Research On Evolution And Effect Of Land Supply Policy In Regulating The Residential Land Market

This thesis aims to investigate the composition of the land supply policy system under the theoretical framework of scientific policy making,and analyses the mechanism of using the regulatory policy to regulate the residential land market and the limitations of those policies.The author divides the evolutionary process of the regulation and control policies in Fuzhou from 2005 to 2019 into several phases,and generalizes the characteristics of the evolution in the perspective of the systematic policy making.The author designs an assessment framework to evaluate the effect of the policies within the time frame in the respects of the quantity,structure,price of the land supplies and the development efficiency after land supply,explores the reasons why some desired goals are not achieved under the regulation and control policy,and offers suggestions for the policy makers to improve the policies.The research divides the evolutionary process of the effect of regulatory policies into five phases including curbing the overheated market,shoring up market in the financial crisis,controlling the retaliatorily resilient market,getting rid of the inventory,and building a long-term mechanism.During the process,the policy subject is shifting from central government to local government which deeply intervening in the market.The choice of policy instrument becomes more coordinated with housing,monetary and credit policies,shifting from the supply-side regulation and control to the coordinated regulation and control of the supply side and demand side;meanwhile,the implementation of land tendering,auction and listing for sale system is promoted.Those measures significantly brings into play the initiative of the local government to introduce policies,balances the land supply and housing demand,increases the development efficiency of the residential housing land and finally achieves the goal of multidimensional regulation;however,the policy has some negative impacts on the market mechanism.The results of the research show that the regulatory policies in different phases yield different effects:the regulation policy curbing the overheated market does not achieve the goal of stabilizing the market;the regulation policy shoring up market in the financial crisis fulfills the original purpose,but its overdue influence causes the over-heated situation of the market;the control policy for the retaliatory uprising market successfully curbs the excessively rapid rise of housing prices,but results in the structural imbalance of residential housing land and housing supply in the long run;the untargeted policy getting rid of the inventory causes a retaliatory price rise;and the policy in recent phase achieves the desired goals,but a long-term mechanism is still needed to be established.The thesis points out the limitations of the regulatory policies as follows:under the present system,the incentive mechanism has not been established to encourage the local government to introduce regulatory policies;the whole process from land acquisition to land supply has not been streamlined;the policy is lacking perspectiveness and market supervision is weak;there are loopholes in the regulatory approval process after land supply;policies made by different departments are not well-coordinated.It is suggested that the rights and responsibilities of governments at all levels be straightened out,the market supervision system and land reserving mechanism be established,the land supply mechanism be improved,regulation and oversight after the sale of land be strengthened,and policy coordination be enhanced.