国家统计局发布2025年房地产数据显示，尽管房地产市场仍在调整过程中，但积极因素正在积累。 接下来，稳定房地产市场应如何着力？地方政府应怎么用足用好房地产调控自主权？公积金制度怎么 改？接下来市场如何走？ 带着这些问题，日前21世纪经济报道记者对中国人民大学商学院教授、国发院城市与房地产研究中心主 任况伟大进行了专访。况伟大深耕房地产金融与经济、住房政策等领域，是中国房地产市场研究的代表 人物之一。 当前"五限"政策（限购、限贷、限售、限价、限商）已大幅放开，比如在限购方面，除了北京、上海等 一线城市外，其他城市限购几乎都已放开。限贷、限售也已基本放开。目前部分城市在限价方面还有一 况伟大认为，如何扩大房地产市场有效需求，成为当下的重要任务。对此，需要着力转变市场预期，并 提高居民对房地产的支付能力。目前已出台的房地产政策"组合拳"内容丰富，力度较大，但政策是否已 触及最大发力边界，仍有待后续进一步研究。政府要对目前的市场有充分的认识，不能和市场重复博 弈，政策尽量一步到位，把所有有利于促进市场止跌回稳的政策全部运用到位，力争从根本上扭转市场 运行态势。 楼市支持政策尽量一步到位 《21世纪》：着力稳定房地产 ...

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].

从政策内容看，当前优化重点主要集中在三个方向：一是降低贷款利率。自2026年1月1日起，全国首套 公积金贷款利率下调至2.6%，二套降至3.075%。二是提高贷款额度及提升"商转公"额度，部分城市首 套房贷款额度由120万元提高至156万元，多子女家庭可获得更高额度。三是拓宽使用场景，包括支付首 付、契税、物业费、装修款等。 邮储银行研究员娄飞鹏对记者表示，近期中央及地方政策释放出清晰信号：一方面，通过利率下调、额 度提升和使用场景扩展，降低居民购房资金成本，激活潜在需求；另一方面，通过"商转公"便利化和代 际支持，推动住房金融结构调整，实现公积金与商业金融的协同发力。 中指研究院监测显示，2025年全国共出台房地产相关政策超过630条，其中约280条涉及公积金贷款政策 优化，是各类政策中频次最高的方向，主要集中在提高贷款额度、调整套数认定、优化"商转公"和拓宽 提取范围等方面。 后续更可能取决于宏观利率环境和房地产市场修复进展。 2026年开年以来，住房公积金制度改革再次受到关注。2025年12月召开的中央经济工作会议明确提 出"深化住房公积金制度改革"，随后召开的中国人民银行工作会议进一步明确，将下调政策 ...

Core Viewpoint - The recent discussions around the reform of the housing provident fund system indicate a significant shift aimed at enhancing its effectiveness and expanding its usage, reflecting a broader commitment to improving housing accessibility for residents [1][2]. Group 1: Current Issues with the Provident Fund - The call for reform is driven by several issues, including the narrowing interest rate gap between commercial loans and provident fund loans [2]. - Some cities impose restrictions requiring the provident fund deposit location, home purchase location, and household registration to be the same, complicating cross-city home purchases [2]. - There are limitations on the conditions and amounts for converting commercial loans to provident fund loans [2]. Group 2: Future Directions for Reform - The reform will focus on expanding the usage of the provident fund beyond home purchases to include down payments, property fees, and renovations [3]. - There will be an emphasis on improving fund efficiency to ensure that more money is actively utilized rather than remaining idle in accounts [4]. - The reform aims to support inter-city recognition and lending, allowing the provident fund to follow individuals' work and life changes [5]. - More flexible employment individuals, such as freelancers and self-employed workers, will be encouraged to participate in the provident fund system [5]. - Increased support for affordable housing, urban renewal, and the renovation of old neighborhoods will be prioritized, enhancing urban livability [5].

