公积金超10万亿资金或将被激活

Core Viewpoint - The article discusses the urgent need for reform in China's housing provident fund system, which has over 10 trillion yuan in dormant funds, to better support housing needs, including rental and affordable housing, and to adapt to the changing housing market dynamics [1][12][18]. Historical Context - The housing provident fund system was established in the early 1990s to address urban housing shortages, with Shanghai being the first city to implement it in 1991 [4][5]. - Over the past 30 years, the system has played a crucial role in facilitating home purchases for urban workers through mandatory savings and low-interest loans [6][9]. Current Status - As of the end of 2024, there are over 1.76 billion contributors to the housing provident fund, representing approximately 12.5% of the national population [3][6]. - The total accumulated withdrawal amount from the housing provident fund has exceeded 21.8 trillion yuan, accounting for 67% of the total contributions [6]. Challenges - There is a significant amount of dormant funds, with the balance increasing from approximately 3.7 trillion yuan in 2014 to about 10.9 trillion yuan by the end of 2024, marking a nearly 195% increase over ten years [8][9]. - The current regulations restrict the withdrawal and usage of funds, leading to a situation where funds are "stored but not used" [8][9]. Reform Directions - The central economic work conference in 2025 emphasized the need to deepen reforms in the housing provident fund system, marking the first such directive in a decade [12]. - Proposed reforms include expanding the coverage to flexible employment groups, adjusting withdrawal conditions, and creating a more unified national market to facilitate population mobility [10][12][13]. Policy Adjustments - Various local governments have begun optimizing housing provident fund policies, with over 280 related adjustments made in 2025, focusing on increasing loan limits and expanding the range of permissible uses for the funds [15][16]. - Specific examples include increased loan limits for families with multiple children and allowing withdrawals for home renovations and property management fees [16][17]. Key Issues to Address - The article highlights two critical issues: the need for cross-regional recognition and lending of provident funds, and the narrowing interest rate gap between provident fund loans and commercial loans, which may affect the attractiveness of the former [19][20]. - Solutions proposed include establishing a demand-driven fund allocation mechanism and ensuring that the provident fund remains a competitive financial tool in the housing market [20][21].