Who can talk about the housing accumulation fund system in China?

Zhou Jiang: further improving China's housing provident fund system

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Orientation and main functions of housing accumulation fund system

The establishment of the housing accumulation fund system has played a great role in the smooth transition of China's urban housing system, guiding the change of employees' housing concept, improving employees' housing consumption and payment ability, cultivating and promoting the development of housing finance, and promoting the formation and development of the real estate market.

The housing accumulation fund system is a policy housing security system.

According to 1999 promulgated and revised in 2002, housing provident fund refers to the long-term housing savings paid by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units, social organizations (hereinafter collectively referred to as units) and their employees. At the same time, it is stipulated that the housing provident fund paid by individual employees and the housing provident fund paid by the unit where the employees work belong to individual employees. The housing accumulation fund shall be used for the purchase, construction, renovation and overhaul of owner-occupied housing by employees, and no unit or individual may use it for other purposes.

Housing security function is the most basic function of housing accumulation fund. The essence of housing accumulation fund system is a policy financing channel provided by the government to solve the housing problem of workers' families, which plays a very important role in China's housing security and social security system.

The housing accumulation fund system has the characteristics of compulsion, mutual assistance and security.

Housing provident fund is a system that combines compulsion and encouragement, including joint payment by employers and employees, exemption of personal income tax from provident fund, use of provident fund loans to buy houses, and preferential interest rates for provident fund loans. Its characteristic is that the money in the provident fund account is the personal money owned by the depositor, and mutual assistance is realized through the way of saving by everyone and lending by people who have the need to buy a house.

The housing accumulation fund system has the characteristics of compulsion, mutual assistance and security. It is embodied in the following aspects: first, people must "forcibly" adjust their consumption structure, and people must accumulate part of their income for housing consumption; Second, to enhance the purchasing power of the working class, the employer must deposit the same amount of money in the depositor's account according to the ratio of 1: 1; Third, it has a powerful mutual aid function, and people can use the provident fund loans raised from the society for housing consumption; Fourth, the money deposited in the provident fund account is exempt from personal income tax; Fifth, provident fund loans can enjoy preferential policy interest rates lower than ordinary housing loans of commercial banks.

The provident fund system has played an important role in ensuring the housing needs of low-income groups.

First of all, the housing accumulation fund system has improved the housing consumption capacity of employees and directly supported the improvement of housing conditions of residents' families. By the end of 2007, the actual number of employees paid into the housing provident fund was 7 1 879,654,38+0,000, and the total amount paid was 654,380+0,623.03 million yuan. A total of 856.59 million yuan of personal housing loans were granted to 8.3004 million employees' families, which helped more than 42 million employees improve their housing conditions (the data in 2007 was 65438+).

Secondly, the housing provident fund system provides financial support for the establishment and improvement of low-rent housing system. Low-rent housing system is the core of housing security system. In 2007, "Several Opinions of the State Council on Solving the Housing Difficulties of Urban Low-income Families" clearly stated that the value-added income of housing provident fund should be used for low-rent housing construction after the loan risk reserve and management fee are withdrawn. At the end of 2007, the total amount of supplementary funds for low-rent housing was13.003 billion yuan, with a balance of 565.438+0.3 billion yuan, and a total of 7.9 billion yuan of supplementary funds for urban low-rent housing construction was turned over to the finance at the same level.

Analysis on the main problems and causes of the current housing provident fund system

Since the State Council revised the Regulations on the Management of Housing Provident Fund in 2002 and issued the Notice of the State Council on Further Strengthening the Management of Housing Provident Fund, various localities have adjusted the management system and institutions of housing provident fund according to the requirements of regulations and documents, and achieved remarkable results in improving the decision-making system and strengthening standardized management. However, as far as the whole country is concerned, the operation and development of housing provident fund system in various places still face the following problems to be solved urgently.

The coverage of housing provident fund system is low and narrow.

Although by the end of 2007, the number of people who paid housing provident fund in China was 7 1. 87. 9 1 10,000, which was 3.77% higher than that in 2006, there was still a big gap compared with the requirement of covering urban workers stipulated in the Regulations on Housing Provident Fund Management. The first reason is that some employees of state-owned enterprises and institutions have left the provident fund system due to restructuring, and the employees who originally established the housing provident fund system have stopped paying the housing provident fund because of their identity change. Second, some foreign-invested enterprises, urban private enterprises and other urban enterprises are unwilling to pay housing provident fund for their employees for various reasons. Third, some units pay housing provident fund to the so-called regular employees in the establishment, but not to the on-the-job employees.

