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发挥财政对保障房融资的支撑作用

时间:2022-07-05 来源:未知 编辑:梦想论文 阅读:
As China enters the stage of rapid urbanization, the side effects of the excessive marketization of housing supply in the early stage gradually appear: on the one hand, the continuous rise of commercial housing prices and the intensification of the foam in the real estate market; On the other hand, a large number of low - and middle-income people are unable to bear the most basic housing consumption burden. Therefore, China restarted the second round of affordable housing construction planning in 2011 to alleviate the social and economic problems caused by housing difficulties. The social public demand and the nature of social security of affordable housing determine that the government is the most responsible body to support its construction, and the government should play an important role in it, especially in terms of funds.
 
1、 Financing status of affordable housing construction in China
 
(1) Local supporting funds are difficult to implement and lack stability
 
According to the current deployment of affordable housing construction in the "12th Five Year Plan", China will build 36million affordable housing units in the next five years. According to the annual capital investment of 1trillion, a total of 5trillion yuan will be invested in five years, which is higher than the 4trillion investment plan in 2008. When the central government clearly stated that the main responsibility for the construction of affordable housing was borne by the local government, it undoubtedly brought unprecedented pressure to the local finance. In terms of central financial subsidies: Taking 2013 as an example, the central government allocated a total of 101.5 billion yuan of special funds for affordable housing (including 8billion yuan for low rent housing, 58billion yuan for public rental housing, and 35.5 billion yuan for the reconstruction of shanty towns). According to the website of the Ministry of housing and urban rural development, a total of 11200 yuan was invested in the construction of affordable housing projects in China's cities and towns in 2013 (6.66 million units were started, 5.44 million units were basically completed), and the subsidy funds of the central government were less than 10% of the total investment. In fact, according to the annual construction tasks of basically completing 4.7 million units and newly starting 6.3 million units, the proportion of central government funds will be smaller. Judging from the current affordability of China's local finance, the commitment of 30% has basically reached the limit. At present, the local government has more power than financial power, which is more difficult for most cities to bear.
 
(2) The expectation of credit financing is not optimistic
 
Bank credit funds play an important role in ensuring housing construction, but in recent years, due to the gradual deepening of the regulation of the real estate market, banks have gradually tightened their credit funds for real estate. On the one hand, the existence of potential risks in the real estate industry and the imperfection of the risk sharing mechanism of affordable housing construction make commercial banks have concerns about increasing investment in affordable housing construction. On the other hand, in recent years, the central bank has continuously raised deposit reserves, monetary policy has continued to tighten, and the amount of bank credit has been continuously compressed.
 
(3) Insufficient financial innovation and lack of financial leverage
 
The development level of China's financial market is still at a low stage, which is specifically reflected in the lack of debt financing and equity financing, the single and small-scale trust function, the immature mortgage-backed securitization, the exploration of financial products such as real estate trust and investment funds, the imperfect legal mechanism, the absence of specialized investment institutions, guarantee institutions and other related financial service institutions such as asset evaluation, credit evaluation The development of legal consultation and financial guarantee is weak, and there is a lack of independent and effective intermediary service system in the housing financial market. This has caused that although there are many existing financing tools, including corporate bonds, banks, funds, trusts, insurance, etc., there are few tools that can be effectively used, and there are few tools that are mature and applicable to affordable housing.

2、 Financial basis of financing for affordable housing construction
 
(1) The public product attribute of affordable housing determines the main responsibility of public finance
 
Security housing has the characteristics of quasi public goods. First of all, in the case of oversupply, the consumption of affordable housing is non competitive, and adding a consumer will not affect the consumption utility of existing consumers. Once the demand exceeds the supply, there will be congestion, and the utility obtained by consumers will begin to decrease. Secondly, affordable housing is partially exclusive. Because the supply of affordable housing is limited, the specific criteria for shortlisting are mainly determined according to the family's income level and housing difficulties. Families that do not meet the specified access criteria are not accepted as "club members" of affordable housing, and families that meet the specified criteria cannot be excluded. Therefore, the quasi public product attribute of affordable housing requires that it must be led by the government, and it is bound to bear the main role in the fund-raising and concentration for the development and construction of affordable housing.
 
