关于中国加息的激烈争论,重点似乎已经从“需要不需要加息”转向“什么时候加息”。在国外成熟的房地产市场,低利率是资产价格泡沫的重要刺激因素之一,而加息往往带来挤出资产价格泡沫的效应。尽管中国的利率尚未完全市场化,中国的房地产市场也尚未完全成熟,我们仍认为 With regard to the heated debate over China’s rate hike, the emphasis seems to have shifted from “when need does not require rate hikes” to “when to raise interest rates.” In mature foreign real estate markets, low interest rates are one of the major stimulus factors in the asset price bubble, and raising interest rates often results in a squeeze out of asset price bubbles. Although China’s interest rates have not yet fully marketized and China’s real estate market has not yet fully mature, we still think