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近年来我国房地产价格上涨速度远远超过人均收入增长。居高不下的商品房价格令普通购房者背负长达数十年的抵押贷款、还款压力,房地产对国内消费的增长产生了强烈的“挤出效应”。房价的不断上升使居民的财富不断“转移”到政府和企业手中,居民用于一般消费的资金减少,CPI可以货币快速扩张的背景下持续在低位运
In recent years, China’s real estate prices rose far faster than the per capita income growth. The high price of commercial housing has caused ordinary homebuyers to bear decades-long mortgage loans and pressure on repayment. Real estate has a strong “crowding-out effect” on the growth of domestic consumption. Rising home prices keep residents ’wealth constantly “transferred” to the government and businesses. Residents’ funds for general consumption are reduced. The CPI can continue to flow at a low level in the context of rapid currency expansion