The transaction market of rural property rights transfer needs to be developed healthily.

Rural property rights circulation market includes invisible market and visible market. The former has allowed the circulation of farmers 'right to use contracted land since the mid-1980s, especially after the restructuring of township enterprises in the mid-1990s. At present, the circulation of contracted land widely existing in rural areas is mainly carried out through invisible market. The latter situation is more complicated. In the early 1990s, there was a trading platform mainly serving the property rights trading of township enterprises. In 2004, Yongan City of Fujian Province established the first forestry element market in China in promoting the reform of collective forest right system. In 2008, Chengdu City established the first comprehensive rural property rights exchange in China. Up to now, more than 800 counties (cities) and 13000 townships (towns) have set up land circulation service centers, more than 1200 forest right circulation service centers have been set up relying on forestry management departments, and a number of comprehensive exchanges represented by Chengdu, Chongqing and Wuhan Rural Property Rights Exchanges have been established one after another.

Development Status of Comprehensive Rural Property Rights Circulation Market

(1) Large differences in the size of registered capital

Following the formal establishment of Rural Property Rights Exchange in Chengdu City in October 2008, Chongqing Rural Land Exchange, Wuhan Rural Comprehensive Property Rights Exchange and Shanghai Agricultural Elements Exchange have also been put into operation. In recent years, Zhejiang, Jiangsu, Yunnan, Tianjin, Shandong, Guangxi, Shanxi and other regions have established comprehensive rural property rights circulation trading markets, but the scale varies greatly. The registered capital of Wuhan Rural Comprehensive Property Rights Exchange, which was established earlier, is only 1 million yuan, the registered capital of Chengdu, Hangzhou, Shanghai and other agricultural exchanges is 10 million yuan, the registered capital of Kunming Agricultural Exchange is 20.5 million yuan, the registered capital of Qilu Rural Property Rights Exchange Center with large scale is 30 million yuan, the registered capital of Chongqing Rural Land Exchange reaches 50 million yuan, and the registered capital of Beijing Agricultural Exchange is as high as 55 million yuan.

(2) The number of trading varieties is different

There are many kinds of property rights that can be traded in each rural property rights exchange market. The property rights involved range from the contracted management right of rural land, the right to use rural collective construction land, to the equity of rural houses and rural collective economic organizations, as well as agricultural production facilities such as agricultural machinery and fishing vessels, even including agricultural intellectual property rights, ownership of agricultural products (live livestock and poultry), agricultural product options and other property rights. There are only 3 kinds of rural land exchange in Chongqing, while Kunming Pan-Asian Rural Property Rights Exchange and Wenzhou Rural Property Rights Exchange Platform have more than 10 kinds.

(iii) mainly for profit

Some rural property rights trading institutions are public welfare legal persons. For example, Chongqing Rural Land Exchange was funded and established by Chongqing City Government and positioned as a non-profit enterprise legal person. Wuhan Rural Comprehensive Property Rights Exchange is positioned as a non-profit enterprise legal person, and undertakes the functions of building a three-level trading platform of cities, districts and towns and constructing a rural property rights trading market system. However, most rural property rights trading institutions are profit-making legal persons. For example, Chengdu Rural Property Rights Exchange is jointly funded by Chengdu City Land Bureau, Housing Administration Bureau, Forestry and Landscape Bureau and institutions subordinate to Agricultural Committee according to the proportion of 50%, 25%, 12.5% and 12.5% respectively. It adopts the organization mode of limited liability company. Under the shareholders 'meeting, there are board of directors and board of supervisors, which operate according to modern enterprise management mode. Kunming Pan-Asian Rural Property Exchange is positioned as a corporate enterprise legal person, aiming to build a unified information exchange network system for rural property rights transactions in the whole city and promote rural property rights transactions. Beijing Rural Property Rights Exchange is funded by Beijing City Agricultural Investment Co., Ltd., with a board of supervisors and executive directors under the shareholders 'meeting, and branches in 14 agriculture-related districts and counties to improve information collection, market development and other functions. Tianjin Rural Property Rights Exchange is a state-owned wholly-owned joint-stock enterprise jointly funded by Tianjin City Agricultural Committee, Baodi District Government and Tianjin Property Rights Exchange Center. Under the shareholders 'meeting, there are board of directors, board of supervisors and various functional departments. Wenzhou City Rural Property Rights Service Center is a wholly state-owned company. It specializes in rural property rights trading services through the construction of a three-level trading market system covering cities, counties and townships.

