Housing Reform and China’s Real Estate Industry (Research Series on the Chinese Dream and China’s Development Path)

Series Preface\nAcknowledgments\nIntroduction\n	The Macroeconomic System and the Real Estate Industry\n	Housing Market\n	Real Estate Finance\n	Public Policies on Housing\n	Housing System\nContents\nChapter 1: Real Estate Industry in the National Economy: History, Present and Future\n	1.1 Review\n	1.2 Is Housing Investment in China the Main Driver of Economic Growth?\n		1.2.1 Review of Literature\n		1.2.2 Data\n		1.2.3 Metering Methods and Empirical Results\n		1.2.4 Robustness Test\n		1.2.5 Conclusion\n	1.3 Does China´s Real Estate Industry Have a High Level of Relevancy and Strong Driving Force?\n		1.3.1 Real Estate and Real Estate Industry\n		1.3.2 Analysis of Industrial Relevancy\n		1.3.3 Conclusion\n	1.4 Policy Forecast\n	References\nChapter 2: History and Outlook of China´s Housing Market\n	2.1 A Brief History of China´s Housing Market\n		2.1.1 Stage of Slow Release of Potential Demand Driven by the Housing Reform (1978-2001)\n		2.1.2 Stage of Short Supply and Soaring Housing Price Driven by Rapid Urbanization and Industrialization (2002-2013)\n		2.1.3 Stage When Structural Surplus and Shortage Co-exist (2014-present)\n	2.2 Problems and Challenges: Weaker Driving Forces and Prominent Structural Surplus\n	2.3 Outlook on Future Trend\n		2.3.1 Residents´ Demand for ``Housing´´ Is Replaced by the Demand for ``Good Housing´´, and Housing Price Won´t Experience Gen...\n		2.3.2 Short Supply Is Replaced by Structural Surplus and Structural Adjustment of Housing Price Is Unavoidable\nChapter 3: Real Estate Finance in China: Evolution and Prospects\n	3.1 Institutions\n		3.1.1 Origin and Evolution\n		3.1.2 Main Problems\n		3.1.3 Outlook\n	3.2 Market\n		3.2.1 History\n		3.2.2 Main Problems\n		3.2.3 Outlook\n	3.3 Policies\n		3.3.1 Evolution History\n			3.3.1.1 No.18 Document in 2003-2008: Commercial Housing Financing Demand Was Regulated\n		3.3.2 Main Problems\n		3.3.3 Outlook\n	References\nChapter 4: Housing Security in China: History and Future Trend\n	4.1 Evolution of Housing Security System in China\n		4.1.1 The First Period (1949-1978): Welfare Housing Was Distributed at Low Rent\n		4.1.2 The Second Period (1979-1997): Market-Oriented Institutional Reform\n			4.1.2.1 The Period of Overall Auxiliary Reform: Subsidized Rent Increase and Housing Provident Fund Pushed Housing Commerciali...\n		4.1.3 The Third Period (1998-2007): The System of Monetary Housing Distribution\n		4.1.4 The Fourth Period (2008-Present): Establishment of a Housing Supply System with Equal Stress on Security and Commercial ...\n	4.2 Problems\n		4.2.1 First, Unitary Security Model and Household Registration Discrimination\n		4.2.2 Second, The Housing Security System Isn´t Systemic Enough and Has Major Loopholes\n		4.2.3 Third, The Generally High Rent for Public Rental Housing Easily Leads to Effects That Cannot Meet Expectations\n		4.2.4 Fourth, Uneven Coverage of Low-Income Housing in Different Regions Leads to Unfair Income Redistribution\n		4.2.5 Fifth, Low-Income Housing Is Concentrated and Mostly in Suburbs\n		4.2.6 Sixth, Low-Income Housing Is Under Heavy Capital Pressure\n		4.2.7 Seventh, Massive Construction Has Quality Hazards\n		4.2.8 Eighth, Some Low-Income Housing Gets Cold Shoulder and Fair Distribution Faces Challenge\n		4.2.9 Ninth, Low-Rent, Low-Quality Low-Income Housing Is in Short Supply and Rental Low-Income Housing Is of a Small Proportion\n		4.2.10 Tenth, Housing Statistics and Long-Term Housing Security Plan for a New Type of Urbanization Are Absent\n		4.2.11 Eleventh, New Ghettos and Community Management Problems May Appear\n	4.3 Future Trend\n	References\nChapter 5: Urban and Rural Housing Systems in China: Evolution and Future Prospects\n	5.1 History\n		5.1.1 History of Rural Housing System in China\n		5.1.2 Old Urban Housing System in China\n		5.1.3 Reform of Urban Housing System in China\n	5.2 Problems\n		5.2.1 Urban and Rural Housing Markets Are Separate\n		5.2.2 Urban and Rural Housing Supply Systems Are Different and Not Well Developed\n		5.2.3 Basic Urban and Rural Housing Systems Are Different and Not Well Developed\n		5.2.4 Housing Auxiliary Systems in Urban and Rural Areas Are Different and Separate\n	5.3 Current Situation and Trend of Housing for Urban and Rural Residents in China\n		5.3.1 Current Housing Status for Urban and Rural Residents in China\n		5.3.2 Basic Housing Status for Rural Residents in China\n		5.3.3 Basic Housing Status for Urban Residents in China\n		5.3.4 Future Trend of Urban and Rural Housing in China\n	5.4 Reform and Prospects\n		5.4.1 Establishing a Urban-Rural Integrated Housing System\n		5.4.2 Establishing Urban-Rural Integrated Housing Supply System\n		5.4.3 Establishing a Urban-Rural Integrated Basic Housing System\n		5.4.4 Establishing Urban-Rural Integrated Auxiliary Housing Systems\n	References\nChapter 6: Urban and Rural Land Tenure Systems in China: History and Future\n	6.1 History Land Tenure System\n		6.1.1 Evolution of China´s Basic Urban and Rural Land Tenure Systems from the Founding of PRC to the Reform\n			6.1.1.1 Evolution of Rural Land Tenure System\n			6.1.1.2 Evolution of Urban Land Tenure System\n		6.1.2 Characteristics and Problems of China´s Basic Urban and Rural Land Tenure Systems from the Founding of the PRC to the Re...\n			6.1.2.1 Urban and Rural Land Tenure Systems\n			6.1.2.2 Urban Land Tenure System\n			6.1.2.3 Rural Land Tenure System\n		6.1.3 Reform and Evolution of China´s Urban and Rural Land Tenure Systems Since Reform\n			6.1.3.1 Reform of Rural Land Tenure System\n			6.1.3.2 Paid Use of Urban Land\n	6.2 New Characteristics Land Tenure System Since Reform and Opening Up\n		6.2.1 Characteristics of Urban Land Tenure System Including Housing Land Tenure System\n		6.2.2 Characteristics of Urban Housing Land Tenure System\n		6.2.3 Characteristics of Rural Farmland Tenure System\n		6.2.4 Characteristics of Rural Homestead System\n	6.3 Problems Land Tenure System Since Reform and Opening Up\n		6.3.1 Duality of Urban and Rural Land Tenure Systems\n		6.3.2 Absence and Ambiguity of Basic Systems\n		6.3.3 Monopoly in Land Operation\n		6.3.4 Unsound Management System\n	6.4 Deepening the Reform Land Tenure System and Future Prospects\n		6.4.1 Establishing an Urban-Rural Integrated Land Tenure System\n		6.4.2 Establishing a Clear Basic System\n		6.4.3 Establishing a Market-Based Land Operation Mechanism\n		6.4.4 Establishing a Smooth Management System\nChapter 7: Land and Property Taxation and Fiscal Reform and Land Market Control\n	7.1 Evolution of Land Management System\n		7.1.1 Rural Land Tenure System\n		7.1.2 Urban Land and Housing Property System\n	7.2 Functions and Evolution of Land Fiscal and Tax Systems\n		7.2.1 Basic Structure of Land Tax System\n		7.2.2 Development History of Land Tax System\n	7.3 China´s Unique Land Finance and Its Risks\n		7.3.1 Meaning of Land Finance\n		7.3.2 Risks of Land Finance\n	7.4 Main Problems in Current Land Management System\n		7.4.1 Division of Government Authority Over Land-Related Matters and Responsibility for Land Expenditure Is Unclear\n		7.4.2 Systematic Structure of Government Land Income Arrangement Is Irrational\n		7.4.3 Government Budgetary Management of Land-Related Income and Expenditure Is Not Standardized\n		7.4.4 The Tax System´s Adjusting Function Is Seriously Restricted\n	7.5 Outlook on the Reform of China´s Land Management System\n		7.5.1 Establish a Unified Land Factor Market for Urban and Rural Areas\n		7.5.2 Improve the Land Tax System to Meet the Requirements of Modern State Governance\n		7.5.3 Open Sources of Local Fiscal Revenue Focused on Land Tax