日仏会館・フランス国立日本研究所（Umifre 19 フランス外務省・国立科学研究センター）

Two decades after the bust of the "land bubble" in Japan,  China is experiencing a large-scale property boom. This presentation will highlight the commonalities of the speculative mechanisms in the two countries, and give account of their divergent management by state authorities. During the period between the two property booms, China’s central state has learned lessons from the systemic crises caused by real estate crashes in both Japan and in the USA. This has encouraged a policy avoiding the financialization of real estate based on US norms, and providing  "just-in-time" responses to markets signals in the housing sector.