Key Issues in Establishing a New Housing System Based on a Market Oriented Economy

Yuan Shiming

No 1998-01, Chinese Economies Research Centre (CERC) Working Papers from University of Adelaide, Chinese Economies Research Centre

Abstract: China began its urban housing system reform in 1980. This reform has experienced four stages: decentralisation in housing investment, sale of urban housing, experiments with low rent reforms and implementation of the urban housing system reform all over the country. During this process, living space per capita has more than doubled and living conditions have been improved. Although there is some progress in implementing multiple channels of housing investment, selling public housing and raising rents in order to change economic mechanisms between the supply and demand for urban housing, reform towards a newurban housing system based on the market-oriented economy has not achieved its scheduled aims. In this paper, it is argued that further reforms should focus on four aspects: 1) setting rational housing prices based on wage system reform and the affordability for residents, 2) clarifying and legislating for property rights, 3) creating independent and socialised housing management companies and 4) establishing an efficient housing finance system.

Pages: 38 pages
Date: 1998
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