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Resolution of the Central Economic Working Conference: Houses are for Dwellers, Not Speculators

2016-12-27No. of Hits:944Author:www.people.com.cn

 www.xinhuanet.com reports, the Central Economic Working Conference was held in Beijing during December 14~16. It's pointed out that 2017 is a critical year for implementation of "the 13th Five-year Plan", when structural reform of supply side will be deepened. The yearly session, as the highest grade of annual economic conference, is always regarded as the most authoritative weathervane of macroeconomic policy in the next year. Which "key points" are worthy of attention? Which policy signals are sent? Let's listen to the real-time interpretation of authoritative experts.

 2016 Central Economic Working Conference has more detailed description of real estate destocking, including maintenance of the positioning of "houses are for dwellers, not speculators", integrated utilization of financial, land, fiscal tax, investment and legislative means, accelerating research and establishment of fundamental systems and long-term mechanism consistent with national condition and adaptive to market law, inhibiting real estate bubble, preventing fluctuation of property market etc.

"Long-term mechanism means property market should not rely its development solely on makeshift policy, and the key is cooling and improving institutional construction," Chai Qiang, Vice Chairman of China Institute of Real Estate Appraisers and Agents (CIREA) says, to establish long-term mechanism for steady and sound development of property market in China, it's essential to properly cope with the relations between housing consumption and investment, real estate and economic growth, and stocking and bulking.

 It's also pointed out at the conference, that with regard to destocking, we should control housing price by types, implement policies in terms of specific cities and regions, and focus on consuming overstock of houses in third-tier and fourth-tier cities. We should combine destocking with faster urbanization of population, increase interconnectivity of infrastructure between third-tier and fourth-tier cities and oversized cities, improve level of public services in education and medical sectors in third-tier and fourth-tier cities, and strengthen attraction of rural relocated population. We should speed up legislation on house lease market, to quicken the development of institutional and industrialized enterprises. We should strengthen supervision and rectification of housing market, and standardize the behavior in real estate development, sales and agency.

 According to Liu Hongyu, President of Institute of Real Estate Studies, Tsinghua University, to maintain steady development of property market, the key is to stabilize market expectation, and minimize irrational behavior of market players. The highlights of 2016 Central Economic Working Conference are accelerating institutional constructions in the future, in terms of housing system, land supply system, housing financial system, house property tax system, property market regulations, new-style urbanization system etc., to guide stabilizing property market expectation with long-term mechanism.

"In 2017, breakthrough will certainly be made in establishing long-term mechanism for property market, including tax and land policies etc.," Chen Sheng, Deputy Director of CRERA Market Committee and Executive President of China Real estate Data Academy says, "stable" should be the keyword of real estate regulation in 2017. From the data available on real estate sales, construction condition and construction area of new projects, housing price is still possible to rise in 2017. Thus, the nation should tighten regulation of real estate sector to control speculative purchasing.

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