超10万亿资金待“唤醒” 公积金改革将迎大动作

Core Viewpoint - The housing provident fund system in China, established over 30 years ago, is facing challenges in adapting to current housing market needs and requires significant reform to enhance its efficiency and coverage [1][10]. Group 1: Current State of the Housing Provident Fund - The housing provident fund has accumulated over 10.9 trillion yuan in deposits, with a growth of approximately 195% over the past decade [7]. - As of the end of 2024, there are over 1.76 billion contributors to the fund, representing about 12.5% of the national population [5]. - The total amount withdrawn from the fund exceeds 21.8 trillion yuan, with major uses including rent, old community renovations, home purchases, and mortgage repayments [6]. Group 2: Reform Needs and Directions - The Central Economic Work Conference in 2025 emphasized the need to "deepen the reform of the housing provident fund system," marking the first such directive in a decade [10]. - Experts suggest that the fund's application should expand beyond home purchases to include rental housing, old community renovations, and other housing needs, thus becoming a core support tool for residents [2][11]. - The reform should focus on both mechanism and system improvements, including expanding coverage to flexible employment groups and adjusting withdrawal conditions [10][12]. Group 3: Challenges and Contradictions - The current system faces contradictions, such as a focus on home purchases over rentals, which limits funds' flow into new housing sectors like affordable and rental housing [9]. - The strict local management of the fund creates "funding islands," hindering cross-regional housing consumption and resource allocation [9]. - The fund's coverage is insufficient for new citizens and flexible employment workers, which may exacerbate welfare disparities [9]. Group 4: Policy Adjustments and Innovations - In 2025, over 630 real estate policies were introduced nationwide, with around 280 related to optimizing the housing provident fund [13]. - Local governments are increasingly fine-tuning policies to support various demographics, such as families with multiple children and those purchasing high-quality housing [14]. - There are ongoing explorations to broaden the fund's usage, including allowing withdrawals for property maintenance and health-related expenses [14][15]. Group 5: Future Considerations - Key issues include whether the fund can achieve cross-regional recognition and lending, which is currently limited by local interests and inconsistent management standards [16][17]. - The narrowing interest rate gap between provident fund loans and commercial loans poses challenges, necessitating a focus on maintaining a meaningful policy interest differential [17][18]. - Structural and precise expansions of loan limits are recommended, linking them to local housing prices and types, while also incentivizing continuous contributions [18].