8月，京沪房地产限购政策出现重大转向，对于符合购房条件的家庭，北京五环外、上海外环 外均不再限购。作为限购执行最严格的城市，北京和上海限购政策的放松，意味着全国住房限 购政策整体的淡出，又往前迈出重要一步。 从2010年4月北京推出全国首个住房"限购令"开始，限购政策已走过15年。其间房地产市场风 云变幻，限购政策也经历了从收紧到放松，到再度收紧，再到逐步退出的阶段。2022年开始， 各地限购政策开始出现松动，2023年至今，核心城市密集放松限购乃至全面退出限购。经过最 新一轮的政策调整，仍部分执行限购的仅北京、上海、深圳以及海南部分城市。 在受访专家看来， 限购政策是我国房地产调控的重要手段，在特定时期起到了直接抑制投资 投机购房需求的作用，稳定了市场价格预期。但限购政策的严格执行，也抑制了部分合理购房 需求，如果过度依赖限购政策，也可能会导致市场供需信号扭曲。 受访专家认为，经过近几年政策优化调整，当前限购政策环境已处于最宽松时期，还在部分执 行限购的城市，短期内完全退出限购或不太现实，京沪等城市仍需在满足合理购房需求与防止 炒作风险之间寻求平衡，核心区域的限购或长期存在。未来若市场恢复不及预期，在社保年 ...

Core Insights - The relaxation of housing purchase restrictions in Beijing and Shanghai marks a significant shift in China's real estate policy, indicating a broader trend towards the easing of housing purchase limits nationwide [1][8][9] - The current environment for housing purchase restrictions is at its most lenient stage, with only a few cities, including Beijing, Shanghai, Shenzhen, and parts of Hainan, still implementing such policies [2][11] - The adjustments in housing purchase policies reflect a transition from short-term administrative interventions to long-term market mechanisms, focusing on stabilizing market expectations rather than merely controlling housing prices [5][6] Policy Evolution - The housing purchase restriction policy began in April 2010 with the introduction of the first "purchase limit order" in Beijing, aimed at curbing speculative demand and stabilizing market prices [3][4] - Following the introduction of the "New National Eight Articles" in January 2011, the intensity of purchase restrictions peaked, effectively curbing rapid price increases in the real estate market [4] - The period from 2017 to 2021 saw the strictest enforcement of purchase restrictions, which helped reduce speculative activities but also limited reasonable housing demand [4][6] Recent Developments - In August 2023, Beijing and Shanghai announced significant changes to their housing purchase policies, allowing eligible families to purchase homes without restrictions in outer areas [8][9] - The adjustments in these major cities are based on the structural differences in the real estate market, with a focus on balancing reasonable housing demand and preventing speculative risks [9][10] - The future of purchase restrictions in cities like Beijing, Shanghai, and Shenzhen will depend on local market characteristics and policy objectives, with a gradual approach likely to continue [10][11]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes the policy trends in multiple fields from August 7th to August 21st, 2025, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. These policies aim to boost consumption, expand investment, support emerging industries, and stabilize the real estate market, among other goals [1][2][3][4][5][6]. Summary by Directory 1. Macro - economic Tone - Personal consumption loan and service industry business loan fiscal subsidy policies were implemented. The subsidy ratio is 1 percentage point, and the central and provincial finances bear 90% and 10% of the subsidy funds respectively. The policies will be evaluated upon expiration [11][14][15]. - The State Council Executive Meeting emphasized cultivating and expanding service consumption and increasing effective investment [12][15]. - 188 billion yuan of ultra - long - term special treasury bond funds for equipment renewal investment subsidies were fully allocated, supporting about 8,400 projects and driving over 1 trillion yuan in total investment [13][15]. 2. Fiscal Policy - Special bonds can be used for government expenditures in the construction costs of PPP stock projects. Local governments are required to manage and use funds properly to ensure the stable operation of PPP projects [16][19]. - A 500 - billion - yuan "quasi - fiscal" tool is expected to be launched, potentially focusing on emerging industries and infrastructure [17]. - The implementation regulations of the Value - Added Tax Law were open for public consultation, clarifying relevant scope and rules [18][19]. 3. Monetary Policy - In August, the central bank conducted repurchase operations, with a net injection of 30 billion yuan, showing its care for the market [20][22]. - The central bank continued the overall tone of "implementing and refining" and remained committed to preventing capital idling. The probability of a policy interest rate cut is relatively low in the short term [20][21][22]. - Financial institutions should focus on exploring effective credit demand rather than being overly concerned about monthly credit increment fluctuations [21][22]. 4. Financial Supervision - Regarding banks, regulators addressed "involution - style" competition, residents' deposits flowed into the market, a draft for public comment on the management measures for commercial bank merger and acquisition loans was released, and many small and medium - sized banks lowered deposit interest rates [22][23][26]. - For insurance, three new scenarios for claiming personal pensions were added [24][28]. - The trading association launched a self - regulatory investigation into institutions involved in the illegal use of raised funds in bond financing [25][28]. 5. Real Estate Policy - The policy aims to consolidate the stabilization and recovery of the real estate market, improve the basic real - estate financial system, and release improvement - oriented housing demand [29][31][32]. - Beijing lifted the purchase restrictions on commercial housing outside the Fifth Ring Road [29][32]. - Hainan Province introduced real - estate regulatory policies, allowing for appropriate relaxation of the acquisition area standard when purchasing existing commercial housing for affordable rental housing [30][31][32]. 6. Tariff Policy - The suspension of the 24% additional tariff on US imports was extended for 90 days, while the 10% additional tariff was retained [33][34]. - Trump stated that there is currently no plan to impose additional tariffs on China for purchasing Russian oil, but this might be reconsidered in two or three weeks [33][34].