big cities adjust purchase restrictions and implement city-specific policies to activate the real estate market | beijing news quick review
2024-09-30
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▲data map: many cities across the country have announced adjustments to housing purchase restriction policies. photo/xinhua news agency
on the evening of september 29, after the central bank announced a batch reduction in the interest rates on existing mortgage loans for first and second homes, and the four major state-owned banks announced that they would adjust the interest rates on existing mortgage loans, many cities across the country immediately announced adjustments to housing purchase restriction policies.
shanghai proposed seven policy measures including adjusting housing purchase restriction policies, optimizing housing credit, and adjusting housing taxes. guangzhou has clearly and comprehensively canceled all home purchase restriction policies, becoming the first first-tier city in the country to fully withdraw from the housing purchase restriction policy. shenzhen issued a document to clearly optimize the zoning housing purchase restriction policy and cancel the sales restrictions on commercial housing and commercial housing. in addition, it optimized the personal housing loan policy and adjusted the value-added tax exemption period for personal housing transfers.
the adjustment of housing purchase restriction policies in many places is a concrete action to implement the important deployment of the real estate market regulation policy at the political bureau meeting of the central committee on september 26. judging from the adjustment of housing purchase restriction policies in many places, it highlights the characteristics of quick implementation and strong adjustment.
the last quarter of this year is approaching. whether the adjustment of housing policy is timely will be crucial to boosting real estate market expectations as soon as possible, promoting the real estate market to stop falling and stabilizing as soon as possible, and helping to achieve the full-year economic growth target as soon as possible.
at the same time, we must also note that promoting the real estate market to stop falling and stabilize is also an important part of optimizing the fiscal relationship between the central and local governments. establishing a fiscal relationship between the central and local governments with clear powers and responsibilities, coordination of financial resources, and regional balance is the set goal for optimizing the fiscal relationship between central and local governments.
the current outstanding problems are that on the one hand, local tax management authority is insufficient and some localities have insufficient independent financial resources; on the other hand, there is a lack of effective incentives for local governments to fulfill their power and responsibilities, which is not conducive to the supply of local public goods and the construction and maintenance of local infrastructure in the long run.
optimizing the fiscal relationship between the central and local governments is a huge systematic project. activating the local real estate market, a pillar industry, will help reduce local dependence on non-tax revenue and lay a solid foundation for optimizing the fiscal relationship between the central and local governments in the next step. in other words, first inject living water and then raise fish. from this perspective, allowing cities, especially first-tier cities, to make full use of their independent control over the real estate market is also to gain a head start in the next step of reform.
at the same time, we must also note that although the relaxation of housing purchase restrictions in many places will help release economic vitality and accumulate new energy for the reform of central-local relations, it does not mean that real estate market regulation will be completely withdrawn. the loosening of restrictions is basically in the transaction link, but in the planning and construction links, the principles of strictly controlling increment, optimizing stock, and improving quality will still be adhered to. in terms of loan approval and release, the "white list" system for project approval will also be adhered to. orderly activation rather than disorderly loosening is still the policy background.
the real estate market cannot repeat the mistakes of chaos and death if left unchecked. in this regard, although local governments are now given greater autonomy in regulating the real estate market, it also means they need to bear more responsibilities.
for example, while adjusting policies related to the real estate market, local governments still need to put public concerns first, fight hard to ensure delivery of commercial housing projects, and try to reduce the impact of previous chaos in the real estate market on home buyers.
for another example, there is no one-size-fits-all approach to adjusting policies related to the real estate market, and it is not appropriate to compare policies horizontally. it is practical to implement city-specific policies based on city positioning and financial conditions.
for another example, it is necessary to formulate more practical plans on how to balance the contradiction between active transactions in the real estate market and soaring housing prices. previously, methods such as appropriately reforming the land auction system, fully liberalizing household registration restrictions in qualified areas, promoting joint property rights, centralized government procurement, and building low-rent housing have played an important role in smoothing premiums in the real estate market.
how to let the market determine the real real estate market demand and real prices in a way that is acceptable to the market and will not be misinterpreted, how to smoothly stabilize the real estate market, and maintain the relative stability of real estate market prices, is still a question that needs serious attention. great topic to study.
in short, the adjustment of real estate market policies is a major policy adjustment involving the protection of people's livelihood, the release of domestic demand potential, and the optimization of the fiscal relationship between the central and local governments. therefore, when adjusting relevant policies, it is not appropriate to only look at their economic functionality.
in fact, the real estate market is only one component of the entire economic pool. to effectively "release water to raise fish", we need to reform unreasonable systems and mechanisms, allow the market to allocate more resources, achieve full employment, and expand the supply of public goods. , promoting domestic demand and other fundamental issues simultaneously.
the goal of adjusting the real estate market is to stop the decline and stabilize the real estate market. the underlying logic is to protect and improve people's livelihood and lay a solid foundation for deepening reform. only in this way can the real estate market be revitalized to achieve orderly and sustainable results.
written by xu lifan (columnist)
editor/chi daohua
proofreading/liu yue
