In China, real estate has long been not only the foundation of residence, but also an important driver of economic growth. However, an economist named Wen Tiejun shows us a different perspective:Housing in China has far exceeded actual demand, creating a huge surplus. At the 2023 China Real Economy Development Conference, Professor Wen Tiejun elaborated on his findings, which attracted widespread attention and discussion.
According to the data provided by Professor Wen Tiejun, the Chinese urban residentsThe per capita housing area has exceeded 39 square meters, and the average household owns more than 1 real estate5 sets. According to a report by another economist, Ren Zeping, the number of housing stock in China's cities and towns is as high as that3.1.1 billion sets.
This figure has increased nearly ninefold since the reform and opening up in 1978. Such data is unprecedented in the world, indicating the abundance of housing resources in China's urban areas.
However, this abundance of resources does not bring a sense of sufficiency to live. Instead,New real estate is still being built. The reasons behind this phenomenon are manifold. First of all, despite the surplus of houses, many home buyers do not buy properties for residential purposes but for investment purposes, as real estate has long been seen as a premium investment channel.
They remain confident in the future of the real estate market and hope to gain capital appreciation through short-term holdings. As a result, a large number of properties are hoarded rather than put into use, exacerbating the uneven distribution of housing resources.
Professor Wen Tiejun pointed out that this unequal distribution not only reflects social inequality, but also brings risks to the economy. Speculative investment in the real estate market not only exacerbates wealth inequality, but can also trigger a financial crisis, as too much financial capital is absorbed into the real estate market, leading to a lack of capital in other areas.
In response to this problem, Wen Tiejun proposed a series of solutions. He stressedWe should adhere to the principle of "houses are for living, not for speculation".and implement a long-term mechanism for the real estate market. This includes strengthening the city's main responsibilities and taking a variety of measures according to local conditions to promote the stable and healthy development of the real estate market.
Professor Wen believes that this is not only the basic condition to ensure that people have a place to live, but also the key to promoting the balance between supply and demand in the real estate market and solving the problem of housing allocation. In addition,Wen Tiejun also advocated the acceleration of the development of the housing rental market, especially the long-term rental market, to provide more housing options for urban residents who have no or few houses. At the same time, by reforming the real estate tax system, such as the imposition of a real estate tax, it can effectively regulate market supply and demand, curb speculative demand, and encourage reasonable self-occupation and improvement demand.
Wen Tiejun's views and suggestions open a window for us to see the other side of China's real estate market. His analysis profoundly points out existing problems and provides proven strategies to solve them. Through these measures, we can not only solve the problem of housing surplus, but also promote social equity and healthy economic development.
In the plan proposed by Wen Tiejun, the healthy development of the housing market and the importance of rural revitalization are particularly emphasized. This concept is not only a response to the current overload in the real estate market, but also a far-reaching consideration for the sustainable future of the future. Through these measures, the aim is to achieve long-term stability in the real estate market, while promoting the rational distribution of economic resources and the balanced growth of social wealth.
Accelerating the development of the housing rental market, especially the long-term rental market, is one of the key measures proposed by Wen Tiejun. The logic behind this strategy is obvious:In the context of a surplus of real estate, a large number of vacant houses, if effectively used, can not only meet the residential needs of more people, but also increase the liquidity of the real estate market.
This move is undoubtedly a boon for those townspeople who cannot afford the high cost of buying a home. Not only does it provide more housing options, but it also helps stabilize rents** and avoid soaring rents due to property speculation.
In addition, by reforming the real estate tax system, in particular, throughA property tax is levied to regulate the marketis another innovation. This measure aims to curb speculative demand for housing through economic means and promote the return of real estate to its most basic residential function. The adjustment of taxes can effectively reduce speculation in the market, so that the real estate market is more stable. This will not only help curb the unreasonableness of housing prices**, but also promote the long-term healthy development of the real estate market.
Wen Tiejun's advocacy of building a third asset pool, that is, investment in rural revitalization, is an important adjustment to China's economic development model. By investing part of the excess financial capital in rural revitalization, it can not only alleviate the pressure on the urban real estate market, but also promote the modernization process of agriculture and rural areas.
This redistribution of capital will help solve the problem of unbalanced development between urban and rural areas and promote the common prosperity of the whole society. Rural revitalization not only means the improvement of infrastructure and agricultural production, but also covers cultural inheritance, ecological protection and social governance, which is of great significance for achieving sustainable development.
Through these measures, Professor Wen Tiejun not only proposed solutions to the immediate problems of the real estate market, but also pointed out the direction for the future development of China's economy. His proposal emphasizes the importance of balanced development, social equity, and ecological sustainability, which are all common challenges facing China and the global community today.
Although Wen Tiejun's insights and suggestions face many challenges and difficulties, they provide us with a possible way to think about and solve the current social and economic problems. In this process, everyone's efforts are indispensable, as Professor Wen Tiejun showed, the courage to face problems and constantly find solutions can create a better future together.