住房公积金外文翻译

Theroleofthehousingprovidentfundinfinancingaffordablehousing

developmentinChinaRodneyHowesAbstractSincetheadoptionoftheopendoorpolicy,theeconomyofChinahasbeengrowingrapidly.Alongwitheconomicachievement,housingproblemsinmajorcitiesinChinahaveremainedlargelyunsolved.Underthetraditionalplannedeconomysince1949,allhousingproductionwastheresponsibilityoftheState.Duetothelackoffinance,newhousingproductionhasnotbeenabletokeepupwiththeincreasingurbanpopulation.Urbanhousingreformintroducedin1988proposedastrategyofdevelopingaffordablehousingfortheordinaryhouseholdsthroughtheprivatehousingmarket.Howevertheimplementationofsuchastrategyhasencounteredanumberofobstaclesincludingthelackofasecondhandhousingmarket,anundevelopedrealestateprofession,unclearlandandpropertylegislationandanabsenceofproperpropertymanagementsupport.Amidtheseobstacles,thelackofhousingfinancewouldappeartobeatthecoreoftheproblem.Inordertogeneratefundingforhousingdevelopment,theChineseGovernmentintroducedtheHousingProvidentFund(HPF)SchemeinShanghaiin1991.UndertheHPF,allemployeeswererequiredtocontributeaproportionoftheirsalariestoHPFandemployerscontributedasimilaramount.AccountsforindividualworkersweresetupintheConstructionBankofChina.TodayworkersareallowedtowithdrawtheirHPFsavingswhentheyretire,alternativelytheycanusetheirHPFsavingstopurchasehomesintheprivatehousingmarket,orfromtheComfortableHousingProjects.HPFisnowimplementedinmostcitiesinChina,althoughtherearesomevariationsintheoperationofScheme.ByusinganempiricalstudyoftheHPFSchemeinShanghai,thispaperreviewstheroleoftheHPFinfinancingaffordablehousingdevelopmentinChina.Keywords:Housingprovidentfund;Housingfinance;Housingpolicy;Shanghai;China1．IntroductionHousingreformhasbeenacrucialcomponentoftheoveralleconomicreformsinurbanChinafromthemid-1980s.Since1949,Chinaasasocialistcountry,hasadoptedawelfarehousingsystemwheretheproduction,allocationandmaintenanceofhousinghasbeentheresponsibilityoftherelevantworkunit.Unlikeamereemployer,theworkunitprovidedalmostallaspectsofwelfareincludinghousing,medicalcareandeducation.Thisscenariohaschangedinthemid-1980swhenhousingreformwasinitiatedinmajorChinesecities.Asearlyasthelate1970s,Chinadecidedtooptforeconomicreformbypromotingmarketmechanismswithinitssocialistplannedeconomy.Theeconomicreformprogressedwellandgraduallyexpandedtoothernoproductionsectors.Bythemid-1980s,stateenterprises/workunitsbegantoshedtheirwelfareresponsibilitiesandconcentrateonproductionactivities.Acrucialpartofthisdevelopmentwaseconomicreformassociatedwiththeremovalofhousingprovisionasemploymentwelfare.WagesinChinaremainedverylowbecausethegovernmentandworkunitsprovidedheavysubsidiesandsocialwelfaretotheiremployees.Economicreformrequiredthatthesesubsidiesandwelfarecouldbegraduallyabolished.In1998,ZhuRongji,PremieroftheChineseStateCouncil,proposedthatthehousingmarketwouldbeapioneersectorintheChineseeconomy.Alongwiththereformofwagestructures,peoplewouldbeprovidedwithbetterpayinexchangefortakingcareoftheirownhousingneeds.AsshowninTable1,theannualactualincomepercapitalinShanghaiincreasedthroughoutthe1990sby500%.Thehighestincomegroupexperienceda700%increaseduringthesameperiod.Theexpectationwasthatthegeneralincreaseintheincomelevelofworkerswouldhelpthemtopurchasetheirownflats,insteadofrelyingontheworkunitsforstaffquarters.Theoutcomeofthesereformschangedhousingfromakindofsocialwelfaretoaprivatecommodity.AseriesofhousingreformpoliciesaimedattransferringtheresponsibilityforhousingprovisionfromtheStatetothemarkethavebeenproposedsince1988.Variousplanswereimplementedtosellhousingunitsownedbythestateenterprisesworkunitsto‘tenants’.However,responseswerenotasgoodasexpected.Thecriticalreasonforthiswasbecauseofamismatchbetweenaffordabilitytourbandwellersandthepricelevelofthecommodityhousing.Inaddition,housingunitswerestillbeingallocatedtotheworkersbystate-ownedenterprises(SOE),whichmadehousingreformmoredifficulttoimplement.Afteryearsofpiecemealurbanhousingreform,theChineseGovernmentadoptedageneralpolicydirectionforurbanhousingreformthatrequiredthetransferofresponsibilityforhousingprovisionfromtheStatetothemarket.Themainfocusinthelate1990swasashifttotheoperationlevelofprovidingfinancialassistancetothehomebuyers.TheprinciplesassociatedwithaHousingProvidentFund(HPF)SchemepreviouslyadoptedinSingapore,wereconsideredbytheChineseGovernmentanddeemedtobeapplicabletoChina.2．TheHPFSchemeinurbanChinaInearly1991,theShanghaimunicipalgovernmentestablisheditsownHPFSchemeandsubsequentlyintroduceditshousingreformpolicyinMay,1991.Therewerefivekeypolicymeasuresunderthehousingreformprogram:ImplementtheHPFScheme;Increaserentsandreplacebywagesubsidies;Thosewhowereallocatedhousingwererequiredtopurchasehousingbonds;Tenantscanpurchasestate-ownedhousingatdiscountrates;andEstablishhousingcommittees.TheHPFwasadoptedasthecorecomponentoftheoverallhousingreforminShanghaianditprovidedafundamentalandlongtermmeanstomeetthehousingneedsoftheworkerswithoutStatesubsidy.AccordingtotheShanghaiProvidentFundManagementCentre,therewerethreemainobjectivesofintroducingtheHPF:Provisionofaneffectivemeanstopromotethetransformationofhousingfromwelfaretocommodity;Financialsupporttoincreasehousingproductionandtomeetthehousingneedofthosefamiliesinpoorlivingconditions;andTheestablishmentofahousingsystemunderwhichtheState,workunitsandindividualswouldjointogethertoprovidefinanceforhousingdevelopment.ShanghaiwasthefirstChinesecitytoimplementtheHPFSchemeasafinancialtoolforhousingreformthatincludedaformofcompulsorysavingbyemployees.AllemployersandemployeesinShanghaiwererequiredtocontributeapercentageoftheemployees’salariesonamonthlybasistothe’employees’account’’intheHPF.Initiallythepercentagewassetat5%andsubsequentlyincreasedto7%in1999.ThesavingsunderthisSchemeweredepositedinbanksdesignatedbytheShanghaiHousingProvidentManagementCentreandtheuseofthefundwasrestrictedtoprovideloanstoenterprisesforhousingproduction;provisionofloansdirectlytoworkerstopurchasetheirownflatsfromtheprivatehousingmarket;andtheprovisionoffinancetoenterprisesorindividualhouseholdsformajorhousingrepairworks.Sinceitsimplementationin1991,theHPFSchemehasgenerallybeenregardedassuccessfulinShanghai,andithasprovidedarolemodelforothercitiesthatsoonfollowedsuitbyadoptingsimilarHPFschemes.TheHPFschemeinShanghaicontinuedtodeveloprapidlyduringthe1990s.Bytheendof2002,thetotalamountofHPFaccumulatedinShanghaiwasRMB57.773billion.Duringtheyearof2002,theShanghaiHPFaccumulatedRMB10.942billion,whichwas17.7%higherthan2001.3．ManagementoftheHPFTheShanghaiHPFSchemeisintendedtobepermanentanditisthereforeessentialthatadequateandpropermanagementoftheFundSchemeisinplace.ThemanagementandoperationoftheHPFSchemefollowedthreeguidelines:Individualsavingscomplementedbyworkunitsubsidy;Administrationunderasingleauthority;Usedforspecifiedhousingpurposesonly.TheguidelinesrequirethatboththeemployersandtheemployeesfromSOEandpri-vate/jointventurecompaniessetupandcontributetotheHPF.Itisexpectedthatthenon-stateownedenterpriseswillincreaserapidlywhenChinabecomesamemberoftheWorldTradeOrganization(WTO)thusallowingforeigninvestorstoruntheirownbusinessesinChina.HencetheHPFwillbecomeanimportantsourceoffinanceforhousingproductionandconsumptionforboththestate-ownedandnon-stateownedworkers.TherearebasicallythreecomponentsintheoperationoftheHPF:HousingCommitteeThebodyresponsiblefortheplanningofresidentialhousinginthecity.ProvidentFundManagementCentrethebodyresponsiblefortheoperationandmanagementoftheFund.Responsibilitiesvaryunderdifferentapproaches.DesignatedBanksFundsaredepositedinabankselectedbytheProvidentFundManagementCentre.ThePeople’sBankofChinaisresponsibleforthedeterminationofinterestratesapplicabletoHPF,whiletheMinistryofConstructionandMinistryofFinanceareresponsibleforoverseeingtheSchemeatstrategicandnationallevels.Atthelocallevel,HousingCommitteesdeterminepoliciesinassociationwithManagementCentersanddesignatedbanksareresponsibleforthedailyoperationoftheHPF.Inpractice,notallcitiesandprovincesfollowedtheShanghaimodelandasaconsequencetheydevelopedtheirownmanagementpractices.IngeneraltherewerebasicallytwomanagementapproachesadoptedinChinaforthemanagementoftheHPF.Underthefirstapproach,theManagementCentrecommissionedoneormorebankstocollectandtomanagethefund.TheHousingCommitteewouldsetupspecialaccountsintheselectedbank(s)thatwouldberesponsibleforfundcollectionandkeepingtrackoftheflowofthefundunderthesupervisionoftheManagementCentre.TheHousingCommitteehadthesupremerighttodecidemattersrelatedtothescheme.Ontheotherhand,thebankswereresponsibleforhandlingthedeposits,lendingandauditingaswellasfinancialmanagement.EveryemployeeundertheschemehadaspecificHPFdepositaccountwithadesignatedbank.ThisapproachwasadoptedinShanghaianditsneighboringcitiesinJiangsuProvince.TheChinaConstructionBankisthedesignatedbankinShanghaiandtheShanghaiProvidentFundManagementCentreisonlyresponsibleforsupervisingthefinancialmanagementofthebank