The Research On The Supply Side Reform Path Of The Real Estate

As the pillar industry and the “barometer” of our national economy,the real estate plays an important role in the economic growth,create jobs and improve living conditions,and the development of related industries etc..However,the market regulation effect is not obvious by mainly adopting the stimulated policies of the demand side,and the domestic real estate market is still in the non-balanced development state as sometimes hot and sometimes cold.General Xi proposes to reform the real estate market from the supply side firstly on Nov.10,2015,and indicates a corrected direction for the development of the real estate market.Deepening the supply side structural reform of the real estate has great significance to promote the stable and healthy development of the real estate market.Main line as the supply side structural reform on this study,guided the related theories of the supply side reform,game theory,real estate economy,industrial economy and econometrics,Using the method emphasized to combine the literature research with empirical research,the historical investigation with the logic analysis,the qualitative analysis with the quantitative research,and the theory with the practice.Based on the deeply analysis the development status,existed problem and problem of the real estate market,discusses the policy design and its practice explore of the real estate destocking,to find the evolutionary game model between the central government,the local government,and the real estate enterprise,the equilibrium point and the probability range of the game strategy based on the aerodynamic model,and put forward the chosen path of the supply side reform in China.Through the depth study,find the conclusion as follow: the first one,the real estate prices and regional differential continued to increase with the development of real estate in China entered into a new stage;the status of sometimes hot and cold as real estate market in China currently,the limited credit become an mainstream policy chosen.Too much emphasis on the demand side and neglect the supply side reform,strong rely on the land fiscal,and high financial leverage,lead to the real estate stock pressure in China continue to large,the price fluctuate irrationally,and regional differentiation obviously,and it is needed to reform the real estate structure.Second,through analysis the policy design and its practice explore of the real estate structural reform,we can see that: the real estate destocking pressure is larger in the three or four-tier cities,and is that emphasis key in the supply side structure reform Third,based on the dynamical game theory,constructed a game model between dual actor in the real estate market,and concluded that the probability range of the behavior strategy which max the self-value between the central government and the local government,the local government and the real estate enterprise,the real estate enterprise and the real estate enterprise,and the optimal chosen path between the bank,the government and the credit behavior.Fourth,explore the real estate supply side path based on the government,enterprise,and individual three aspects.Highlight the policies applied by the planning based on city,guided differentially,and core optimize the stock structure,support reasonable housing demand,keeping stable development of the real estate market as main direction.And we should take action as limited credit and purchase,differential credit rate,and supply land actively for first and second-tier cities in China,and open overall purchase condition,credit condition and tighten the land supply for three and four-tier cities in China.