An Empirical Study On De-inventory Policy Of Real Estate Industry In Small And Medium-sized Cities

In recent years,after blowout-like development,there has been a serious oversupply in the real estate market of small and medium-sized cities in China.The high real estate inventory has already seriously affected the social and economic development of these small and medium-sized cities.Therefore,"dissolving the real estate inventory and promoting the sustainable development of the real estate industry" has become one of the key tasks of the central government.In the report of the Nineteenth National Congress of the CPC,it was also emphasized that "insisting on the orientation that houses are used for living,not for speculation".The report has pointed out the direction,path and goal for housing system reform.Therefore,it is of great significance to analyze the effect of the de-inventory policy in the real estate market of small and medium-sized cities to provide reference for the decision-making of the government of small and medium-sized cities.Jiangxi Province is in the middle of our country;the level of economic development is far from that of developed provinces.Yingtan City,as a less developed city on the third and fourth lines in Jiangxi Province,has a low total economic output,which is suitable for being a representative of small and medium-sized cities.Xinjiang New District of Yingtan City bears the heavy responsibility of Yingtan City's economic construction taking off.Ninety percent of the real estate industry in Yingtan City is concentrated in Xinjiang New District.In recent years,the real estate industry has developed rapidly.According to the official statistics of Yingtan City,the time of commodity inventory decomposition in Yingtan City is 25 months.Among them,the time of residential inventory decomposition is 19 months,and the time of non-residential inventory decomposition is 65 months.De-inventory task is the main challenge facing Yingtan City and Xinjiang New District.Taking Xinjiang New District of Yingtan City as an example,this paper makes a theoretical analysis and empirical study on the actual effect and practical significance of the de-inventory policy of real estate industry in small and medium-sized cities,and tries to extend the de-inventory policy to the operational level of giving government decision-making suggestions.Based on the theories of public management,econometrics and public choice,the research methods of literature,quantitative analysis and qualitative analysis,theoretical analysis and factual analysis,theoretical research and countermeasure research,empirical analysis and normative analysis are synthetically adopted.Combining with the reality of real estate industry in XinjiangNew District of Yingtan City,this paper makes a theoretical analysis from three angles:policy formulation,policy implementation and policy implementation.Taking real estate sales area as explanatory variable,introducing macroeconomic factors,policy factors,price factors and population factors as explanatory variables,this paper establishes regression model for empirical analysis.The findings of this study are as follows: firstly,the effect of the policy of reducing the price of subsidies is limited.To achieve the goal of de-inventory in small and medium-sized cities,we should mainly develop the economy,enhance the attractiveness of cities,and de-inventory by market-oriented means;secondly,the policy of government acquisition of affordable housing has a significant impact on the de-inventory effect;thirdly,from the perspective of public management,there are still some problems in the formulation,implementation and supervision of the two kinds of de-inventory policies.Based on the conclusions of this study,the countermeasures and suggestions for the small and medium-sized city governments are put forward as follows: moderate Intervention to Change Government Functions;scientific decision-making to ensure that public policies conform to public opinion;economic development to continuously improve the competitiveness of small and medium-sized cities;strengthening executive and supervisory power to enhance the level of public management.