.Inthesecondapproach,theManagementCentrecollectsfundsandprovidesmanagementandfinancialsupervisionovertheuseofthefund,includingthestorageandretrievalofindividualrecords.TheManagementCentersalsohadtheresponsibilitytoensurethatHPFwasusedforspecifiedpurposes.Hencebankswereonlyresponsibleforissuingloanstoemployees.SmallercitieslikeWenzhouandGuilinhadadoptedthisapproach.Itcanthereforebeseenthatthefirstapproachrequiresthebankstoparticipateinthescheme,therebyreducingthefinancialmanagementburdenonthegovernment.MoreoverinpracticetheManagementCentreisrequiredtokeepthefundrecordsforworkunitsandindividualsandthiscreatesoverlapwiththeworkofthebanks.Inthesecondapproach,therelationshipbetweenthebanksandtheCentrewasrelativelysimple.SincetheManagementCentrekeptalltherecords,itpossessedtheabilitytodirectlymanageandcontrolHPF.TherelationshipbetweentheHousingCommitteeandtheManagementCentrewasoftennotclearlydefinedandinsomecities,theCentrewasunderthecontroloftheHousingCommitteeorHousingReformLeadingGroup(adifferentnameoftheHousingCommitteeinsomecities).InShanghaitheManagementCentrewasundertheShanghaiHousingCommittee,whereasinBeijingtheManagementCentrewasundertheBeijingHousingReformLeadingGroup.Insomecities,theManagementCentreformedanintegralpartoftheHousingAuthority,whichwasoftenambiguousandconfusing,especiallywithregardtorelationshipsandthedistributionofpower.Unfortunatelytherewasnoevidencetodeterminewhichapproachshouldbeadopted,howevermostlocalgovernmentshadselectedthefirstapproachtoimplementtheirHPFSchemes.Inanattempttofacilitateandstandardisetheadministration,theStateCouncilHousingReformLeadingGroup(StateCouncilHousingReformLeadingGroupOfficeandChinaUrbanHousingReformInstitute,1996)suggestedthatlocalgovernmentsshouldadoptcomputernetworksystemsandfundcardnetworksystemsinmanagingtheprovidentfunds.TheroleoftheHPFinhousingsupplyDiminishingroleofthestateindirecthousingproductionBeforehousingreform,workunitsandgovernmentwereresponsiblefortheproductionofnewhousingunitsandthemaintenanceoftheexistinghousingstockforallemployees.HousingunitsintheformofstaffdwellingsrepresentedthelargestcomponentofthehousingstockinShanghaiandthishadimposedanextremelyheavyfinancialburdenonlocalgovernments.Intheinitialstageofurbanhousingreform,thefocuswasonincreasinghousingproductionbymeansofsharingthefinancialburdenamongthegovernment,theworkunitsandtheindividualssuchasintheComfortableHousingProgram.Thepolicyofallocationofstaffdwellingscontinuedtobeimplementduringthe1990sandmostofthefunds,eitherfromtheStateorgeneratedbytheworkunitsthemselvesweredirectlyusedfornewhousingproduction.Newhousingunitsweresubsequentlyconvertedintostaffdwellingsandeitherallocatedorsoldtoeligibleworkers.In2000,staffdwellingsconstituted86%ofthetotaldwellingsinShanghai(ShanghaiStatisticalYearBook,2001).ItwasapparentthatalthoughtheroleoftheStateinhousingproductionhadbeendiminishing,theworkunitscontinuedtoplayaverysignificantroleasthemiddlemanbetweentheproducersofhousingandtheendusers.Thereforetheconceptofhousingprovisionbystaffdwellingshadremainedunchangeddespitetheintroductiontheurbanhousingpolicyreformin1988.ThemajorchangewasinthesourceoffinanceforhousingwheretheburdenwasshiftedfromtheStateBudgettotheworkunitsandtheworkers.InShanghai,investmentinresidentialhousingremainedasasignificantcomponentofthecity’stotalfixedassetinvestment.Since1995thetotalfloorspaceofresidentialhousingcompletedeachyearwasmorethan10millionm2.Thisfiguredemonstratedthesuccessoftheurbanhousingreforminincreasinghousingproductiontosolvethecity’shousingshortage.ThesignificanceofhousingreformisnotmerelytoreleasetheheavyfinancialburdenofSOEs,butalsotoreinvigorateChina’seconomy.Intheannualworking-reportin1999,ZhuRongjireassertedthathousingreformwastobeoneofthemajortasks(industries)inpursuingeconomicgrowthinChina.InvestmentinresidentialhousingwasRMB425.9millionin2000representing25.1%oftheTotalFixedAssetInvestmentinShanghai(Table3).Fundforthecontinuoushighlevelofhousingproductionwaslargelyduetothecontinuousgrowthofdomesticloansandfundraisingactivities(Table4).Withtheintroductionoftheurbanhousingreform,workunitscouldnolongerrelyonthegovernmentforfundingtoconstructquartersfortheiremployeesandthereforetheywererequiredtoseekforalternativesourcesoffinance.TheShanghaiCityGovernmentinitiatedideaofHPFtoensurethatacertainportionofthecity’srevenuewaschannelledtobecomecapitalfornewhousingproductionandthemaintenanceofexistinghousingstock.Inpractice,theHPFplayedaverysignificantroleinfinancingaffordablehousingproductioninShanghai.AccordingtoZhang’sstudy,‘‘Bytheendof1966,HPFraisedRMB11.4billioninShanghaiandprovidedRMB8.4billioninloanstoworkunitsforhousingconstructionandRMB2billioninmortgageloansto46000householdsforhomepurchase.OnefourthoftotalsocialhousingconstructioninShanghaiwasfinancedbyHPFin1996’’.WhileHPFwasregardedasacontinuoussourceoffundingforhousingproductionandconsumption,thenationalComfortableHousingProjectprovidedthevitalfinancialsupporttolocalgovernmentsintheproductionofhousingfortheordinaryfamiliesinChina.The‘‘ImplementationPlanforNationalComfortableHousingProjec’t’announcedbytheStateCouncilintheNinthFive-yearPlan(1995-2000)wasfirstimplementedinShanghaiintheformoftheComfortableHousingProject(theProject).TheProjectwasintendedtoprovidelow-costhousingforthe‘‘householdswithhousingdifficulties’’whoselivingareaislessthan4m2perperson.TheProjectaimedatprovidingComfortableHousingfor74600householdsbyyear2000.Todoso,atotalof3millionm2ofComfortableHousingneededtobebuilt.(ShanghaiMunicipalStatisticsBureau,1995-2002,ShanghaiEconomyYearBook,1996).Obviouslytheimplementationofsuchmassivehousingprogramrequiredhugefund.ItwouldbeahugefinancialburdentotheGovernmentiftheProjectwassolelyfinancedbyher.Fundraisedatthelocallevel,inparticulartheHPFandloansfrombanksplayedasignificantroleinfinancingtheProject.In1995CentralGovernmentallocatedahousingloanofRMB300milliontoShanghaiwhilethelocalgovernmentcontributedafurtherRMB450