双语:中国继续促进房地产平稳健康增长

Buildings under construction in southwestern China's Guizhou Province, December 7, 2023. /CFP

In recent years, the downturn in the real estate market, intensified industry risks, and concentrated debt risks among real estate enterprises have impacted macroeconomic growth and financial system stability. In this context, authorities from the central to local levels need to adapt to the significant changes in the supply and demand relationship of the real estate market, timely adjust and optimize real estate policies, and promote the stable, healthy, and sustainable development of the real estate industry.

近年来，房地产市场低迷，行业风险加剧，房地产企业债务风险集中，影响了宏观经济增长和金融体系稳定。在这种背景下，从中央到地方各级政府都需要适应房地产市场供求关系的重大变化，及时调整和优化房地产政策，促进房地产行业稳定、健康、可持续发展。

Central policy adjustment and optimization efforts are increasing, and local governments are actively promoting policy loosening

中央政策调整优化力度加大，地方积极推动政策松绑

After the Political Bureau of the CPC Central Committee proposed an important judgment to adapt to the new situation of the significant changes in the supply and demand relationship of China's real estate market on July 24, the Central Financial Work Conference on October 30 made further clarifications with calls to promote a virtuous cycle between finance and real estate, improve the regulatory system and fund supervision of real estate enterprises, improve macro prudential management of real estate finance, and meet equally the reasonable financing needs of real estate enterprises of different ownership.

7月24日，中共中央政治局提出适应中国房地产市场供求关系发生重大变化的新形势的重要判断后，10月30日的中央金融工作会议进一步明确，要求促进金融与房地产良性循环，完善房地产企业监管制度和资金监管，完善房地产金融宏观审慎管理，平等满足不同所有制房地产企业合理融资需求。

The work conference also advocated to implement policies tailored to each city, better support the demand for rigid and improved housing, accelerate the construction of the "three major projects" such as affordable housing, and build a new model for real estate development. This reflected the central government's insistence on the strategic determination of "housing is for living, not for speculation", to ensure the housing needs of the people, to build a stable and sustainable new model of real estate, to correct or optimize the restrictive policies introduced when the market was overheated, and to combine the implementation direction of affordable housing with the acquisition of unfinished houses and guaranteed delivery of buildings.

工作会议还倡导，要针对每个城市量身定制政策，更好地支持刚性和改善性住房需求，加快保障性住房等“三大工程”建设，构建房地产发展新模式。这反映了中央政府坚持“房子是用来住的，不是用来炒的”的战略决心，确保人民的住房需求，建立稳定可持续的房地产新模式，纠正或优化市场过热时出台的限制性政策，将经济适用房的实施方向与未完工房屋的购置和建筑物的保证交付相结合。

Local governments are actively implementing the spirit of the central government, loosening policies and accelerating progress. various provinces and cities have loosened their housing policies multiple times, with restrictive administrative measures withdrawn one after another. In terms of purchase restrictions, first-tier cities have implemented the policy of "recognizing the house but not the loan" for first homes. Multiple second-tier cities, such as Nanjing, Hefei, Jinan, and Qingdao, have completely lifted purchase restrictions. Other second-tier cities have loosened purchase restrictions by optimizing the number of purchasable housing units, optimizing the scope of purchase restrictions, and relaxing purchase conditions.

地方政府正在积极贯彻中央精神，放松政策，加快推进。各省市多次放松住房政策，限制性行政措施相继撤销。在限购方面，一线城市已实施首套房“认房不认贷”政策。南京、合肥、济南和青岛等多个二线城市已全面取消限购令。其他二线城市通过优化可购住房数量、优化限购范围、放宽购房条件等方式放松了限购。

In terms of credit, differentiated housing credit policies and the policy of "recognizing the house but not the loan" for first homes have been actively implemented. Most urban commercial loans have implemented a down payment ratio of 20 percent for the first home and 30 percent for the second home, and adjusted the lower limit of the second home mortgage rate down to the loan prime rate plus 20 basis points.

信贷方面，积极实施差别化住房信贷政策和首套房“认房不认贷”政策。大多数城市商业贷款实行首套房首付比例为20%，第二套房首付比率为30%，并将第二套房抵押贷款利率下限下调至贷款最优惠利率加20个基点。

The market continued to cool down in December, policy effect needs to be further released

12月市场持续降温，政策效果有待进一步释放

In terms of market performance, the recent policy measures generally need to be further expanded. However, in some cities, such as Beijing and Shanghai, the real estate policies have had a certain positive effect and the performance is relatively stable.

从市场表现来看，近期的政策措施总体上还有待进一步扩大。然而，在一些城市，如北京和上海，房地产政策产生了一定的积极作用，表现相对稳定。

According to data from the National Bureau of Statistics, in December 2023, among the 70 large and medium-sized cities, the prices of commercial residential properties in various cities across tiers decreased month on month, with both increases and decreases year on year. Overall, the data reflects a continued cooling trend in the current market, with further downward pressure on housing prices. especially in second-tier cities, the phenomenon of "exchanging price for quantity" is evident. Coupled with the acceleration of inventory turnover by real estate companies at the end of the year, housing prices further declined.

国家统计局数据显示，2023年12月，70个大中城市中，各城市商品住宅价格环比下降，同比有升有降。总体而言，该数据反映了当前市场的持续降温趋势，房价面临进一步的下行压力。尤其是在二线城市，“以价换量”现象明显。加上年底房地产公司库存周转加速，房价进一步下跌。

Despite the overall downward trend, there are still cities showing a steady upward trend. In terms of new housing, the policy implementation effect in Beijing and Shanghai is relatively obvious. Under the strong positive signal released by the new policy on December 14, the market quickly heated up, confidence was boosted, and the trend was substantive. In addition, Chengdu and Xi'an also maintained relatively high year-on-year growth rates. In terms of second-hand housing, Beijing, Chengdu, and Changsha demonstrated strong resilience, and the average monthly prices for the whole year still showed an upward trend year on year.

尽管总体呈下降趋势，但仍有一些城市呈现稳步上升趋势。在新房方面，北京和上海的政策实施效果相对明显。在12月14日新政策释放出的强烈积极信号下，市场迅速升温，信心得到提振，走势实质性。此外，成都和西安也保持了较高的同比增长率。二手房方面，北京、成都和长沙表现出较强的韧性，全年月均价格仍呈同比上涨趋势。

It should be pointed out that there are significant differences in transaction volumes and prices among different cities. The next step is to continue to emphasize the implementation of policies tailored to the cities with precision, improve supporting policies and operational rules, and further unleash policy effects.

需要指出的是，不同城市之间的交易量和价格存在显著差异。下一步，要继续强调精准施策，完善配套政策和操作规则，进一步释放政策效应。