Premier Li Keqiang presided over the State Council Executive Meeting on August 24, deploying continuous policy measures to stabilize the economy and strengthening efforts to consolidate the foundation for economic recovery and development.
Source: China Government Network
The meeting pointed out that the current economy continues to recover in June, but there are slight fluctuations and the recovery foundation is not solid. We must seize the current critical juncture, implement policies in a timely and decisive manner, maintain a reasonable policy scale, make good use of the tools available in the toolbox, and increase efforts to consolidate the foundation for economic recovery and development, and do not flood the market or overdraw the future. The
meeting proposed that while implementing the package of economic stability, the
meeting proposed that while implementing the package of economic stability, the implemented another 19 continuation policies to form a combination effect, and promotes the economy to stabilize and improve, keeps operating within a reasonable range, and strives to achieve the best results.
01
allows local " One City One Policy " to flexibly use credit and other policies
It is worth noting that this State Council Executive Meeting made it clear to the real estate level, and allows local "one City One Policy" to flexibly use credit and other policies to reasonably support rigid and improved housing needs.
has always been mentioned in various high-level meetings for the support for rigid and improved housing needs, which also means that the importance of stimulating housing needs is self-evident.
In this regard, Yan Yuejin, research director of the think tank center of the E-House Research Institute, believes that the seemingly repetitive statements, , just show that the national level attaches importance to housing consumption, , all regions should have a higher political stance, understand the novel in repeated statements, truly regards activating housing consumption in the second half of the year as an important task. The rules that allow local governments to flexibly use credit and other policies are quite innovative. Yan Yuejin also said that the one-city policy mentioned in the past was mainly from the general direction of real estate regulation, and this time, , one-city policy mainly emphasized the policy tools of credit. This shows that in the current process of implementing one city and one policy in various places, credit tools are an important tool.
All localities should make full use of the existing credit policy tone and policy toolbox, and make full use of credit tools, namely mortgage tools.
In addition, the meeting also proposed that should "continue to release the reform and transmission effects of loan market quotation interest rate , and reduce the cost of corporate financing and personal consumption credit."
Similar to this statement:
"may indicate that after the "double drop" of 1-year and 5-year LPR quotations in August, may continue to be lowered in the future! Especially for the adjustment of 5-year LPR quotations, will help the real estate market stabilize and recover as soon as possible."
02
1 More than 80 cities relax loan restrictions, and the down payment for the second set is as low as 30%
It can be foreseeable that housing credit policies may usher in greater room for adjustment in the future. In fact, some cities have taken the lead in adjusting their housing credit policies this year. According to a previous statistics from CRIC Research Center, as of August 16, has been relaxing loan restrictions this year. Among them, the down payment ratio for first-home houses in 57 cities including Lanzhou, Guiyang, Nantong has been reduced to 20%. cities including Huaibei , Chizhou and Chengde , the down payment ratio for buying a house during the housing exhibition was reduced to 20% at the lowest; 44 cities including Zhengzhou, Yichang and Zhaoqing implemented housing recognition but not loan recognition. Taiyuan, Yinchuan, , Xiangyang , etc., the first loan has been settled and the down payment ratio has been lowered to 20%; another 41 cities have lowered the down payment ratio for second homes, of which 33 cities have lowered the down payment for second homes to 30%. For example, Jinan, Shenyang, , Wenzhou , etc., the down payment ratio for purchasing a second house was adjusted to 40%.For example, Nanning , Xining, Shaoxing , etc., the minimum down payment ratio for purchasing a second house is adjusted to 30%. It is worth noting that relaxes the loan restrictions in cities with a tendency to gradually expand from weak second-tier and third- and fourth-tier cities to strong second-tier cities. For example, Suzhou , the second set and the loan have been settled, the down payment ratio has been reduced from 50% to 30%, and the second set and the loan have not been settled, the down payment ratio has been reduced from 80% to 60%. For example, in Nanjing, it is rumored that the down payment ratio of second homes will be reduced, but the actual reduction has not yet been determined. gramr Research Center analyzed that local relaxation of loan restrictions does not have legal effects . There is no hard constraint on commercial banks at the execution level, and different banks have not yet formed a consistency in their implementation, especially the definition of the recognition standards for "second-home" has not changed. Therefore, the implementation effect of relaxing loan restrictions is significantly different due to cities.
In the view of Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Institute of Urban Planning, many places hope to reduce down payments and interest rates, but local financial management departments must implement the country's financial prudent management system on the one hand. On the other hand, based on the local bank's self-regulatory pricing mechanism and risk judgment, local financial management departments need to independently judge the appropriate loan down payment and price and formulate corresponding credit policies.
In the view of Li Yujia, chief researcher of the Housing Policy Research Center of the Guangdong Provincial Institute of Urban Planning, many places hope to reduce down payments and lower interest rates, but local financial management departments must implement the country's financial prudent management system on the one hand. On the other hand, based on the local bank's self-regulatory pricing mechanism and risk judgment, local financial management departments need to independently judge the appropriate loan down payment and price and formulate corresponding credit policies.