milliontoimplementtheComfortableHousingProject.TheConstructionBank’sShanghaiBranchprovidedahousingloanofRMB750millionandtheHPFSchemecontributedaRMB433millionloantosupporttheProject.Theremainingfundingfortheprojectwasfromthehousingofficesandtheworkunitsthemselves.TheProjectmanagedtoproduce550000m2ofcomfortablehousingformorethan13000householdswhoseaveragelivingspacewerebelow4m2perperson.LoansfromtheStatereachedRMB300millionin1996withanotherRMB450millionloansraisedlocally.TheProjectcompletedatotalof620000m2ofComfortableHousingbytheendof1996assisted30200householdswithhousingdifficultiestoparticipateinhomepurchase(ShanghaiEconomyYearBook,1996;YearbookofShanghaiHousingDevelopmentBureau,1995-1996).In1997ZhuRongji,inthenationalhousingreformmeeting,suggestedthattheHPFSchemeshouldcollaboratewiththeComfortableHousingProjectasacoreelementofhousingreform.TheHPFSchemecouldaccumulatecapitalforhousingconstructionfromtheworkunitsandemployeesandwouldbeanauxiliarymeanstoprovidehousingunitstothehouseholdsasashort-teammeasure.In1997theShanghaiHPFSchemeprovidedatotalofRMB871millionloanstofinancetheComfortableHousingProject.Asaconsequence,completedfloorspaceundertheProjectin1997reached710000m2(ShanghaiEconomyYearBook,1998).TheComfortableHousingProjectfollowedtheprinciplethatthethreepartiesi.e.theState,theworkunitsandtheindividualshouldsharetheresponsibilitytosolvethehousingproblems.Hence,undertheProject,CentralGovernmentonlyprovidedloansasaninitialsourceoffinancialassistance.Workunitsthenhadtoraisecapitaltoconstructcomfortablehousing(lowcosthousing)andindividualswouldthenpurchasehousingunitswithloansfromtheprovidentfundandthebanks.ThesuccessoftheComfortableHousingProjectwassupportedbytherapiddevelopmentoftheHPFinShanghai.Afteryearsofhousingreform,theChineseGovernmentconsideredpromotinghomeownershipbyindividualfamiliesasalong-termstrategy,whichcouldrevitalisethelocalrealestatesectorandfosteredeconomicgrowthinthelongterm.Initially,thestrategyadoptedbytheChineseGovernmentinhousingreformwasmainlyconcentratedontheproductionsideaimedatproducinglow-costhousingforthepoor.TheComfortableHousingProjectwasatypicalexample.Inlinewiththisstrategy,theHPFinShanghaiplayedasignificantroleinfinancingcomfortablehousingproduction.Inpractice,theShanghaiHousingProvidentFundManagementCentreactedasadeveloperanddirectlyinvolvedinaffordablehousingdevelopment.Bytheendof1990s,theuseofHPFinShanghaihadbeenshiftedfromtheproductionsidetothedemandside.ProvidinglowinteresthousingloantosubscribersbecamethemajortaskoftheHPF.Policymeasureswereformulatedtostimulatehousingdemand.Forinstances,therepaymentperiodofhousingloanwasextendedfrom15to20years,andthedownpaymentamountwasreducedfrom30%to20%ofthevalueoftheproperty.TheHPFalsoworkedcloselywithmajorbanksinShanghaiinproviding‘‘compositehousingloans’’tohomebuyers.Therewasalsoarapidincreaseinindividualhomebuyerssincethemid-1990s.住房公积金的资金在中国住房发展中起到的作用罗德尼豪斯摘要由于改革开放政策，中国的经济一直在快速增长，伴随着我国经济成就，在中国主要城市的住房问题上仍然一直都没有解决。