Wen Jiabao Tianjin Reveals New Ideas Of Housing Reform

As the focus of this round of macroeconomic regulation and control, every move of market regulation has the meaning of wind vane.

After the "new country ten" full moon, what kind of regulation policies are coming out? The market is in a conjecture.

Because of the lack of voice in authoritative channels, gossip is flying everywhere, and the "development and Reform Commission is brewing more stringent regulatory measures" and "Shanghai will start the pilot project of real estate tax".

During his research in Tianjin, Premier Wen Jiabao made a new formulation of macro regulation and control. He pointed out clearly that "differential treatment and keeping pressure" can not only form a negative effect on regulating the overall resultant force but also preventing a number of policies from overlaying, revealing a new idea of current macroeconomic regulation and control.

Yesterday, the first two days, the State Administration of Taxation and the responsible persons of the NDRC made statements on different occasions, saying that the local government had no right to levy property taxes, "no property tax in three years", and also clarified that "brewing a more stringent regulatory policy" is not true.

Observers believe that the policy signals constantly show that macro-control has entered the "empty window period" of the "zero" period from the intensive publication period and the "monitoring period" of the implementation effect, how long the special period will be, and how the economic situation will change.

And the length of this macro adjustment period will also have a great impact on the direction of the stock market.

"Stricter regulation" rumours need clarification

Where will the property market control go? Before the authoritative department has made a sound, the market has been in the conjecture.

The "new ten item" has been released for a month, from central to local, the tightening of the housing market regulation is getting more and more intense.

After the "new country ten" full moon, the new market rumors of a more damaging property market have been bubbling up in the market.

According to media reports, the NDRC is brewing a more stringent market regulation policy, and it will be launched at any time depending on the market situation.

If this statement is a little more general, then the rumors of levying property tax point to a clear, of which Shanghai is the most popular voice, and Chongqing and Shenzhen have also repeatedly reported the pilot property tax.

With the news that the property tax is a major disadvantage for the property market, the most sensitive stock market immediately met with a sharp adjustment on Monday, and the real estate sector led two cities.

Statistics show that a month after the introduction of the "ten new countries", the price of the house prices in the first tier cities has been loosened, and the volume of trading is shrunk by the psychological effect of buying or falling.

However, the above two rumors have been clarified by relevant departments recently.

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Regarding the property tax, Niu Xinwen, director of the Information Department of the State Administration of Taxation, said publicly last week: "according to the existing regulations, the tax legislative power is in the central government, that is to say, the central government decides where to execute.

Local governments have no right to introduce property taxes. "

Huang Han Quan, director of the national development and Reform Commission's Industrial Research Institute, also made clear to the media in May 17th: "no property tax is allowed within three years."

As for more stringent regulatory policies, Kong Jingyuan, director of the comprehensive reform department of the national development and Reform Commission, also denies that the news is purely a matter of praise.

"The NDRC is indeed formulating a real estate plan, but the plan is only 1. In 12th Five-Year, a conventional plan is also scheduled for the second half of next year."

Policy stability signals

The rumours of "property tax" and "tighter regulation and control policy" have been clarified, which not only reflects the latest trend of real estate regulation, but also indirectly pfers a new round of adjustment of the state in macroeconomic regulation and control.

Due to the introduction of the new deal in the property market, China's property market and stock market have shown signs of substantial adjustment.

Although there has been no significant fluctuation in the price of the property market, the volume has already shrunk, and the stock market has ushered in a sharp fall. The Shanghai Composite Index has dropped to the lowest point of last Friday from 3160 points in mid April to 2481 points, or more than 20%.

At the same time, because of the spread of the Greek debt crisis, the peripheral economy has shown signs of falling into the two dip. European and American stock markets and commodity markets also entered a stage of substantial adjustment. The European Union had to urgently launch a 750 billion euro rescue plan.

The global economy is facing a severe test again.

On May 17th, when President Hu Jintao held talks with German President Keller, he said that at present, the foundation of the world economic recovery is still not solid, and all countries should continue to adhere to the measures to stimulate the economy.

In his recent research in Tianjin, Premier Wen Jiabao also stressed that macroeconomic regulation and control should be "timely and moderate". We should pay attention to the coordination and coordination of macroeconomic policies, prevent the negative effects of multiple policies, and always grasp the intensity of policies.

This is the first time since the introduction of the new real estate policy, the leaders of the state have made a statement on the negative impact of the intensive macro-control policy on the market for the first time, and have been interpreted by market analysts as a signal for policy fine-tuning.

Chinese Commerce Minister Chen Deming also made a statement to the overseas media on 21 th. The Chinese government will continue to implement a proactive fiscal policy and moderately loose monetary policy. It is too early to implement the exit strategy.

"The prevention of the negative effects of multiple policies indicates that management is beginning to release some stability signals, which are good for the stock market and the real estate market," he said.

Li Daxiao, director of the British Securities Institute, pointed out in an interview with reporters.

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Macroeconomic regulation and control enters "monitoring period"

In this round of macroeconomic regulation and control, the market is most concerned about two aspects, one is the property market policy, the other is monetary policy.

In April, when the market control policy was introduced densely, the central bank did not relax in tightening liquidity, continuously issued central bank tickets to the market, and raised the deposit reserve rate again.

Despite the predicted increase in interest rates did not come, but economists pointed out that "the property market regulation and tightening liquidity measures, relative to the two increase in interest rates!"

While the new deal in the housing market has been suspended, the central bank has also slowed down its recent tightening of liquidity. First, the May 20th issue of the three year central bank votes dropped by two basis points, which lowered the market's expectation of the central bank's recent interest rate hikes. Secondly, the central bank's net return of funds last week was 51 billion, which was significantly lower than that of the previous weeks, and the market determined that the central bank would relatively relax liquidity.

Central Bank Research Bureau researcher Zouping pointed out that the market regulation policy will enter the policy calm period in the short term, and the next major task of the relevant departments is to implement the existing real estate policy.

This confirms that Guangzhou's newly issued new rules on the property market were dubbed "the most boring" new deal, compared with the previous Beijing's new deal, which appeared to be "very mild".

Niu Li, director of the Macroeconomic Research Office of the state information center, also said that for all the policies that have been intensively promulgated, we should give full consideration to their cross effects and prevent the negative effects from expanding.

The government may be assessing the effectiveness of existing policies and not rushing to take the next step.

It is noteworthy that the newly issued "new 36" has greatly reduced the entry threshold of many industries and encouraged private enterprises to launch a new round of investment.

Many private entrepreneurs point out that this is another loosening of private capital.