The City Difference Research Of The Impact On Commercial Real Estate Price From China Monetary Policy

Since the market-oriented reform of commercial housing in 1998,with the rapid development of China's commercial housing market,the volatility of commercial real estate price has had a huge impact on people's lives.The People's Bank of China has issued relevant policies to macro-control the prices of China's commercial housing,among which monetary policy has dominated the process of regulation.Combining with China's special national conditions,the immovability of commercial housing markets and the concentration of assets have led to differences in the commercial real estate price in Chinese cities in the process of accepting monetary policy macro-control.This study has a certain significance by studying the urban differences of monetary policies affecting the commercial real estate price in China.This paper chooses the commercial real estate price in 35 large and medium-sized cities in China is taken as the research object.First,domestic and foreign studies on the city differences in commercial real estate price are sorted out.Secondly,combing the relevant theories of the monetary policy's impact on the commercial real estate price,including: the formation theory of commodity housing prices,the connotation and objectives of monetary policy,and the monetary policy transmission theory.On this basis,the status quo of China's commercial housing market was elaborated,and the development course of commercial housing from 1978 to 2016 was divided into six phases.It focused on analyzing the city differences in the impact of monetary policy in China's commercial real estate price from 2006 to the present.The Per Capita GDP of 35 large and medium-sized cities in China,the compound annual growth rate of commodity housing prices,and the average commercial real estate price are used as clustering indicators.The 35 large and medium-sized cities in China are divided into three categories: the rapid increase in the commercial real estate price,the rapid growth in the commercial real estate price,and the rapid growth of commercial housing prices in cities and commercial housing.The price is growing slowly in the city.Using the panel data of 35 large and medium-sized cities for the period of 2006-2016,the analysis of the urban differences in the impact of monetary policy on the commercial real estate price was conducted,and the conclusion of the city differences in the impact of monetary policy on the commercial real estate price was obtained.The conclusions of this paper include:(1)The quantitative monetary policy has a positive impact on the fasted rapid growth of commercial real estate price,the faster rapid growth of commercial housing prices in cities,and the price of commercial housing in cities with slower growth of commercial housing prices.(2)The price-based monetary policy has a negative impact on the rapid increase in the price of commercial housing and the price of commercial housing in cities with slower growth of commercial housing prices,and has no significant effect on the rapid growth of commercial housing prices in cities.(3)Broad money supply has the most significant effect on the price of real estate with rapid increase in commercial housing prices.The balance of real estate loans has the greatest impact on the price of commercial housing and the price of real estate in cities.(4)The actual loan interest rate has the most significant effect on the price of commercial housing,which has a moderate increase in the price of commercial housing in cities.The above conclusions provide targeted countermeasures when the government implements monetary policy to regulate commercial real estate price.