根据194年9以来的传统的计划经济，所有的住房生产是国家的责任。由于缺乏资金，新建住房的生产一直没能跟上日益增加的城市人口。在198年8推出了城市住房制度改革提出了通过私人住房市场发展经济适用住房为普通家庭的策略。然而，这样一种战略的实施遇到了一些障碍，包括缺乏二手房市场的，未开发的房地产界，不明确的土地和财产的立法和缺乏适当的物业管理支持。在一片这些障碍，缺乏住房金融似乎是在问题的核心。为了生成用于住房发展资金，中国政府在上海于年推出了住房公积金（P计划，在这项政策里，要求所有员工和雇主向计划贡献自己的工资的一定比例。对于职工个人账户分别设立在中国建设银行。今天的工人被允许提取其积蓄，当他们退休时，或者他们可以使用自己的积蓄购买房屋在私人楼宇市场，或从康居工程。虽然在计划的运作有一些变化，但现在大部分城市在中国实施。在上海通过使用计划进行了实证研究，本文回顾了在中国的融资保障性住房发展的作用。关键词：住房公积金；住房融资；住房政策；上海；中国1．引言住房制度改革已经成为80年代中期中国城市整体经济改革的重要组成部分。自194年9以来，中国作为一个社会主义国家，采取了福利分房制度，生产，分配和维修住房一直是相关单位的责任。不像一个单纯的雇主，工作单位提供的福利的几乎所有方面，包括住房，医疗和教育。这种情况下在80年代中期发生了变化时，住房制度改革在中国各大城市展开。早在上世纪70年代末，中国决定在社会主义计划经济内通过促进市场机制选择经济改革。经济改革进展顺利，并逐步扩大到其他非生产部门。到了80年代中期，国有企业/单位开始摆脱他们的福利责任，并专注于生产活动。这一发展的一个关键部分是具有改变住房提供就业福利相关的经济改革。中国的工资仍然非常低，因为政府和工作单位提供大量补贴和社会福利给员工。需要经济改革时，这些补贴和福利可能被逐步取消。199年8，中国国务院总理朱镕基提出，住房市场将在中国经济改革中成为一个先行者部门。随着工资结构的改革,人们会提供更好的薪酬,以换取照顾自己的住房需求。在上海年人均实际收入在整个20世纪90年代有50％0上升。最高收入者会在同一时期上升70％0。人们的期望是，工人的收入水平普遍提高，政府帮助他们购买，而不是依赖于工作单位的员工宿舍自己的单位。这些改革的结果改变了住房从一种社会福利到一个私人商品。国家自198年8，向市场颁布了一系列旨在为提供住房责任的房改政策，通过出售国有企业拥有的住房单位的工作单位，各种计划得以进行实施。然而，回答却没有如预期没有那么好。关键的原因是因为承受能力的城市居民和商品住房.在公平性分配中的不匹配，住房单位仍然由国有企业进行，这让房改更多的分配给工人难以实施。经过多年的零零碎碎的城市住房制度改革，中国政府通过了一项总的政策方向，城镇住房制度改革，需要的责任移交给国家到市场来房屋提供。在199年0代后期的主要重点是转向到购房者提供财政援助的运作水平。与先前在新加坡通过了住房公积金（）计划相关联的原则，中国政府认为新加坡住房公积金这种政策适用于中国国情。2在中国城市中的计划年初，上海市委市政府建立了自己的计划，并随后推出了房改政策，年5月在房屋改革方案的提出五个关键政策措施：（一）实施计划（二）提高租金和工资补贴;（三）那些谁分配住房的人被要求购买住房债券;（四）承租人有折扣购买国有住房;（五）建立住房委员会。将被采纳为上海整体住房制度改革的核4组件，它提供了一个基本的和长期的手段，以满足工人的住房需求没有国家补贴。根据上海公积金管理中4,要达成引入的三个主要目标：（一）促进住房从福利到商品化的转化;（二）财务支持，以增加住房的生产，并满足居住条件差这些家庭的的住房需求;（三）建立住房制度，国家，单位和个人将联合起来，以供房屋发展提供资金。上海是中国第一个实行将作为金融工具的城市，住房制度改革，其中包括一种强制储蓄员工的一种形式。它把在上海所有雇主和雇员按照要求按月到员工工资账户，在贡献的员工的百分比。最初的百分比定为％,其后上升至％,年，本计划的积蓄都存放在由上海住房公积金管理中4和使用基金仅限于提供贷款给企业，用于建屋指定银行;提供贷款直接向工人从私人房屋市场购买自己的房屋;并向企业或大型房屋维修工程的个别住户提供融资。自年实施，计划在上海E被普遍视为成功，它提供了一个榜样，其他城市很快效仿采用类似方案。在上海计划延续到世纪年代迅速发展。到年底，住房公积金计划在上海累计总金额为人民币十亿。在年，上海

累计人民币十4累计人民币十4亿2，比200年1高出.％7。3计划的管理在上海计划旨在成为永久性的政策，因此至关重要的是，该基金计划的足够和适当的管理必须很到位，在计划的管理和运作中遵循了三项准则：（1）个人储蓄辅之以工作单位补贴;（2）在一个单一的机构管理;（3）仅用于指定的房屋用途。该准则规定，无论是从国有企业和民营合资企业雇主与雇员建立并有助于。预计非国有企业将迅速增加，当中国成为世界贸易组织l）的成员，从而允许外国投资者在中国经营自己的企业。因此，住房公积金政策将成为融资的住房生产和消费为国有和非国有工人的重要来源。的操作基本上有三个组成部分：（1）房屋委员会负责住宅在城市规划。（2）公积金管理中心负责基金的运作和管理的机构，根据职责不同的方法会有所不同。（3）指定专用银行资金是存放在由公积金管理中心选定一家银行中。中国的人民银行负责对适用于利率的决定，同时施工和财政部部负责监督该计划的战略和国家层面。在地方一级，房屋委员会决定政策与管理中心和协会指定银行负责对的日常运作。在实践中，并非所有的省市遵循的上海模式，因此，它们制定了自己的管理实践。一般而言但基本上在中国为的管理采取了两种管理方法。在第一种方法中，管理中心委托一家或多家银行收集并管理该基金。房屋委员会将设立专门账户在选定银行将负责基金征收的基金管理中心的监督下的流动和跟踪。房屋委员会有至高无上的权利，决定与计划有关的事宜。在另一方面，银行负责办理存款，贷款和审计以及财务管理。根据该计划每名雇员都与指定银行的特定存款账户。这种做法在上海及其周边城市的江苏省获得通过。中国建设银行是在上海的指定银行和上海公积金管理中心只负责监督银行的财务管理。在第二种方法中，管理中心筹集资金，并提供管理和财务监督使用资金，包括单个记录的存储和检索。管理中心也有责任确保用于指定用途。因此，银行只负责贷款发放给员工。在较小的城市中，如温州、桂林已经采用了这种方法。因此，可以看出，第一种方法需要银行参与这项计划，从而减轻政府的财政管理负担。而且在实践中，管理中心必须保持基金记录的单位和个人，这将创建银行的工作重叠。在第二种方法中，银行和中心之间的关系是相对简单的。由于管理中心保留所有的记录，它具有直接管理和控制的能力。房屋事务委员会和管理中4N间的关系往往没有明确界定，在一些城市，该中心是房屋委员会或房改领导小组（房屋事务委员会在一些城市的一个不同的名称）的控制下。在上海的管理中心是上海房屋委员会辖下，而在北京管理中心是北京市住房制度改革领导小组。在一些城市中，管理中心成立房屋委员会