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Achievements and Challenges: 30 Years of Housing Reforms in the People’s Republic of China

Author

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  • Gao, Lu

    (Massachusetts Institute of Technology)

Abstract

In the last three decades, the People’s Republic of China (PRC) has managed to replace its welfare-based urban housing system with a market-based housing provision scheme. With such significant housing policy changes, the PRC has successfully expanded urban home ownership and impressively increased per capita housing consumption. The housing market has become one of the major pillar industries in the country’s economic boom. However, affordable housing development has been greatly lagging behind the ever-increasing housing needs of a large lower-income population in the country, while housing price bubbles cast a shadow on sustainable economic development in the PRC. The main reasons for such challenges include the inefficiency of financial tools to regulate the housing market; and the discrete interests among the central government, local governments, and real estate developers. Within the context of the ongoing global financial crisis, it is even more critical to balance the PRC’s housing development, both to address the people’s housing needs, and to maintain sustainable growth.

Suggested Citation

  • Gao, Lu, 2010. "Achievements and Challenges: 30 Years of Housing Reforms in the People’s Republic of China," ADB Economics Working Paper Series 198, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0198
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    Citations

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    Cited by:

    1. Roger Sandilands, 2011. "Social Housing Policies in Latin America and Singapore: Lessons for China," Working Papers 1132, University of Strathclyde Business School, Department of Economics.
    2. Wenbin Huang & Andreas Wilkes & Xiufang Sun & Anne Terheggen, 2013. "Who is importing forest products from Africa to China? An analysis of implications for initiatives to enhance legality and sustainability," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 15(2), pages 339-354, April.
    3. Mylène Gaulard, 2014. "La burbuja inmobiliaria en China," Post-Print halshs-01086912, HAL.
    4. Mylène Gaulard, 2014. "Les dangers de la bulle immobilière chinoise," Revue Tiers-Monde, Armand Colin, vol. 0(3), pages 77-96.
    5. Julie Tian Miao & Duncan Maclennan, 2017. "Exploring the ‘middle ground’ between state and market: the example of China," Housing Studies, Taylor & Francis Journals, vol. 32(1), pages 73-94, January.

    More about this item

    Keywords

    Peoples Republic of China; Housing Policy; Real Estate Reform; Sustainable Economic Development;
    All these keywords.

    JEL classification:

    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General

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