(2) Affordable housing has the attribute of social welfare, which is essentially a financial distribution relationship with the state as the main body
 
According to Pigou's welfare economics theory, the size of a country or region's welfare mainly depends on the total amount of the national economy and the fairness of income distribution. Assuming that the total amount of the national economy remains unchanged, the fairer the income distribution, the better the overall welfare level of the society. The market economic system adopted by most countries obviously does not have the power to actively promote the fairness of income distribution due to the profit seeking nature of capital. The current excessive marketization trend of housing supply in China clearly confirms this. Therefore, the affordable housing is essentially responsible for the task of improving social welfare. Through the "support" of the housing poor groups, it ensures that their most basic and urgent housing needs are properly met, reduces the gap in income distribution, and allows low-income people to share the fruits of economic development, thereby improving the overall social welfare level. In addition, we should also see that the funds needed for the construction of affordable housing do not fall from the sky. In terms of composition, it is mainly supported by the government finance. That is, the government will transfer part of the income of rich groups and regions to the construction of affordable housing supporting the housing needs of poor groups through tax and financial transfer. Therefore, affordable housing is essentially a fiscal distribution relationship with the state as the main body, finance as the source and transfer payment as the means.
 
(3) Public finance requires a reasonable grasp of the order of financial distribution
 
"Good steel should be used first on the cutting edge", and everything should be given priority. The limitation of financial funds in a certain period determines that it must be given priority to the most urgent social and economic fields. Under the background of rapid urbanization, the housing contradiction of the new urban vulnerable group - "sandwich layer" has become increasingly prominent. The terms "Beipiao", "Snail House" and "ant tribe", which have just appeared in recent years, reflect not only their poor life, but also the increasingly serious problem of housing security in China. Therefore, China's finance should gradually withdraw from the investment in profitable and competitive fields, and focus on giving priority to ensuring the construction of affordable housing.
 
3、 Financial practice of developed countries in affordable housing
 
(1) United States
 
Affordable housing in the United States is mainly provided in the form of public housing. The Public Housing Act enacted by the United States in 1937 clarified the respective responsibilities of the federal and state governments, namely, federal financial contributions and local government construction. The public housing supply policy has played a great role in solving the housing problem of low-income families. However, due to the limited funds that the government can directly invest, since 1965, the government has encouraged developers to build houses for low-income people through preferential policies. The method of providing low interest loans is to provide private builders with funds much lower than the interest rate of ordinary mortgages; Another example is the preferential treatment of federal tax relief, which stipulates that developers can enjoy tax relief of 70% of the housing construction cost within 10 years after building a house for low-income families. (2) Singapore
 
Singapore's "home ownership scheme" is world-famous. In terms of construction funds, the government through the housing development authority has made unified investment in the construction of group housing (i.e. affordable housing). In addition to a small amount of financial subsidies in the form of deficit subsidies, the Singapore government has successfully collected private funds for group housing construction and house purchase loans by using the system mode of provident fund. In fact, Singapore can be regarded as a model of using the provident fund system to promote housing security, and almost all of its affordable housing construction funds come from the provident fund.

(3) Japan
 
The main mode of providing affordable housing by the Japanese government is "public housing". According to statistics, public houses accounted for 45.7% of the total number of houses built in Japan after the end of World War II, almost half of all houses. In Japan, public housing is a form of public housing invested by local governments and commissioned by local public organizations to build and operate. According to the regulations, the central government bears 45% of the construction cost, and the rest is composed of the rent paid by the renter and the local government. Another form of supply is the housing constructed by housing consortia. The housing constructed by housing consortia is mainly for middle and low-income people in prosperous cities. The source of funds is mainly financial borrowing (the interest margin is paid by the state from general finance). The relevant expenses of government funding can reach 1 / 2-2 / 3, and the other part of the funds are borrowed from financial institutions such as life insurance companies. In addition, the government also supports the construction of affordable housing by specially approving local public organizations to issue bonds.
 
