Recently, many places have intensively introduced policies of mutual recognition and mutual loan of provident funds and withdrawal from different places, and money will go with people or will become the direction of provident fund reform.
In fact, mutual recognition of provident funds in different places is nothing new. As early as October 2014, the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and the Central Bank jointly issued the Notice on Developing Personal Housing Loan Business of Housing Provident Fund, which clearly stated for the first time that the provident fund would realize mutual recognition in different places. Since then, Shenzhen and other places have also made some explorations.
In September last year, 10 cities in Huaihai Economic Zone signed the housing accumulation fund integration agreement. Subsequently, Guangdong-Hong Kong-Macao Greater Bay Area established a housing provident fund information sharing platform; A symposium on the integrated development of housing provident fund was held in the economic circle of Chengdu and Chongqing; Jiangsu, Zhejiang, Shanghai and Anhui provinces and one city signed the Framework Agreement on Strategic Cooperation of Housing Provident Fund Integration in the Yangtze River Delta. In September this year, 20 cities in the middle reaches of the Yangtze River signed the Convention on Cooperation in Housing Provident Fund Management Centers of Urban Agglomerations in the Middle Reaches of the Yangtze River. In October, the joint meeting on the integrated development of housing provident fund in Jiaodong Economic Circle was held; In November, the cooperation of housing provident fund loans in different places in Greater Nanchang Metropolitan Area was launched … … According to incomplete statistics, more than 50 places have introduced a new provident fund policy.
The accelerated promotion of the new provident fund policy is not accidental. Since 1994, when the State Council proposed to implement the housing provident fund system in an all-round way, the provident fund has been managed in a localized way. However, with the rapid development of China’s economy, the reform of provident fund system has been widely concerned.
Wang Jinbin, deputy dean of the School of Economics of Renmin University of China and professor of macroeconomics, believes that the mutual loan of provident fund in different places is an improvement of the provident fund system. The flow of provident fund is not restricted by regions, which is conducive to the flow of people and urbanization. Money goes with people, not people, which is conducive to improving the efficiency of factors and thus promoting the domestic cycle.
This year, the Central Committee of the Communist Party of China and the State Council issued "Opinions on Building a More Perfect System and Mechanism of Factor Market Allocation", which proposed a top-level design to promote the independent and orderly flow of factors and improve the efficiency of factor allocation, including the natural flow of population, capital and other factors, and provident fund is one of them. According to the previous management methods, employees may be in a state of "sleeping" for a long time when they change jobs in cities. After the integration of the provident fund, it will be possible to achieve "accounts go with people, money goes with accounts", which is more conducive to the improvement of the efficiency of the use of the provident fund.
Wang Jinbin analyzed that mutual loans from different places can divert some people who can’t afford housing prices in central cities, or those who have plans to return home, thus increasing the radiation effect of central cities and promoting the process of regional urbanization.
"Mutual recognition and mutual lending of provident funds is a development trend, which is not only conducive to the promotion of population mobility and urbanization, but also increases the attractiveness of the provident fund system itself." Liu Lin, a researcher at China Macroeconomic Research Institute, said that the housing provident fund system, as an inclusive welfare, should be reformed and improved so that more people with insufficient housing affordability can enjoy this welfare system.