中国住房金融体系的现状评估与未来改革方向

The Current Status Evaluation and Future Reform Directions of China's Housing Finance System

住房金融联系住房供需,在住房发展中具有基础性地位。中国住房金融在规模、深度和产品多样化上都发展较快,但也存在政策性住房金融发展滞后等不足,同时还有供需两端的杠杆率都偏高、与银行体系相互深度“绑架”、部分金融产品内生诱发投机性等潜在风险。未来中国住房金融体系应朝着优化顶层设计、加快政策性住房金融体系建设、调整融资模式和增加直接融资比重、加强对住房投资和消费的合理引导、减少对投机的放大性、加大对老旧住房改造和租赁住房支持力度、积极鼓励发展REITs等方向发展。

Housing finance links housing supply and demand,which plays a fundamental role in housing development.China's housing finance system has developed rapidly in terms of scale,depth and product diversifcation,but there are also shortcomings such as the lagging development of policy-based housing finance.Meanwhile there exist some potential risks such as relatively high leverage ratio at both ends of supply and demand,excessive reliance on the banking system and inherently induced speculation of some financial products.In the future,China s housing finance system should move forward through optimizing the top-level design,accelerating the construction of policy-based housing finance system,adjusting the financing mode and increasing the proportion of direct financing,strengthening the reasonable guidance on housing investment and consumption,reducing the amplification on speculation,enhancing support for the old housing renovation and rental housing,as well as actively encouraging the development of REITs.