At the same time, urban individual industrial and commercial households, freelancers, migrant workers, migrant workers with fixed jobs in cities and other groups are not included in the housing provident fund system.

The fund efficiency of housing provident fund needs to be further improved.

In 2007, the utilization rate of housing provident fund (the ratio of total personal withdrawal, personal loan balance and purchase of treasury bonds to total deposits) was 74.58%, the utilization rate of housing provident fund (the ratio of personal loan balance and purchase of treasury bonds to total deposits) was 57.24%, and the deposited funds were 2186.55 million yuan, accounting for 22.76% of the deposit balance.

The single use of housing provident fund is an important reason for the low efficiency of funds. At present, except for a small amount of housing provident fund funds used to buy government bonds (the balance of purchasing government bonds in 2007 was 40.576 billion yuan, accounting for 4.22% of the balance of housing provident fund deposits), most of them were used to issue personal housing loans. This further forms a fair use of housing provident fund, that is, between high-income people and low-income people, the former has the ability to buy houses and becomes the main beneficiary of provident fund loans; Because the latter can't afford to buy a house, they can't enjoy the preferential interest rate of provident fund loans, nor can they withdraw and use housing provident fund. At the same time, they have to make compulsory savings at a lower interest rate to bear the interest loss.

The development of housing accumulation fund system presents regional and phased imbalance.

At the end of 2007, the paid-in people in the eastern, central and western regions were 35,676,300,19,822,400 and16,380,500 respectively, increasing by 4.89%, 4.0/9% and1.55 respectively. In 2007, the deposits were 2135.24 million yuan, 708.07 million yuan and 6996 10/0.00 million yuan respectively, which increased by 17.96%, 22% and 30 18% respectively. Personal loans in that year were 65.438+039.874 billion yuan, 39.747 billion yuan and 40.537 billion yuan respectively, up by 65.438+06.78%, 65.438+07.3 1% and 77.3% respectively. Although deposits and loans in the central and western regions have increased rapidly, there is a big gap between the total amount and the eastern region.

At the same time, there are obvious differences in the overall use of housing provident fund funds and financing efficiency. In coastal and economically developed areas, the rate of individual housing provident fund loans is relatively high, and the average utilization rate of funds is above 75%. However, in the central and western regions with relatively slow economic development, the overall capital utilization rate of housing provident fund is still less than 50% on average. The reasons for the above-mentioned regional differences are mainly due to the different levels of social and economic development in different places, which leads to the housing provident fund system in different stages of development.

The risk management of housing provident fund has become increasingly prominent.

At present, the overall quality of housing provident fund personal housing loans in China is high, and the funds are generally in a safe state. By the end of 2007, the balance of individual loans in the national housing provident fund accounted for 52.83% of the deposit balance, the amount of individual loans in that year accounted for 62. 14% of the deposit amount in that year, the personal loans overdue balance was 280 million yuan, and the national average overdue rate was 0.06%. At the end of the year, the loan risk reserve balance was 2331800 million yuan, accounting for the proportion of the loan balance. On the other hand, there are still some outstanding problems in the risk management of housing provident fund, which need to be paid great attention to and solved.

First, the problem of misappropriation of housing provident fund funds has not been completely solved. In 2007, the balance of housing provident fund project loans, unit loans and misappropriated funds was174.4 million yuan, accounting for 0. 18% of the deposit balance. The loan is mainly used for the renovation of affordable housing and dilapidated buildings before the revision of the Regulations on the Management of Housing Provident Fund in the State Council in 2002.

Second, the risk of housing provident fund investment still exists. According to the Regulations on the Management of Housing Provident Fund, the funds deposited in the housing provident fund can only be invested in purchasing government bonds. Since 2004, the former Ministry of Construction, together with the Ministry of Finance and the People's Bank of China, issued an urgent notice requiring all localities to purchase government bonds only through the inter-bank bond market. However, in some places, illegal operations have increased the rate of return, which has led to great financial risks.

Third, the housing provident fund personal loan guarantee mechanism is not perfect, which hides risks. At present, the housing provident fund system implements territorial management, and the personal loan business of housing provident fund is isolated from its supporting guarantee business. This regional segmentation and closed operation guarantee mode has systematic defects, that is, it cannot disperse and avoid the loan risk brought by regional economy and house price fluctuation.

Development direction and policy suggestions of future housing provident fund system

According to the above analysis, it is suggested that on the basis of further improving the housing provident fund system in the future, the policy inclination of the housing provident fund system for low-and middle-income families should be increased, and at the same time, policy-oriented housing finance should be gradually developed.

