Research On Policy Effect Of Macro-control In Real Estate Market

Macro-control in real estate market by Chinese government has last for ten yearssince2003, when real estate regulation policies emerge in large numbers. The centralgovernment aims to intervene in and control real estate through policies on land,finance, taxation and housing security, etc., but the question is whether the series ofregulation policies really take effect.The regulation policies over years are classified in this thesis based on thestructure of market control, market behavior and market performance from theperspective of the industry organization theory. An evaluation index system is set upin the evaluation of the policy effect according to the public character and object of apolicy, including the stability of house price, the balance of supply and demand, thereasonableness of the supply structure and social equality. By evaluation of the policyeffect, it is found out that the macro-control policies in China fail to keep long-termeffects in general, most of which are kind of discretionary policies for the short-termprice fluctuations in real estate market and market speculation. By the analysis of datain recent years, it is proved that the real estate macro-control policies fail in trying topromote the balance of supply and demand of real estate market, the reasonablenessof the housing supplies structure and the stabilization of housing prices.Within the theory of industrial organization, several suggestions are provided interms of market structure perfection, market behavior standardization and marketperformance improvement, aiming at perfecting the macro-control in real estatemarket in China and maximizing the effect of macro-control. It is supposed to provideinformation for related government department in regulation policies making andimplementation.