[雙語翻譯]住房公積金外文翻譯--住房公積金的資金在中國住房發(fā)展中起到的作用（英文）

1、Habitat International 30 (2006) 343–356The role of the housing provident fund in financing affordable housing development in ChinaStanley Chi-Wai Yeunga,?, Rodney HowesbaDepartment of Building and Real Estate, Hong Kong

2、Polytechnic University, Hung Hom, Kowloon, Hong Kong bConstruction industry Council, UKAbstractSince the adoption of the open door policy, the economy of China has been growing rapidly. Along with economic achievement, h

3、ousing problems in major cities in China have remained largely unsolved. Under the traditional planned economy since 1949, all housing production was the responsibility of the State. Due to the lack of finance, new housi

4、ng production has not been able to keep up with the increasing urban population. Urban housing reform introduced in 1988 proposed a strategy of developing affordable housing for the ordinary households through the privat

5、e housing market. However the implementation of such a strategy has encountered a number of obstacles including the lack of a second hand housing market, an undeveloped real estate profession, unclear land and property l

6、egislation and an absence of proper property management support. Amid these obstacles, the lack of housing finance would appear to be at the core of the problem. In order to generate funding for housing development, the

7、Chinese Government introduced the Housing Provident Fund (HPF) Scheme in Shanghai in 1991. Under the HPF, all employees were required to contribute a proportion of their salaries to HPF and employers contributed a simila

8、r amount. Accounts for individual workers were set up in the Construction Bank of China. Today workers are allowed to withdraw their HPF savings when they retire, alternatively they can use their HPF savings to purchase

9、homes in the private housing market, or from the Comfortable Housing Projects. HPF is now implemented in most cities in China, although there are some variations in the operation of Scheme. By using an empirical study of

10、 the HPF Scheme in Shanghai, this paper reviews the role of the HPF in financing affordable housing development in China. r 2004 Elsevier Ltd. All rights reserved.Keywords: Housing provident fund; Housing finance; Housin

11、g policy; Shanghai; ChinaARTICLE IN PRESSwww.elsevier.com/locate/habitatint0197-3975/$ - see front matter r 2004 Elsevier Ltd. All rights reserved. doi:10.1016/j.habitatint.2004.02.007?Corresponding author. Tel.: +852-27

12、66-5832; fax: +852-2764-572. E-mail address: bscwyeun@polyu.edu.hk (S.C.-W. Yeung).A series of housing reform policies aimed at transferring the responsibility for housing provision from the State to the market have been

13、 proposed since 1988. Various plans were implemented to sell housing units owned by the state enterprises/work units to ‘tenants’. However, responses were not as good as expected. The critical reason for this was because

14、 of a mismatch between affordability to urban dwellers and the price level of the commodity housing. In addition, housing units were still being allocated to the workers by state-owned enterprises (SOEs), which made hous

15、ing reform more difficult to implement. After years of piecemeal urban housing reform, the Chinese Government adopted a general policy direction for urban housing reform that required the transfer of responsibility for h

16、ousing provision from the State to the market. The main focus in the late 1990s was a shift to the operation level of providing financial assistance to the homebuyers. The principles associated with a Housing Provident F

17、und (HPF) Scheme previously adopted in Singapore, were considered by the Chinese Government and deemed to be applicable to China.The HPF Scheme in urban ChinaIn early 1991, the Shanghai municipal government established i

18、ts own HPF Scheme and subsequently introduced its housing reform policy in May, 1991. There were five key policy measures under the housing reform program:(a) Implement the HPF Scheme; (b) Increase rents and replace by w

19、age subsidies; (c) Those who were allocated housing were required to purchase housing bonds; (d) Tenants can purchase state-owned housing at discount rates; and (e) Establish housing committees.The HPF was adopted as the

20、 core component of the overall housing reform in Shanghai and it provided a fundamental and long term means to meet the housing needs of the workers without State subsidy. According to the Shanghai Provident Fund Managem

21、ent Centre, there were three main objectives of introducing the HPF:(a) Provision of an effective means to promote the transformation of housing from welfare to commodity; (b) Financial support to increase housing produc

22、tion and to meet the housing need of those families in poor living conditions; and (c) The establishment of a housing system under which the State, work units and individuals would join together to provide finance for ho

23、using development.Shanghai was the first Chinese city to implement the HPF Scheme as a financial tool for housing reform that included a form of compulsory saving by employees (Shanghai Housing Provident Fund Management

24、Centre (ed.), 1999). All employers and employees in Shanghai were required to contribute a percentage of the employees’ salaries on a monthly basis to the ‘‘employees’ account’’ in the HPF. Initially the percentage was s