济发展模式,改革土地、货币金融、财政税收制度,消除泡沫存在的土壤。

At this stage the typical asset bubbles focus on the real estate area, the house price rises rapidly in the first-tier cities and part of second-tier cities, there are a lot of ＂land king＂, the ratio of new housing loans and GDP also rise rapidly. The cheap loans, the inappropriate real estate stimulus policies and the lack of land supply cause the housing price rise too fast. The real estate bubbles distorted economic structure and object the concept of ＂mass entrepreneurship and innovation＂. To suppress the real estate bubble we need to clarify more theoretical problems and consider both long term benefits and short term risks. In the short term we should remove the monetary base of bubbles, in the long term we should use the top design to change economic development pattern, to innovate the land system and the fiscal systems.