The Effects of Housing Provident Fund on Subjective Wellbeing in China
A comprehensive understanding of the impact of the Housing Provident Fund(HPF)on family members'wellbeing is not only related to the realization of the goals of"seeking happiness for the people"and"common prosperity",but also of great significance to further reformation and improvement of the HPF system.This paper empirically investigates the impact of the HPF on family member's subjective wellbeing,viewing from the household head's self-reports,using data from the 2015-2019 China Household Finance Survey.We find that contributing to the HPF significantly increases family member's subjective wellbeing and this remains robust after correcting for estimation bias due to sample self-selection and endogeneity issues.The HPF system provides low-cost housing finance,which significantly increases the probability of house ownership and improves household consumption structure,thereby increasing one's subjective wellbeing.Heterogeneity analyses show that the HPF system has a greater impact on those owning a house,with only one house,and those paying house mortgage.Further analysis shows that the HPF system significantly improves individuals'wellbeing in households facing poorer financial conditions,economically vulnerable or employed informally,which therefore contributes to common prosperity.This paper provides micro evidence that the HPF system improves individuals'subjective wellbeing,which throws lights on related policy intervention.
The Housing Provident FundHappinessHousing Financing MethodsCommon Prosperity
NETL
NSTL
万方数据
维普
