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IMF指中国抑制房价治标不治本（双语）
Is the International Monetary Fund becoming less sanguine on China’s housing market? Qilai Shen/Bloomberg
国际货币基金组织（International Monetary Fund，简称IMF）开始不那么看好中国房市了吗？
Writing in a post on the IMF’s blog, China mission chief Nigel Chalk appears unimpressed with Beijing’s year-long fight to control housing prices.
在IMF博客的一篇文章中，IMF中国事务主管乔克（Nigel Chalk）似乎对北京历时一年的房价控制战不以为然。
What’s the problem? Chalk argues that China faces a potent cocktail of ingredients pushing house prices up:
问题是什么？乔克认为，中国存在一系列强有力的因素在推动房价上涨：
* High domestic savings, and limited opportunities to take cash offshore
* Limited domestic savings options and bank deposit rates below the rate of inflation
* No property tax or capital gains tax, which makes it cheap to buy and hold property
* Rapid growth, high wages and urbanization, which mean real demand continues to grow *
国内储蓄额高，资金离岸的机会有限
* 国内储蓄选项有限，银行存款利率低于通胀率
* 没有地产税或资本利得税，导致购买和持有地产的成本较低
* 经济增长快、工资高和城市化，这意味着实际需求持续增长
The government’s crackdown on high housing prices has had some success. But Chalk believes that the restrictions on speculators introduced so far treat the symptoms, not the causes, of the malaise.
政府抑制高房价的举措取得了一定的成功。但乔克认为，迄今为止推出的限制投机者的措施是治标不治本。
What is required is a more comprehensive approach:
中国需要的是一个更全面的方法：
※Ultimately, the solution has to involve higher interest rates (on both deposits and loans), efforts to create a broader set of financial assets for the population to invest in, and a broad-based property tax that covers the majority of China’s housing stock.§ “
归根结底，解决办法必须包括上调利率（包括存款和贷款），努力创造一组更广泛的金融资产供人们来投资，并对中国大部分住宅资产全面征收房产税。”
There might be some progress on one of those fronts: A rapid expansion in bank’s wealth management products gives households an alternative to real estate if they want an investment that beats inflation.
其中一个方面或许有一定进展：对于以对抗通胀为投资目的的家庭，银行理财产品的迅速扩张为他们提供了一个除房地产之外的选择。
But with interest rates for most depositors still significantly below the level of inflation, and experiments in property tax falling off the policy agenda, progress elsewhere is strictly limited. China’s policy makers might need to invest in a larger fluffy hammer.
但由于大多数储户的利率仍远远低于通胀水平，并且在房产税方面的尝试逐渐淡出政策议程，因此其它方面的进展极其有限。中国的决策者可能需要使用一个更大的软锤子。
【我要纠错】 责任编辑：Nocy
上一篇：中国难以承受新的国际危机（双语）
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