Research On The Impact Of China's Monetary Policy On Real Estate Prices In Large And Medium Cities

Looking back on the history of economic growth in various countries,there is a close relationship between the real estate industry and the national economy,which often plays a role as a basic industry and a pillar industry in a country for a long period of time.Specific to our country,marked by the country 's 1998 real estate market commercialization system,China 's real estate industry has entered a rapid growth period,but at the same time,we should also see that since the 21 st century,as China 's real estate industry has grown too fast Expansion,the real estate market bubble continues to breed,there is a boom in real estate speculation in various places,and speculative demand is booming,real estate prices have also risen,and especially the first-tier cities represented by Beijing and Shanghai have shown an irrational rapid increase.Nowadays,high-priced housing prices are running.It has exceeded the purchasing power of ordinary residents and affected the daily lives of ordinary people.This has also had an adverse impact on the healthy and benign national economy.Therefore,a series of regulatory policies represented by monetary policies have been continuously introduced.For example,the Central Economic Work Conference held in December 2019 proposed to continue to implement a stable monetary policy,be flexible and appropriate,maintain reasonable and sufficient liquidity,and increase the scale of monetary credit and social financing in line with economic development and reduce social financing costs.In order to promote the healthy and benign growth of the real estate market,we once again clarified the development orientation of "sticking to the house for living,not for speculation",fully implementing the policy of the city,establishing long-term management and regulation of stable land prices,stable house prices and stable expectations mechanism.Based on the above background,this article conducts research based on the idea of "introduction to background and meaning,literature review,theory elaboration,market review,empirical research,conclusions and policy recommendations".Specifically,at the theoretical level: by introducing the research background,analyzing the significance of the research,and summarizing the research results of relevant scholars,the problem that this article attemptsto study is put forward,that is,the impact of China's monetary policy on real estate prices in large and medium cities,and then from interest rates and credit Explored the impact of China's monetary policy on real estate prices in large and medium cities and reviewed a series of policies implemented by the government in recent years to regulate the real estate market;at the empirical level: using panel data from 35 large and medium cities in China in the past20 years These cities are divided into four categories: first-tier,new first-tier,second-tier,and third-tier.The model is used to conduct empirical research.Based on the results obtained from the empirical analysis,it focuses on the differences in the impact of unified monetary policy on real estate prices in different regions.According to the research results,we draw conclusions and put forward corresponding policy recommendations to promote the healthy development of the real estate market.Based on the above research,this paper concludes that there is a close relationship between monetary policy and real estate prices in large and medium-sized cities,and the effect of unified monetary policy on real estate prices in different types of cities has regional differences.To study the regional differences and effects of monetary policy on real estate prices in different types of cities,and put forward practical policy recommendations for the central bank to formulate monetary policies for regional differentiation to regulate and control the real estate market."Adopting policies according to the city",implementing moderately differentiated control policies;strictly controlling the growth rate of money supply,advancing the market-oriented reform of interest rates;accelerating the reform of the real estate market itself,striving to establish a long-term control mechanism;strengthening the supervision and management of the real estate market,and rationally guiding stakeholders Anticipation and other measures to prevent the rapid rise in prices of real estate markets everywhere,and ultimately guarantee the stability of the Chinese economy.