关键词: 房地产市场, 宏观调控, 财政拐点

Abstract: The real estate market is a most debated area in the present stage of economic development in China.A consensus could not be reached among the public,enterprises and governments,which resulted in a dysfunctional operating mechanism.The underlying reason could be attributed to the malposition of government functions,or to the difficulties of achieving the "Fiscal Turning Point" in the government's subsidized low-income housing projects.To truly accomplish the government's subsidized low-income housing projects,firstly more material wealth should be accumulated through national economic development for the early advent of the fiscal turning point;secondly,the government's function in housing security should be scientifically examined to differentiate the two properties of real estate market,and to further develop interactive relationship between the two systems,which should be key measures in realizing the government's subsidized low-income housing projects and the sustainable development of the real estate industry.

Key words: real estate market, macroeconomic regulation, fiscal turning point