Further improve the housing provident fund system.

First, continue to strengthen the collection of housing provident fund and expand the coverage of the provident fund system. Focus on the establishment of housing provident fund system in non-public economic organizations, so as to ensure that all construction should be completed and all payment should be made. Gradually cover the housing accumulation fund from existing employees to various employment groups in the city, including migrant workers who have fixed jobs in the city. Combined with the characteristics of migrant workers' mobility, this paper explores the implementation opinions of the relevant provisions on migrant workers in the Regulations on the Management of Housing Provident Fund.

Second, it is necessary to improve the efficiency of use and reasonably expand the scope of extraction and use of housing provident fund. As far as the central and western regions are concerned, it is mainly to further face the broad masses of workers and vigorously develop personal housing loan business. We can appropriately relax the policy conditions of individual housing loans, expand the loan policy quota, and let more employees enjoy low-interest loans from housing provident fund to buy houses and improve housing conditions. At the same time, where conditions permit, housing provident fund can be withdrawn to pay for housing rent, property management fees, property maintenance funds and other related basic housing consumption.

The third is to establish a risk management system to ensure the safety of funds. On the one hand, in all aspects of the capital flow and business operation of housing provident fund, it is necessary to strengthen the awareness of risk prevention, establish and improve the supervision and balance mechanism by discovering and diagnosing key risk points, and form a strict and complete risk internal control system. On the other hand, it is necessary to study the establishment of a cross-regional flow mechanism of housing provident fund, improve the overall efficiency of the use of funds, and gradually build a cross-regional housing credit risk dispersion, transfer and prevention and control system to promote the sustained and healthy development of China's housing finance industry.

Housing accumulation fund system should pay attention to low-and middle-income families

During the development of housing accumulation fund system, domestic and foreign experiences show that housing accumulation fund plays an obvious role in improving the housing consumption capacity and housing level of low-and middle-income families. It is suggested that in the future, the use of provident fund will be further tilted towards low-and middle-income families, and the provident fund system will play a role in helping low-and middle-income families solve their housing difficulties. This can not only reduce the scale of accumulation fund precipitation, but also help solve the problem of funds needed for the construction of housing security system.

For example, low-and middle-income families can use the provident fund to buy policy housing such as price-limited housing and affordable housing, and give preferential treatment on interest rates and deadlines; Further simplify the procedures of provident fund loans, formulate policies and measures according to local conditions, and allow low-income families to withdraw provident fund for housing consumption expenses such as rent and property management fees; Increase the proportion of value-added income from housing accumulation fund used for purchasing or building low-rent housing, and ensure the housing supply of low-income families.

The housing accumulation fund system can be gradually developed into policy housing finance.

At present, the existing housing accumulation fund system in China is different from the comprehensive social security system in Singapore and the policy housing finance system in other market economy countries. Judging from the future development trend of the housing provident fund system, there are two main views at present:

First, based on the housing provident fund system, it will develop into policy-oriented housing finance. First, the provident fund account can be developed into a housing savings account. The common point of provident fund account and housing savings account is that the account amount can only be used for housing consumption; The difference is that the deposit amount of the provident fund account is limited by the policy, and the housing savings account can be voluntarily paid above the proportion of the provident fund withdrawal and within the personal salary level. Since the income deposited into the account according to the policy can be exempted from personal income tax, this is actually equivalent to the financial subsidy to depositors through tax reduction and exemption. This will greatly improve the purchasing ability of the "sandwich class" people and urge them to rely more on their own strength to meet the housing needs.

The second is to integrate pension and housing provident fund personal accounts and establish a generalized provident fund system. We can learn from Singapore's practice and establish a unified housing and pension fund system. The individual account in the basic old-age insurance can be separated and merged with the housing provident fund account and managed by one institution. The account can be accommodated, but the funds cannot be occupied or misappropriated. Because the payment base of housing provident fund and pension personal account is the same, and they are all paid before tax, they have the conditions for unified collection. In this way, it can be managed by a unified organization, reducing the cost of collection and management, and the examination and approval procedures required for employees to withdraw two funds can also be greatly reduced. The premise of this is that the personal account of the social security fund must be made real first. At present, the conditions are not available, but it can also be used as one of the alternative paths in the future.

Comparing the above two ways, combined with China's national conditions, it is suggested that the housing accumulation fund system should gradually develop into policy-oriented housing finance, highlight the essence and function of policy-oriented housing finance system, and form a perfect housing finance system together with mature commercial housing finance.