Studies On The Marx's Theory Of Fictitious Capital And The Rational Development Ways Of China's Real Estate Market

Marx is the first man that systematically expounded the theory of fictitious capital, and the theory of fictitious capita is an important part of Marxism-finance theory,Marx systematically expounded the theory of fictitious capital with a lot of words in his Capital.Marx's analysis on the theory of fictitious capital has a rigorous logic,he is based on the duality of commodity in order to advance the starting levels.Stocks, bonds,bank notes are all the forms of fictitious capital.Fictitious capital have the characteristics of fictitious,capital,derivatives,high liquidity,speculation and restoring the prices.Fictitious capital is based on real capital but independent outside it. The theory of fictitious capital has revealed the financial assets' specific nature of fictitious profound,and it's the theoretical basis of analysis the bubble economy. Fictitious capital has dual roles on the economic development.Fictitious economy is derived from the concept of fictitious capital.Fictitious capital is the product of credit system and monetary capital,and fictitious economies are the economic activities that related on fictitious capital' cycle of movement to rely on the financial system.In Marx's era,the fictitious economy has yet to become active mode of economic activity,nearly a century of development,the fictitious economy is very developed and gradually with the trend of globalization,has become a major factor of impact on economic and social stability.Fictitious economy is the soil of breeding the bubble economy,the breakdown of the bubble economy led to the outbreak of the financial crisis. The sub-credit crisis is a financial crisis that triggered by the people who have a low degree of credit and lack the capacity to repay mortgages in the purchase of housing,and the financial turmoil caused by the sub-credit crisis swept through every country,the world is facing the most serious financial crisis since the "Great Depression" of 1930's.The financial crisis originated in the United States,affected scope and intensity of impact,and the knock-on effect is an unprecedented fast,it has brought a serious impact on the world economic development and people's living standard.Careful analysis shows that the fictitious economy's over innovation and development are the key factor of sub-credit crisis.The painful lessons of the sub-credit crisis and the global financial crisis tells us that we must take effective measures to make the fictitious capital and the fictitious economy with the healthy development of appropriate scale,.Since reform and opening up,especially the reform to further deepen the urban housing system in 1998,the China's real estate develop steadily and rapidly,has become an important pillar industry in national economy,has do significant contribution for China's sustained and healthy economic development and improve housing conditions of urban residents.However,in the process of development, China's real estate market are also have the issues that can not be ignored:the period from 2003 to the third quarter of 2007,the main problems is the overheated development of the real estate market and housing prices high;since the fourth quarter of 2007,China's real estate market is a clear wait-and-see situation,the real estate market from the depressed state of "non-price market" to the deep adjustment state of "price drop low".On the basis of expounding the causes of the above-mentioned questions in China's real estate market in detail,this paper focus on the rational development ways of China's real estate market under the guidance of the Marxist theory of fictitious capital.The paper points out that for the specific problems in China's current real estate market,we must guided by the fictitious capital theory of Marxism,learn the painful lessons from the sub-credit crisis currently in the United States,to strengthen the prevention and control on the real estate market,to guide rational health of China's real estate market,to early realize the goal of making all the people "has been home to live" that put forward in 17 report.The paper concluded that the current high housing prices have gone far beyond the capacity of ordinary residents.Lack of effective supply and rigid demand was curtailed by,and the self-regulated is the market economic inexorable law.A certain period of time in the future,the market supply and demand will lead to house prices continued to fall,to return the rational value.But at the same time we must also recognize that the current restructuring is the short-term fluctuations in long-term development of China's real estate market,due to the rapid development of urbanization and industrialization,the changes of population age structure,the upgrading of consumption structure and the demolition of the old city reconstruction project,China long-term trends in real estate development is good.