Core Viewpoint - The recent Central Economic Work Conference emphasizes the need to deepen the reform of the housing provident fund system to stabilize the real estate market and promote high-quality development in the sector [1] Group 1: Reform and Current Status - The housing provident fund system reform has been ongoing, with the number of pilot cities for flexible employment personnel expanding from 13 to 36 [1] - In 2025, 65,300 individuals withdrew 2.043 billion yuan from the housing provident fund for home renovations, indicating a shift towards improving living conditions [1] - The coverage of the provident fund is limited, currently only covering one-third of urban employees, which affects the expansion of inclusive finance [2] Group 2: Financial Dynamics - The balance of the national housing provident fund increased from 4.56 trillion yuan in 2016 to 10.9 trillion yuan in 2024, but the proportion of withdrawals for housing consumption has decreased from 82.2% in 2021 to 75.2% in 2024 [2] - There is a significant funding gap for housing consumption among over 200 million flexible workers, of whom less than 10% contribute to the provident fund [2] Group 3: Adaptation to New Housing Needs - The original provident fund system, established in 1994, was designed for a different economic context and is now seen as outdated as urbanization stabilizes and housing demand evolves [3] - The reform direction should shift towards a more inclusive housing finance model that addresses the needs of over 200 million new citizens, young people, and flexible workers [3] Group 4: Proposed Solutions - Implementing fiscal subsidies for non-public sector employees and flexible workers to encourage provident fund contributions [4] - Increasing investment returns by enhancing the management and investment strategies of the provident fund to boost its scale and attractiveness [4] - Utilizing the fund's returns to invest in areas with high demand for housing improvements, such as old neighborhoods and rental housing for new citizens [5] Group 5: Long-term Support Mechanisms - Establishing a continuous support mechanism for new citizens transitioning from renting to owning homes, potentially expanding the provident fund's role to include broader social welfare accounts [6] - Creating a mechanism for the compensated adjustment of surplus funds between regions with varying loan rates to optimize resource allocation [6] - Fostering a sustainable cycle of provident fund accumulation, investment, and withdrawal to enhance the overall housing finance system [6]

最近，公积金制度改革火上了热搜，住建部说了，正在研究扩大住房公积金使用范围，深入推进灵活就 业人员参加住房公积金制度试点。公积金制度实行这么多年，跟我们大家的钱包、买房计划都息息相 关。想必你也很关心，未来的公积金制度要改革，到底要怎么改？对你我有啥影响？ 就在2025年12月，近十年来中央经济工作会议第一次出现了"深化住房公积金制度改革"这句话。紧接 着，全国住房城乡建设工作会议提了7次公积金，要让公积金"更好发挥作用"。 这背后的信号很明显 ——公积金要升级了，不是小修小补，而是动真格的改革。 从上世纪90年代开始推行，这几十年来，是国家调整房地产政策的重要工具。全国公积金缴存余额，到 2024年底，涨到了10.9万亿元。这么大一笔钱躺在账上，效能还有提升空间，确实是到了改革的时候 了。 为什么最近公积金改革的呼声这么高呢？这是因为，在公积金使用过程中，出现了一些需要解决的问 题，和不合理的限制。 一是商贷利率降了，公积金和商贷的利差在缩小。二是一些城市对公积金的限制。有的城市要求，公积 金缴存地、购房地、户籍地必须一致，结果就是——钱不能跟着人走，跨城买房很不方便。还有商转 公，在转换条件和额度上都有限 ...

Core Viewpoint - The recent discussions around the reform of the housing provident fund system indicate a significant shift aimed at enhancing its effectiveness and expanding its usage, reflecting the government's commitment to address existing issues and improve housing accessibility for residents [1][2]. Group 1: Current State of the Housing Provident Fund - The housing provident fund has been a crucial tool for adjusting real estate policies since its implementation in the 1990s, with a total balance expected to reach 10.9 trillion yuan by the end of 2024 [1]. - The fund's effectiveness has room for improvement, prompting the need for substantial reforms rather than minor adjustments [1]. Group 2: Reasons for Reform - Recent calls for reform stem from issues such as the narrowing interest rate gap between commercial loans and provident fund loans, and restrictive policies in some cities that hinder cross-city home purchases [2]. - Limitations on converting commercial loans to provident fund loans also contribute to the need for reform [2]. Group 3: Future Directions of Reform - The reform is expected to expand the usage of the provident fund beyond home purchases to include down payments, property fees, and renovations [2]. - Enhancing fund efficiency is a priority, aiming to increase the flow of money rather than allowing it to remain idle [2]. - The reform will support inter-city recognition and lending, allowing the fund to follow individuals' work and life changes [2]. - More flexible employment groups, including freelancers and self-employed individuals, will be encouraged to participate in the provident fund system [2]. - Increased support for affordable housing, urban renewal, and the renovation of old neighborhoods is also a key focus, aiming to improve living conditions [2].

