Research On The Different Regional Effect Of China's Monetary Policy On Commercial Housing Market

After the housing reform in 1998,China's commodity housing market has gradually developed into a leading industry to promote the development of the national economy.However,the rapid development of commodity housing market has also produced a lot of social problems,such as high housing price has put forward a test to the ability of residents to purchase commercial houses.Since 2014,China's economy has entered a new normal state;From 2014 to 2015,the supply and demand of the commodity housing market has declined significantly,in the overall downturn in the industry.After 2015,the central bank introduced a series of quantitative easing monetary policy,in order to achieve the purpose of stimulating the commodity housing market.While the commodity housing market as a whole started to pick up,the market presented a regional differentiation characteristic,and regulation effect of the unified national monetary on different cities' commodity housing markets was different.In order to improve the regulation and control effect of monetary policy on commodity housing market in different cities,it is necessary to study the regional differences of China's monetary policy on the commodity housing market.In order to study the problem,firstly,this paper analyzes the impact of monetary policy on the commodity housing market,then,selects commodity housing markets of the 35 large and medium-sized cities in China as the research object,and determines the existence of regional differences in China's monetary policy on commodity housing market in cities of different levels through descriptive statistics.Considering the differences of macroeconomic factors and regional economic factors in China's various cities,this paper discusses the reasons for the regional differences in the impact of China's monetary policy on the commodity housing market at cities of all levels.Finally,the panel model is used to analyze the difference between the responses of commodity housing markets in cities of different levels to various monetary policy instruments,and comparative analysis shows the regional difference between the quantity and price based monetary policy tools on the commodity housing market.The conclusions of this paper include:(1)There are regional differences in the impact of the unified national monetary policy on the commodity housing market at cities of all levels;(2)The effect of quantitative monetary policy on commodity housing market in China is more obvious than that of price based monetary policy;(3)The effect of price-based monetary policy tools on first-tier cities' commodity housing market is more obvious than that of second and third tier cities,and the effect of quantitative monetary policy tools on second and third tier cities' commodity housing market is more obvious than that of first-tier cities.In view of the above research conclusion,this paper puts forward the corresponding policy recommendations:(1)According to characteristics of the commodity housing market at cities of all levels,each city should formulate regional monetary policy based on the national monetary policy;(2)In the short term,we should still rely mainly on quantitative monetary policies,but in the long run we should gradually enhance the role of price-based monetary policy;(3)Monetary policy and other policies should be multi-pronged to get more effective regulation effect on the development of commodity housing market.