The Analysis Of The Chinese Real Estate Macroeconomic Regulation On The Policy Instruments Perspective

Residency is one of the basic rights of citizens, and the housing is the human survival and development material guarantee. The housing problem is not only related to people’s lives and work, more related to social stability and unity. The Chinese government has stressed the importance of ensuring and improving people’s livelihood, while the housing is the largest one. Living in a home is the solemn commitment of our government to citizens. Since the reform and opening, we have come through30years in solving the housing problems. In the process of the housing system reform, we have achieved a lot, such as people’s living quality have been significantly improved. However, there are also some typical problems, especially some cities’ housing price have undergone a dramatic rising. Against such background, the Chinese government has launched three large-scale real estate macro-regulatory policies from2003to this year. The complexity of the environment determines the goal of each control is not the same. In general, three rounds of the general regulation appears "crunch-relax-crunch" features.Policy Instruments is the bridge between policy objective and policy implementation. A favorable policy objective always needs appropriate policy tools to achieve. Due to the policy environment, policy-relevant and policy objectives.etc, the choice of policy instruments will show different characteristics, and the effects of policies also vary. Only on the basis of in-depth understanding of the whole process, we may select the policy instruments appropriately, increase the pertinence of policy implementation to specific policy objects, reduce the difficulty of policy implementation, efficiently achieve the goal.In the theory aspect, this article uses the policy instrument theory to separately discuss and analyze the three-round Chinese real estate macroeconomic regulation. This issue summarizes and sorts the policy instruments used in the real estate macro-regulatory policies; explores the different policy tools to different groups; appraises the impact of policy tools application. Meanwhile, we also study the developed countries (such as United States and Singapore) housing policy. Based on these two aspects studies, the author made a policy toolbox for the future real estate macroeconomic regulation.