Page 6 - CCFA Journal - 8th Issue

经济热点 Economy hotspots 加中金融

三是金融改革，中国房地产有浓重的金融属性。在城镇化高速发展过程中间，国土开发必然带来相关的一系列金融运行机
制，跟国土开发和不动产形成的房地产市场紧密结合的机制。如何让金融属性既有商业性金融，单纯利润导向作用，同时
有政策性金融，能够起到调整和制约的作用。这两方面的金融还要形成合理的呼应，同样需要改革才能解决。

四是税收制度改革，这项改革难度极高。在 2021 年中央明确要以双管齐下的方式推进房地产税改革，积极稳妥地推进立
法，同时要掌握着上海、重庆两地以房产税名义试点的扩围，在五年为期的时间段上，给立法提供更丰富的本土经验支持。
但是今年碰到了“三重压力”以后，所有收缩性的政策都要审慎出台，那实际上这个试点扩围今年也就不出台了，但是绕
不开房地产税改革这样一个基础性制度建设，条件具备时还得推。

我认为要高度重视房地产事件，需要防范出现多米诺骨牌现象。深层来看，这是提振整体市场的信心和预期问题。这并不
是某一个业界的事情，而是有连带的关系。房地产业界要能够稳住阵脚，稳定经济的同时更进一步，回到中央所说的合理
区间。房地产如果能够稳住阵脚，才能稳住整个经济大盘！

总之，中国的改革进程到了深水区，一定要攻坚克难，在配套改革这方面，要持续有实质性的推进，有些改革在实际贯彻
的过程中，还是步履维艰的。必须以改革配套打造健康发展长效机制，在深水区配套改革、攻坚克难这方面，取得实质性
的进展，才能解决中国的长治久安的问题，包括房地产市场健康发展长效机制的构建问题。

Third, financial reform, China's real estate has strong financial attributes. In the process of rapid urbanization development, land
development will inevitably bring about a series of financial operation mechanisms, which are closely combined with the real
estate market formed by land development and property building up. How to make financial attributes not only commercial
finance, pure profit-oriented function, but also policy-based finance, which can play the role of adjustment and restriction. These
two aspects of finance need to echo each other, and we also need to promote reform to achieve this.

Fourth, reform of the tax system, which is extremely difficult. In 2021, the central government made it clear that it would promote
the reform of real estate tax in a two-pronged way, actively and steadily promote legislation, and grasp the expansion of the pilot
projects in the name of property tax in Shanghai and Chongqing, so as to provide more abundant local experience support for
legislation in a five-year period. However, in the face of the "triple pressure" environment this year, all contractionary policies
must be introduced prudently. In this case, I am afraid that the expansion of the pilot will not be introduced this year, and the
pilot will be pushed forward when conditions are met.

We should pay great attention to the real estate risk events to prevent the occurrence of dominoes. On a deeper level, this is
a matter of boosting confidence and expectations in the overall market. This is not a matter of a certain industry, but a Knock-on
effect. The real estate industry should be able to stabilize the economy and further return to the reasonable range that the central
government has said. That's how you stabilize the whole economy!

We will continue to make substantial progress in supporting reform. Some reforms are difficult to implement in practice.

Only by building a long-term and effective mechanism for sound development with complementary reforms and making
substantial progress can we solve the problem of long-term peace and stability in China, including the construction of a
mechanism for sound development of the real estate market.

CCFA JOURNAL OF FINANCE August 2022
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