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《Contemporary Finance & Economics》 2010-10
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Will Public Investment Result in "SOE In and Private Enterprises Out"? A Study Based on Panel Data of Real Estate Industry in China

DONG Xin(Rural Development Institute of Chinese Academy of Social Sciences,Beijing 100732,China)  
The Panel Data model based on the data of 31 provincial-level regions from 1996 to 2008 in China shows that public investment has crowded out private investment in real estate indus-try.The major cause of crowding-out effect lies in the direct involvement of public investment in housing development projects,which has formed a competitive relationship between public investment and private investment in the aspects of land resource,credit funds and so on.The large-scale invest-ment of the government in the construction of affordable housing for low-income people also reduced the demand in the real estate market,which crowded out the private investment in this industry.Therefore it is recommended that public investment in real estate should be shifted from housing de-velopment to land reserve and development,and the public investment in the affordable housing should be shifted from building houses directly to providing subsidies.
【CateGory Index】: F224;F293.3
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【Citations】
Chinese Journal Full-text Database 7 Hits
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【Co-citations】
Chinese Journal Full-text Database 10 Hits
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