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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. We thank the participants in the workshops sponsored by the Asian Development Bank (ADB) at the University of California, Riverside and ADB's headquarters in Manila. We also thank political scientists at Korbel School, and professors Barry Hughes, Devin Joshi, Aaron Schneider, and Tim Sisk for their kind suggestions. We also thank Derek Sarchet and Jacob Fuller for valuable research assistance. The views expressed in this paper are those of the author and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. Terms of use: Documents in ASIAN DEVELOPMENT BANKADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. Note: In this publication, "$" refers to US dollars.The ADB Economics Working Paper Series is a forum for stimulating discussion and eliciting feedback on ongoing and recently completed research and policy studies undertaken by the Asian Development Bank (ADB) staff, consultants, or resource persons. The series deals with key economic and development problems, particularly those facing the Asia and Pacific region; as well as conceptual, analytical, or methodological issues relating to project/program economic analysis, and statistical data and measurement. The series aims to enhance the knowledge on Asia's development and policy challenges; strengthen analytical rigor and quality of ADB's country partnership strategies, and its subregional and country operations; and improve the quality and availability of statistical data and development indicators for monitoring development effectiveness.

Abstract. The development of the housing market in the People's Republic of China is not only a major component of Chinese economic growth but also has wide-ranging influential impacts on Chinese society. A burgeoning number of papers have examined the housing market in the postreform People's Republic of China from various perspectives. This paper aims to provide a thorough survey of the key literature in the field and then supply a complete picture of the dynamics of the housing market in the People's Republic of China. To assess the functional efficiency of this nascent market, we pay particular attention to the literature that is related to the academic debate over the Chinese housing bubble issue. The structure and operation of the housing market is another major concern in this paper. Finally, we summarize the key insights of the literature that we surveyed, note research gaps in the literature, and discuss further research directions in this field.

The views expressed in this paper are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

There is great debate surrounding the demographic impact of China’s population control policies, especially the one-birth restrictions, which ended only recently. We apply an objective, data-driven method to construct the total fertility rates and population size of a ‘synthetic China’, which is assumed to be not subjected to the two major population control policies implemented in the 1970s. We find that while the earlier, less restrictive ‘later-longer-fewer’ policy introduced in 1973 played a critical role in driving down the fertility rate, the role of the ‘one-child policy’ introduced in 1979 and its descendants was much less significant. According to our model, had China continued with the less restrictive policies that were implemented in 1973 and followed a standard development trajectory, the path of fertility transition and total population growth would have been statistically very similar to the pattern observed over the past three decades.