How Does the Loosening of Housing Regulatory Policy Promote Household Consumption Quality?—Evidence from Chinese Household Income Projects(CHIPs)
Enhancing domestic consumption levels and quality is a fundamental requirement of adhering to the people-centered approach,and it also promotes improvements in economic quality and efficiency.The housing market is closely linked to household consumption.In this paper,we develop a simple model to analyze the effect of the down-payment ratio as a housing loan policy on household consumption.We employ a nationwide dataset,the Chinese Household Income Projects(CHIPs)2013 and 2018,to empirically test the main implications of the model.We find that restricting the down-payment ratio for the first-owned apartment does not diminish housing demand in the short term.Moreover,this policy lowers both the level and quality of consumption for households with a strong demand for owning an apartment,particularly in services such as communication,education,culture,and entertainment.However,the down-payment ratio for the second or subsequent apartments may stimulate household consumption.The negative impact of the down-payment ratio for the first apartment on consumption is stronger among those with stronger ownership desires(indicated by smaller rental apartment sizes),lower household wealth,and migrants without local Hukou(household registration).
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