The biggest risk is not the real estate price bubble, but institutional

The greatest danger is not the real estate price bubble, but distorting the original title: the greatest danger is not the real estate price bubble, but distorting the author: Ma Guangyuan source: public number Guangyuan see the economy ", the political bureau put forward October 28th" while maintaining reasonably adequate liquidity at the same time, pay attention to inhibit and prevent economic financial asset bubble "that was the market risk amplification. Markets are saying that the goal of monetary policy has shifted from "steady growth" to "asset bubbles"". According to this, China’s monetary policy has undergone a major turning point. In the previous article, this change on monetary policy, I give two points: one is to understand the current real estate bubble has become the important China economic risk, early resumption of the purchase of credit limit, and the recent crack down on various illegal transactions and false propaganda behavior, is the real estate investment speculation cooling. To ensure the stability of real estate, not to change radically overheating after. This will inhibit the asset bubble column important policy objectives for monetary policy, intended to send a firm attitude, market cooling is inevitable, and can not understand this as before the real estate policy, just say. No decree at present has been out of China policy execution history. Two is that I think there is an invisible monetary policy inflection point". Although the monetary policy to maintain a "sound" in the name will not change, but there is a turning point in the structure and objectives, asset prices and the RMB exchange rate will become an important tool for monetary policy. In addition to curb asset prices, but also to maintain the stability of the RMB exchange rate, as well as debt under high leverage, the rise in non-performing assets of the yuan, of course, there is a serious tendency to take off funds to the virtual. However, I am referring to the inflection point, it does not mean that monetary policy in order to curb asset bubbles to tighten. On the current economic fundamentals China, steady growth, promoting reform of the supply side in a stable environment is still the most important task, although the turning point of global liquidity Jianxingjianjin, but Chinese not to suppress the real estate bubble and tighten monetary policy. China’s real estate bubble is a way to adjust the structure of the currency, rather than the amount of austerity. Such as the control of the real estate credit scale, such as the fight against all kinds of down payment loan products, such as the regulation for the developers of credit requirements, the total amount of monetary policy is not going, there should be no big change. At the same time, I do not think that China is the biggest bubble in the real estate bubble, China’s economy is the biggest real estate bubble. I don’t agree with Mr. Li Daokui. "There is no doubt that the biggest potential asset bubble is real estate," said Mr Li Daokui, in an interview with the Beijing news." Li Daokui said, if the real estate prices continue to go up as in the past, to maintain two digit rise, then the real estate bubble will become a threat to China’s economy’s largest asset bubble." Here, Mr. Li Daokui refers to the real estate is the biggest bubble is clearly refers to the price of real estate. Wei相关的主题文章: