China’s national home‑buyout plan

Yao Yang argues Beijing should form a 'national team' to purchase mortgaged homes from households at fair prices to stabilize housing, because local governments lack capacity and incentives. He says real estate plus local government spending make up roughly half of China’s demand, so ignoring them would entrench deflation and risk 'two lost decades.' — A central home‑buyout scheme would redefine China’s crisis management, debt allocation, and growth strategy, with spillovers for global markets.