4、 Suggestions on improving financial input
 
(1) Establish stable financial support channels
 
First, we should establish and improve the budget system. The preparation and adoption of the financial budget need to be reviewed by the state authority. Once adopted, it will be mandatory and stable. Therefore, the central and local governments should scientifically arrange the financial budget funds for the construction of affordable housing, set up the construction and maintenance management funds of affordable housing as special funds, and establish corresponding budget allocation and use systems to ensure that they account for a certain proportion of national income. At the same time, the central government should gradually increase the review of the arrangement and use of budgetary funds, ensure that all funds are used for the construction of affordable housing, and prohibit the false establishment of various names and the misuse of special funds for affordable housing.
 
Second, divide responsibilities reasonably. In the current situation that China's tax sharing financial system is difficult to change, it is not a long-term solution to simply rely on administrative pressure to require local governments to complete their duties. On the basis of giving full play to their respective advantages, the central and local governments should gradually increase support for areas with financial difficulties. The proportion of transfer payment should be gradually increased in poor areas with low net income from land transfer and accumulation fund appreciation income and weak financial capacity in the central and western regions. In addition, it should also clarify the leading position of the provincial government and the specific responsibilities of the city and county governments, especially the provincial government should effectively assume the responsibility of fund planning, reasonably determine the proportion of funds matching between local governments, and clarify and increase the budget arrangements for the construction, purchase and rental subsidy funds of affordable housing.
 
(2) Adopt public-private partnership model to enhance the effectiveness of fiscal leverage
 
The history of the development of affordable housing in the world shows that even countries with strong financial strength such as the United States and Japan are difficult to complete the huge construction task of affordable housing every year "alone". Therefore, it is a better choice to introduce social capital "assistance" through public-private cooperation, so as to enhance the ability of finance to implement the affordable housing policy. At present, PPP and BOT are the most commonly used corporate cooperation modes in the world. The participation of social capital also helps the government to recover the initial financial investment in time for other affordable housing projects, thus improving the efficiency of the use of financial funds and enhancing the financial leverage effect.
 
(3) Issue local bonds for housing construction
 
Issuing housing construction bonds can improve the financing structure of local governments, and strengthen the dominant position of Finance in the financing of affordable housing construction. According to the relevant instructions of the notice of the Ministry of Finance on doing a good job in the work related to the issuance of 2011 local government bonds (Cai Yu [2011] No. 29) and the notice on issues related to the use of bond financing to support the construction of affordable housing, in the future, Chinese governments at all levels can finance the construction of affordable housing by issuing government bonds or issuing special bonds through local investment and financing platforms. As a part of bond financing, housing bond has the advantages of long term and low interest rate. It is a better tool for market financing of affordable housing projects. Therefore, Chinese governments at all levels should actively finance the construction of affordable housing by issuing housing bonds within a reasonable limit, but at the same time, they should also ensure that the risk of local debt is within a controllable range.
 
(4) We will improve the personal housing property tax and expand its implementation coverage
 
As a kind of tax, personal housing property tax includes the financial function of tax. On the one hand, a mature and comprehensive property tax can make local governments get rid of the "kidnapping" of land finance and enhance the stability and sustainability of income; On the other hand, it is also an important channel to expand financial resources. With the gradual promotion of structural tax reduction, local fiscal revenue is facing the dilemma of further shrinking. In order to avoid the construction of affordable housing, which is already short of funds, Hangzhou and other cities are actively applying for the second batch of personal property tax pilot, trying to make room for the structural tax reduction reform of turnover tax such as value-added tax. However, judging from the current pilot projects in Chongqing and Shanghai, there are problems in their collection plans, such as narrow scope, low tax rate and small impact of tax scale. Based on the real estate tax revenue of 9.25 billion yuan in 2012, it only accounted for 0.8% of the tax revenue of that year. Therefore, in order not to fall into the dilemma of revenue and expenditure, and to better complete the construction of affordable housing, we should gradually increase the collection of personal property tax and expand the scope of collection.

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