An Empirical Study On The Influence Of Credit Supply On The Housing Price Of Cities In China

Since 1998,China’s real estate market has been on the track of marketization,China’s real estate market has entered a stage of rapid development.On the one hand,the rapid expansion of the real estate market is due to the objective demand of the residents for improving the housing conditions with the economic development and the continuous improvement of the living standards of the residents;on the other hand,with the continuous rise of the national house prices,a large number of financial resources began to enter the real estate market for speculation.After combing the past relevant research and the current situation of the development of China’s real estate market,we can see that the rapid prosperity of China’s real estate market is not only influenced by China’s relevant cultural traditions and policy succession,but also effected by financial factors.The widespread financial exclusion among Chinese residents leads to the lack of suitable investment products,while the steady growth of housing prices in some cities makes the real estate investment return quite considerable.At present,the holding cost of real estate in China is pretty low,and some cities can also obtain stable rent income,which makes the real estate investment hot.This paper studies the influence of financial factors on urban housing prices in different regions of China,and then puts forward relevant policy suggestions for the next period of the country to conduct more targeted regulation on the real estate market in different cities of the country,so as to achieve the goal of promoting the steady and healthy development of the real estate market in all regions.Based on the relevant research at home and abroad,combined with the relevant basic theory and the development status of China’s real estate market,this paper empirically studies the relationship between housing prices and relevant influencing factors in 282 prefecture level cities in China from the perspective of spatial econometrics.In the research process,it is observed that since 2010,after the state began to regulate the real estate market,the urban housing prices began to be more significantly affected by the increase of local population,so further study on the impact of housing rental prices in different cities of China on local housing prices.The results show that: first,the real estate prices in all regions of China are generally closely related to the adequacy of local financial resources,especially in the eastern region,the urban real estate market has a strong ability to gather financial resources of neighboring cities.Second,in the new era of the real estate market under the national control,the housing price of the city with the increase of the local settled population tends to rise,and the housing demand generated by the net inflow of population into the city support the local housing price.Third,a large number of migrant people in the first-tier cities of China have produced the housing rental market with active transactions.Low cost of ownership and high rent make the real estate investment in the first-tier cities of China still profitable.The real estate market governance can be started by improving the relevant policies and regulations of the housing rental market.In the end,this paper puts forward some policy suggestions based on the relevant empirical results,aiming to make more targeted policy regulation for different real estate markets in different regions and cities in the next period,maintain the healthy development of the national real estate market,and also help to allocate social financial resources more efficiently.