| China had begun to take housing system reform from 1998,and thus led the real estate industry into marketization.Since then,China's real estate market had experienced a period of vigorous development.Driven by the real estate economy,China's national economy has also been in a state of rapid growth.However,from the beginning of 2011,China's real estate market has caught by housing inventory,which has brought a great negative impact on the development of national economic.Therefore,China's housing inventory is urgent to be solved.At the beginning of 2016,China's central and local governments at all levels have launched a variety of housing consumption incentives to support the inventory policy of the estate market,but it didn't work.Foreign countries such as the United States,Japan,Russia and Thailand have also been caught by housing inventory,but after a series of inventory policy,the problem has been properly solved.Therefore,this article compares the inventory policies between the domestic and foreign countries to help China to solve the problem of housing inventory.At the same time,based on the current policies of housing inventory and the related researches,this paper selected four key factors-urbanization rate,commercial housing price,income level and long-term loan interest rate as the explanatory variables.Then,doing empirical analysis on them to find out their impacts on China's real estate inventory,and the empirical results show that there is a long-term equilibrium relationship between urbanization rate,commercial housing price,income level,long-term loan interest rate and China's real estate inventory.Specifically,there is a positive correlation between urbanization rate,commercial housing price,long-term loan interest rate and real estate inventory,and a negative correlation between the income level and the real estate inventory.Finally,on the basis of the empirical conclusion,this paper puts forward the corresponding policy suggestions under the global view. |
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