Research on the Causes and Countermeasures of China's Real Estate Market Bubble

摘要

In 2016, the Central Economic Working Conference of China pointed out that we must adhere to sound monetary policy and guard against economic and financial risks, while at the same time maintaining a reasonable and adequate liquidity. At present, the asset price bubble is mainly manifested in the real estate, the bond market, the stock market and the foreign exchange market. This paper uses the three indexes of house price income ratio, multiple linear regression method and local equilibrium method to measure whether there is a bubble in real estate price. Then it analyzes the causes of the bubble in the real estate market from the aspects of monetary policy, asset shortage, land finance and financial support At last, it proposes normalizing shadow banking supervision, urging financial institutions to deleverage, reforming the land transfer system, implementing tight monetary policy, promoting tax reform and other measures to curb the real estate market bubble, in order to guide stable and healthy development of the real estate market.