Furthermore, a sound real estate financial market system has been put in place in mature market economies thanks to efforts for long, comprising comprehensive market structure, function and regulatory framework. By contrast, China’s real estate financial market is still underdeveloped, having obvious lag and imbalance, which are reflected in the following aspects: (i)  Single real estate financing channel highlights risk concentration.
Compared with price stability, financial stability has remained a rather elusive concept. In supervision – not least at the cross-border level – the allocation of responsibilities, democratic legitimacy and the appropriate design of incentive structures have remained debatable issues. The framework for macro-prudential analysis still needs to be “mapped out” and tested in full.