（文章来源：21世纪经济报道） 1月8日，《人民日报》发表题为《中央"点名"住房公积金，释放什么信号？》的文章指出，公积金很可 能要迎来改革大动作。文章从公积金的用途、问题、提升空间，以及我国住房发展的现实需要入手，提 出公积金改革的总体目标——"让大家贷得到、用得顺这笔钱，从而住得上更好的房子。" 据住建部消息，住建部住房公积金监管司正加强顶层设计，立足缴存人不同阶段住房消费特点，研究优 化住房公积金管理、扩大资金使用范围。同时，围绕"投资于人"，深入推进灵活就业人员参加住房公积 金制度试点，让住房公积金制度惠及更广泛就业群体。 近期，公积金制度改革成为监管部门频繁提及的话题。 2025年12月召开的中央经济工作会议指出，深化住房公积金制度改革。在近10年的中央经济工作会议公 报中，这是公积金首次被单独提及。 ...

记者丨张敏 编辑丨张伟贤 近期，公积金制度改革成为监管部门频繁提及的话题。 2025年12月召开的中央经济工作会议指出，深化住房公积金制度改革。在近10年的中央经济 工作会议公报中，这是公积金首次被单独提及。 当月下旬，全国住房城乡建设工作会议召开，并提出"更好发挥住房公积金作用""深化住房公 积金制度改革"。该会议还透露，我国累计发放住房公积金个人住房贷款6.5万亿元，支持缴存 人提取9.4万亿元住房公积金用于住房消费。 2026年1月2日，《求是》杂志发表题为《改善和稳定房地产市场预期》的文章，再度强调"深 化住房公积金制度改革"。 在楼市中长期发展空间巨大、短期市场继续调整、稳楼市政策仍待加力的背景下，这些表态释 放出的信号意义值得关注。 1月8日，《人民日报》发表题为《中央"点名"住房公积金，释放什么信号？》的文章指出， 公积金很可能要迎来改革大动作。文章从公积金的用途、问题、提升空间，以及我国住房发展 的现实需要入手，提出公积金改革的总体目标——"让大家贷得到、用得顺这笔钱，从而住得 上更好的房子。" 最后，公积金贷款有额度上限（通常远低于房价），且申请人与缴存情况、收入严格挂钩。这 天然地限制了杠 ...

住房公积金制度作为中国住房保障体系的核心支柱，已走过近30年历程。最近，公积金制度改革的话题 再度引发关注。 据《人民日报》报道，2025年底召开的中央经济工作会议，提出"深化住房公积金制度改革"。在过去十 年的中央经济工作会议通稿中，公积金被单独点名，这还是头一次。随后召开的全国住房城乡建设工作 会议，公积金被提及整整7次。 确实，随着人口老龄化加剧、住房需求转型以及养老金缺口扩大，现行公积金制度的弊端日益显现。改 革呼声并非今日才有，但此次高层会议的密集表态，无疑为改革提供了最强劲的政治动力。 公积金改革的多元视角 在对公积金改革的讨论中，不少声音认为，公积金制度改革一方面要立足于本国国情，另一方面也要借 鉴国际上的先进经验。那么，在我国公积金制度改革过程中，国际上有没有哪些值得借鉴的经验？ 其实，新加坡中央公积金制度（CPF）的成熟经验，或可为中国改革提供有益镜鉴。若审视新加坡中央 公积金制度的核心逻辑，是账户打通与功能融合，构建了"住房－养老"的良性循环生态。 新加坡的中央公积金制度（CPF）始于1955年，历经近70年发展，已成为全球公认的公积金制度典范。 新加坡公积金账户是"三位一体"账户体系，分 ...