Housing Provident Fund Multiple Problems This Year, The Vital Interests Of The Bureau Must Be Maintained.

The "legislative plan of 2017 of the State Council" issued by the State Council recently revised the regulations on the management of housing provident fund as an urgent need for this year's comprehensive deepening reform, and it is determined that the Ministry of housing and urban rural development will complete the drafting and revision.

This is the State Council Legislative Affairs Office in November 2015 on the "housing provident fund management Ordinance (Revised Draft)" after public consultation, the State Council once again promoted the amendment of the Ordinance.

In the course of the interview and investigation, reporters learned that the revision of the Ordinance mainly focused on the deposit, extraction and utilization rate of the housing provident fund, enhanced the liquidity of the provident fund, and promoted the maintenance and increment of the provident fund.

Jia Kang, chief economist of Huaxia new supply Economics Research Institute, pointed out in an interview with reporters that at present, the housing provident fund system has such problems as unclear location, narrow coverage, decentralized management system, low efficiency and easy to produce "Matthew effect" in the process of collection and loan extraction.

Li Zhanjun, a researcher at Beijing Research Institute of technology and Services Limited, put forward a more specific question in an interview with reporters. He thought that the management mode should be solved, that is, the choice between central centralized management and decentralized management. There are also problems such as compulsion and popularity of provident fund, the location of supplementary provident fund, the scope of use of provident fund, and the orderly implementation of investment in the provident fund market.

"It is undeniable that the housing provident fund system has provided housing provident fund loans to a large number of families to help them solve the housing problem," Jia Kang said.

It is not clear whether the housing provident fund is housing finance or housing security. Who is the target customer serving the housing provident fund system?

"Housing problems are mainly concentrated on Guang Dazhong and low-income workers.

If the target location is not clear, the existing "low loan low deposit" principle plus "low interest and tax exemption" and other preferential measures are more likely to help middle and high-income residents get preferential interest rate loans.

Jia Kang emphasized.

Although housing provident fund loans belong to policy housing finance with long and low interest rates, provident fund loans also require repayment of interest on time. In the process of loan review, there are some requirements for the wages of workers. At the same time, workers who require provident fund loans need to pay a certain amount of first payment at a time. These requirements make it difficult for low-income people to get housing support from provident fund loans.

Jia Kang believes that this will bring provident fund loans and the extraction of the "Matthew effect", that is, middle and high-income people easily get low interest rate provident fund loans, and they can withdraw funds from their provident fund accounts, low-income people can not afford to buy houses, unable to enjoy the housing provident fund's preferential policies, the funds in their provident fund accounts can not be extracted because there is no house purchase, which in fact has formed a distortion phenomenon of "subsidies" for low-income earners to purchase housing through paying the provident fund for relatively high income people.

Bi Wenqiang, Secretary General of the Beijing Real Right Law Research Association, thinks that the housing provident fund is part of the housing security system, and the provident fund itself is the long-term housing deposit of the payers.

Based on this, housing provident fund management needs to reflect the characteristics of security, long-term, universality and compulsion.

At present, the utilization rate of housing provident fund is low.

According to Jia Kang, by the end of 2014, only 18.4% of the staff and workers enjoyed the provident fund loan, and the utilization rate of the fund was only about 50%.

In this case, the housing provident fund has accumulated a considerable amount of surplus funds, according to statistics, in 2015, China's housing provident fund sedimentation fund was 781 billion 17 million yuan.

The proportion of deposited funds in the balance of payments is 19.2%.

The management mode of housing provident fund is also an important problem to be solved. The management system of China's housing provident fund is very scattered, which is not conducive to the formation of a unified national housing provident fund operation system.

"At present, housing provident fund is managed by various cities, not central management, and should be considered centrally managed by the central government in the future."

Li Zhanjun suggested.

Jia Kang proposed to reform the housing provident fund system and pform the housing provident fund management center into a policy oriented housing financial institution that mainly solves the housing problem for the middle and low income groups.

Jia Kang stated that the main business scope after pforming into a policy oriented housing financial institution should include: through

We should continue to broaden the sources of funding, such as allowing policy housing finance institutions to issue bond financing, broaden the channels for capital utilization, such as providing funds for housing construction, helping low-income housing tenant, and increasing the flexibility of housing accumulation fund extraction.

In order to achieve pformation and improve the utilization rate, the housing provident fund should also be put on the agenda.

In accordance with the existing regulations on the management of housing provident fund,

Surplus funds can only be used to purchase treasury bonds.

Bi Wenqiang thought the regulations lacked the provisions of maintaining value and increasing value.

Official data show that as of the end of July 2015, the national housing provident fund paid 110 million employees, the total deposit amount was 8 trillion and 310 billion yuan, the total extraction amount was 4 trillion and 340 billion yuan, the deposit balance was 3 trillion and 970 billion yuan, the total amount of personal housing loans to about 23000000 employees' families was 4 trillion and 750 billion yuan, and the loan balance was 2 trillion and 880 billion yuan.

Li Zhanjun said that the current housing provident fund can not enter the stock market investment, this situation needs to be broken.

With the improvement of the management capacity of the provident fund, we need to gradually liberate the investment scope of the provident fund market so as to maintain the value and increase the value.

Jia Kang believes that after pforming into a policy oriented housing financial institution, policy should be allowed.

We will invest and operate the surplus fund of provident fund.

In addition to saving banks and treasury bonds, the balance fund can also be used to purchase large scale certificates of deposit, local government bonds, policy financial bonds, housing loan support securities and other high grade fixed income products under the premise of ensuring safety.

Jia Kang also proposed to allow asset securitization business of housing loans.

He said that after the pformation, the assets of the policy housing finance institutions are mainly for provident fund loans to the participants of the scheme. In order to revitalize the loan assets of the provident fund, we can consider that the policy housing financial institutions will allow the housing provident fund loans to be packaged by the policy housing finance institutions to issue asset backed securities on the basis of the asset pools formed after the package, and that the housing accumulation fund loans will be securitized.

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