THE HISTORICAL PROCESS, EVOLUTIONARY LOGIC AND DEVELOPMENT COUNTERMEASURES OF CHINA'S HOUSING FINANCE SYSTEM

Abstract: The 20-year development of China's housing finance can be summarized by the word "high-speed", which has made great contributions to the improvement of residents' living conditions and economic growth. The great development of China's housing finance is driven by three major promotion forces: the promotion of institutional reform, the promotion of urbanization and the promotion of the transformation of banking operations.

However, the great development of China's housing finance has also formed a housing price bubble. The main reason lies in that there are three deep-seated problems in China's housing finance: First, the direction of housing finance support is biased, presenting the feature "less renting more selling"; Second, the nature of housing finance is unclear, and it has undergone a transition from early commercial finance domination to policy-oriented finance domination. Since then, the system with the provident fund as the main body has been marginalized; Third, housing finance lacks toplevel design, which has neither legal support nor professional supervision institutions, and the product structure system of housing finance is not reasonable. In order to make China's housing finance system develop better, we propose the concept of "formation of a multi-level housing finance system, improvement of the housing finance regulatory framework".

Keywords: Housing Finance System; Native Product Market of Housing Finance; Housing Finance Securitization Market; Multi-level Housing Finance System