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國領導人可能發現，這些產業擴張很快並且 價日益上漲，開發商都用貸款來買地，而政
會產生其他影響，而且更重要的是，企業握 府希望降低和控制這種槓桿，並且希望控制房
有消費者偏好和其他方面的資料，所以必須 價，讓更多人負擔得起房子。要解決房地產
加強控制。 開發商造成的債務危機，就必須一邊處理債
券違約率（尤其是以美元計價的債券），一

以「共同富裕」為名，行監理整頓之實 邊由公有銀行接管債務，而這些事情必須由
地方政府和地方銀行負責，藉此讓房價維持
中國後疫情時代最重要的就是實現習 穩定的低成長，實現共產黨的「共同富裕」
主席的「共同富裕」，希望財富分配得更平 目標。
均。這就是中國政府打壓補教界的原因，補 總而言之，中國這一系列的監理整頓已
習是加劇收入不平等主要原因之一，尤其在 經成了施政核心，當然也是習主席帶領中國
年輕一代更明顯。大力整頓房地產業的原因 更進一步邁向中國特色社會主義經濟的新步
也一樣，持續多年房價飆升也嚴重加劇了收 伐。無論是資訊掌控、反壟斷政策，還是收
入不平等。對大多數人來說，適合條件的居 購一度由私人企業主導的房地產業，這類監

住場所稀少，或他們財務狀況負擔不起，而 理整頓行動都在讓國家對中國經濟的影響力 ＡＤ
中國的金融體系又讓人們很難找到其他投資 日益擴張。（本文作者為法國外貿銀行亞太首
機會，而且無法投資國外資產。此外，土地 席經濟學家、台灣金融研訓院資深顧問；譯者
長期以來都是地方政府的主要稅基，由於地 為廖珮杏）

to foreign assets. To cater to this demand and faced local governments) to rein in the sector in the direction
with increasingly expensive land which has long of a meager-but stable-growth of property prices
been the main tax base of local governments, real which can help the Party’s goal of improving common
estate developers leveraged themselves in order to prosperity.
afford land. Limiting and bringing this leverage under All in all, the ongoing regulatory crackdown
control was another key reason for the government in China is indeed becoming central in the
crackdown, which also wants to moderate house government’s policies and certainly to President
prices so as increase housing affordability. The Xi’s vision of China’s new step into a socialist

solution to the unsustainable debt accumulated by real economy with Chinese characteristics. Such
estate developers, especially private ones, has been a crackdown is bringing the State towards an even
combination of bond defaults (especially on their dollar more central role in the Chinese economy whether
issuance) but also a take-over of private developers it is through data or antitrust policies, as well as
by state-owned banks a much bigger role of local the take over of the once privately dominated real
governments and regional banks (also dominated by estate sector.

50 台灣銀行家2022.3月號2022.3月號
50 台灣銀行家

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