The Rapid Development Miracle of China's Real Estate Industry: Its Driving Factors and Sustainability

doi:10.16382/j.cnki.1000-5579.2018.06.010

Abstract

Abstract:

The Chinese economy, including the real estate industry, has achieved sustained and rapid development in the past 40 years of the practice of reform and opening up. Through the analysis of China's real estate industry's input, output and social impact, as well as with an international comparison, we can conclude that the development of China's real estate industry is a miracle. This miracle has been realized through four stages, including the recovery of real estate industry, its rapid development, accelerated development and sustainable development, under the impetus of commodification, marketization, capitalization and financialization. The rapid development of Chinese real estate industry is driven by the tremendous development opportunities brought about by urbanization, housing system innovation by the central and local governments, continuous invest of labor and capital factors, pull power of housing demand and support from related industries. At present, China's real estate industry is at a critical stage of transformation. It is necessary to optimize the input of integrated factors with institutional innovation and technological innovation, to evolve toward the development direction of the real estate service industry, and to accelerate the transformation of the industrial development model so as to promote effectively the sustainable and healthy development of the real estate industry.

Key words: real estate industry, development miracle, urbanization, system innovation

ZHANG Yong-yue, HU Jin-xing, WANG Sheng. The Rapid Development Miracle of China's Real Estate Industry: Its Driving Factors and Sustainability[J]. Journal of East China Normal University (Philosoph, 2018, 50(6): 82-91.

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