自2003年以来，由于房地产价格的持续上涨，使得拥有房产或土地的企业及个人的财富迅速增长，使大量资本向房地产行业聚集。

Since 2003，Because the real estate prices continue to rise，Make own property or land enterprise and personal wealth growth，Make a large number of capital to the real estate industry gathered。

　　以2011年为例，房地产投资为6.2万亿，占GDP的比例达到14%，该比例超过1989年的日本，也超过2007年的西班牙（1989年的日本房地产泡沫达到巅峰，2007年是西班牙的房地产高点）。

Taking 2011 as an example，Real estate investment for 6.2 trillion，The proportion of GDP reached 14%，The proportion of more than 1989 years of Japan，More than 2007 years of Spanish（1989 years of Japanese real estate bubble to get to the top，2007 years is Spain's real estate highs）。

　　2011年的新房销售额达到6.1万亿，占当年新增居民储蓄的60%；当年新增加的信贷中，按揭贷款和房地产开发贷款占20%，若加上信托贷款，则房地产融资占融资总量的比例至少在40%左右。房地产业成为第一吸金产业。

2011 years of new home sales reached 6.1 trillion，That accounts for 60% of new residents savings；The new increase in the credit，Mortgage loan and real estate development loans accounted for 20%，If add trust loans，The real estate financing accounted for the proportion of total financing at least 40%。The real estate industry has become a first suction gold industry。

　　当房地产开发成为最赚钱的活动时，无论国企还是民企，都热衷于搞房地产开发，科技进步、自主创新等被抛到遗忘的角落，转变经济增长方式成为一句空话。

When real estate development become the most profitable activities，No matter state-owned enterprises or corporation，Are keen to make real estate development，Scientific and technological progress、The independent innovation and be cast to the corner that is forgotten，Change the mode of economic growth become an empty talk。

　　中国经济要想在未来的几十年有所作为，一定要“去房地产化”，这是世界各国经济发展的经验总结。

China's economy to be in the next few decades as a somewhat，must“To real estate change”，This is the economic development of all countries in the world of experience summary。

　　日本之所以在二战后迅速崛起，得益于制造业的后来居上，但80年代后搞起了“泡沫经济”，在房地产泡沫破灭后，日本经济陷入了持续20年的衰退，至今看不到曙光。

Japan is in the rapid rise after the second world war，Come from manufacturing，But after 80 s have taken“Bubble economy”，In the real estate bubble burst after，The Japanese economy in the last 20 years of recession，So far see dawn。

　　欧洲各国在欧元出现后，出现了明显分化的走势，除德国以外，其他各国的房价都出现大幅度上涨，最典型的是西班牙和希腊，随后，这些国家都陷入了严重的债务危机。

European countries in the euro after appear，Appeared differentiation trend，Except outside Germany，Other countries prices soar up there，The most typical example is Spain and Greece，then，These countries are in serious debt crisis。

　　德国在欧债危机中屹立不倒，最关键的原因是它的房地产价格连续几十年不涨，确保了德国制造业的强大优势一直存在。

Germany in the debt crisis not stand，The key reason is that the real estate price continuous decades not rise，Ensure that the German manufacturing strong advantage there has been。

　　但从现实情况看，到目前为止，各地方政府还没有找到感觉，大家还没有找到新的增长点来替代房地产业。从南京等地出台的刺激内需的措施中可见一斑。

But from the reality to see，So far，The local government has not find the feeling，We haven't found a new growth point to replace the real estate industry。From nanjing, etc on the introduction of the stimulation of domestic demand evidenced in the measures。

　　尽管7月19日中国国土资源部和住建部联合下发紧急通知，要求坚持房地产市场调控不放松，而且要求地方政府及时收回“小动作”，但23号南京市还是出台了刺激房地产的政策，大有顶风作案之嫌疑。

Although July 19 Chinese ministry of land and resources and living JianBu jointly issued an emergency notice，Demands to the real estate market regulation not relax，And required local governments back in time“Petty action”，But 23 nanjing or issued a stimulation real estate policy，A wind commit crime suspicion。

尹中立，中国社会科学院金融研究所研究员，金融市场研究室副主任。 YinZhongLi，The Chinese academy of social sciences researcher at the institute of finance，Financial markets, deputy director of the laboratory。