Chinese Residential Housing Policy Evaluation
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Housing policies have long been discussed in countries around the world. Every country should use a different type of policy to stabilize its housing market depending on its political system. In this paper, the core question is whether the government’s housing policies actually serve to control prices in China’s housing market as expected. Analysis in this vein is based on new housing market data which other researchers have not used before and employs different customized time series models. Until now, researchers have not been able to obtain very good data to measure such policy effects in China. Hence, one of the contributions of this paper is to evaluate policy effects using more accurate data measurements than had been previously available. This new housing market dataset can be divided into two parts, yearly data and monthly data. The dataset includes housing information from 39 big and medium size cities in China in the form of monthly panel data and from 35 big and medium size cities in China in the form of yearly panel data. The analytical results indicate that housing policies targeting housing prices did successfully control prices, especially in large cities such as Beijing.