| Economical housing system is one of the important housing guarantee policies in China for the lower and medium income families, which not only can ensure rights of poor families, but also can narrow the economic disparities and promote social equity. Economical housing system had played significant roles since it was gradually implemented in China in 1998, however, those problematic issues are putting the system into a dilemma whether to keep or discard.This study examines the disequilibrium development of economical housing by investigating its implementation in China as a case study. Firstly, we introduced the situation of the affordable housing's supply, demand and price.At the same time, we found that the policy has many problems, such as difficulties in defining the target customer, high price, and so on.Then we analyzed the characteristics of its unbalanced development. Secondly, based on the disequilibrium model,we adopt the 29 provinces panel data from 1999 to 2006 to analyzed factors which affect the unbalanced development of market, and got conclusion as follows: among the factors which impact the demand for affordable housing,the elasticity of urban per capita disposable income is the largest, followed by gross domestic product and price elasticity;among the factors which impact the supply, the elasticity of the construction costs is the largest,followed by price elasticity, and the investment flexibility comes last. Finally, we used the positive results of regression to estimate the disequilibrium degree of the economical housing market, which proved that since the inception of the affordable housing system in 1997, the economical housing market is always on the state of disequilibrium.Based on the above research, we afforded the five-point policy proposals to amend the existing economical housing system and promote its dynamic-balanced development, and all these methods can also provide a practical way and some reference for the government's macro-control. |
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