Research On The Policy Finance Of Housing Security

Housing is a basic requirement of human beings, and the right to possess housing at a certain degree is also one of the basic human rights. From this perception, ensuring"dwellers hold their dwelling"is becoming a fundamental principle of state action, and providing every citizen a proper housing is also one of the most important undertakings for the sustainable development of the society. However, the construction and implementation of housing security system in China is still backward at present. Housing supply mainly deals with the following three aspects under the current policy condition, a) meeting the demands of high revenue people via commercial housing; b) meeting the demands of mid and low income family via affordable housing; and c) meeting the demands of the lowest income people via low-rent housing policy. As a result, the basic framework of housing security system featured by affordable housing system, low-rent housing system and public housing accumulation fund system has already been built gradually national wide.However, the housing security system in China is just starting up, so there are series of components to be optimized in the system itself, especially the giant shortage of housing security input. Meanwhile, the final result in practice made the overall effect of the system especially the part targeting the mid and low income levels not as good as expectation, so the wide range of mid and low income people in the cities can be only allocated quite limited housing supply. In recent years particularly, the progress of China's housing marketlization is striving forward at a relatively high speed, but compared with other aspects of the social security system, the general development of the lowest income family is still quite slow. The construction of the housing security system is facing a series of bottle-neck problems as follow: the instability and low coverage of funding source. The ordinary source of the system establishment fund comes only from the value-added revenue of the public accumulation housing fund or the allocation of relative government authority which can hardly support the system construction entirely; the ignorance the institution construction. In some places, low-rent housing is regarded as image project only; the problem of the lowest income family's housing supply in cities cannot be addressed fundamentally.It could be seen that although the public products are non-excludability and non-competitiveness and mainly produced by the government, it doesn't mean that the market force has no place to play its role. The market mechanism can work at some units even during the production of pure public products; so for those quasi-public products which are not entirely characterized by non-excludability and non-competitiveness, it is not necessary for the government to monopoly the production even more. According to the participation of market force, the provision of housing security products can be richer in quantity which enables various consumption groups have more options on public products. Moreover, the market may improve the government's efficiency via the vitality brought by the market itself, upgrade the quality and efficiency of public products provision in general and meet the citizens'increasing requirement for the public products.China is now enjoying the high speed social and economic development, and the housing security is becoming the key point of balanced development. The establishment of policy financial system which is applicable to the current situation is turning into an important guarantee for realizing the planned social objectives. Simultaneously, the PPP (Public-Private Partnership) mode, which was one of the most important investment and financing instruments in infrastructure and public service, has become the most important one and now being widely expanded worldwide, especially in the developing countries. This mode can efficiently bring the social and non-governmental source into play, ease the burden of the government, and help the government improve its operation efficiency.This thesis defines at the beginning that the public rental housing consists of low-rent housing and affordable rental housing. According to the understanding and analysis to the western housing security institution, especially the development of policy housing finance, public investment and financing of public projects, with combination of the public products feature of housing security and its organic relation with market mechanism, also with consideration of China's current situation, the author puts forward a proposal of establishing PPP mode on rental housing security system in China. Specifically speaking, the proposal includes: the historical development of China's housing security system and the developed countries'experience on housing security institution; the present situation and existing problems of China's current housing security system construction; the analysis to the relationship between the public products characteristics of housing security system and the market mechanism; proposal of PPP mode on public rental housing and further thinking on assets securitization. The author hopes that it would be helpful to the investment and financing research on China's housing security system and the policy formulation of the government.