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保障房的系统性风险问题日益突出,但是系统性风险并非来自保障房本身,而是政府的住房保障压力和房地产市场的价格泡沫。在为保障房建设进行融资,以实现住房保障目标的过程中,受到政府较强干预的保障房融资机制成为积聚并放大风险的重要环节。由于过度注重融资规模目标,保障房融资的债务规模快速增长,外溢影响不断增强,融资平台成为风险的汇聚点,并且融资链条日趋复杂。同时,既有的市场机制无法分散、转移或补偿保障房融资中的系统性风险。因此,需要强化对保障房融资的宏观审慎监管,控制外部风险源,将外溢的风险内部化,并强化融资的信息披露机制。
However, the systemic risk is not from the protection of housing itself, but the government housing security pressure and the real estate market price bubble. In financing the construction of affordable housing in order to achieve the goal of housing security in the government by the stronger intervention in affordable housing financing mechanism to accumulate and amplify the risk an important part. Due to over-focus on the financing goal, the scale of debt financing for housing financing has been rapidly increasing, the spillover effect has been continuously enhanced, the financing platform has become a convergence point of risks, and the financing chain has become increasingly complicated. At the same time, the existing market mechanism can not disperse, transfer or compensate for systemic risks in social security financing. Therefore, there is a need to strengthen macro-prudential regulation of affordable housing finance, control external sources of risk, internalize the risk of spillover and strengthen the financing of information disclosure mechanisms.