(4) Small trading radius

Except Wuhan Rural Comprehensive Property Rights Exchange and Shanghai Agricultural Elements Exchange, which are positioned to serve both rural property rights circulation transactions under their jurisdiction and the whole country, other trading markets are basically local. For example, Beijing Rural Property Rights Exchange is mainly oriented to rural property rights within Beijing City, Chengdu Rural Property Rights Exchange is mainly within Chengdu, and other varieties with relatively complete property rights (such as agricultural machinery and tools) can also be traded outside or outside the city. The main task of Kunming Pan-Asian Rural Property Rights Exchange is to build a unified information exchange network system for rural property rights transactions in Kunming City. Wenzhou City Rural Property Rights Service Center, Hubei Province Ezhou City Rural Comprehensive Property Rights Exchange, Hangzhou Rural Comprehensive Property Rights Exchange, Guangzhou Rural Property Rights Exchange, etc. are also mainly local.

Generally speaking, in recent years, rural property rights circulation market has promoted the flow of rural property rights and played a certain role. For example, by the end of March 2014, Chengdu Rural Property Rights Exchange had accumulated 39.686 billion yuan of various rural property rights transactions, including 10326 land contract management rights transactions with a transaction amount of 20.943 billion yuan; 766 collective construction land index transactions with a transaction amount of 11.684 billion yuan. By the end of 2013, Wuhan Rural Comprehensive Property Rights Exchange had organized 1669 transactions of various types of rural property rights, with a transaction amount of RMB 9.969 billion yuan, involving an area of 981,600 mu of rural land; joint financial institutions had realized mortgage loans of RMB 1.147 billion yuan for agricultural enterprises, cooperatives and large breeding households, of which the maximum amount for a single transaction reached RMB 55 million yuan. Qilu Rural Property Rights Trading Center has completed more than 8200 transactions since 2010, with a turnover of more than 380 million yuan. Since 2010, Beijing Rural Property Rights Exchange has clinched 158 property rights trading projects of various types, with a turnover of RMB 900 million yuan. Since its establishment on September 18, 2009, Shanghai Agricultural Elements Exchange has listed more than 1000 trading projects with a cumulative turnover of RMB 2 billion yuan, including RMB 1.5 billion yuan in land assets and contracted management rights of agricultural land. To some extent, the rural property rights circulation market realizes the efficient, reasonable and smooth circulation of rural property rights resource elements.

Problems needing attention in promoting the healthy development of rural property rights circulation market

Although the intangible market and tangible market of rural property rights transaction have developed and played an obvious role in practice, there are still many problems to be studied and answered from the perspective of further promoting the healthy development of rural property rights transaction market. It mainly focuses on: how big is the demand for rural collective property rights trading, and is it necessary to build rural property rights trading market in a rush? How to clarify the boundary between government and market, what functions should government undertake, and what legal and institutional obstacles rural property rights transactions face? Is all rural property rights to enter the market transaction, how to determine the price? In the face of these problems, our basic views are:

(I) It is unnecessary to build a tangible market for rural property rights everywhere

From the perspective of rural property rights transaction, the property rights involved in most areas are mainly land contract management rights and collective forest rights. From the perspective of rural land contractual management rights transactions, as of June 2014, the transfer area of land contractual management rights was 380 million mu, accounting for 28.8% of the total area of cultivated land contracted by households. Most of these transactions are carried out spontaneously by farmers, and only part of them occur in the land circulation service centers of more than 800 counties (cities) and more than 13000 townships (towns) nationwide. From the perspective of forest right transactions, by the end of 2012, the cumulative area of collective forest land circulation nationwide was 192 million mu, accounting for 7.12% of the forest land that had been confirmed. Only some of these transactions took place on the spot, that is, more than 1200 forest right circulation service centers established by forestry management departments nationwide. According to some scholars 'statistical data on forest right trading centers at county level such as Anji, Longquan and Suichang in Zhejiang Province, there are many problems in forest right trading market, such as shrinking trading volume, low efficiency of trading institutions, complex trading procedures, low willingness of forest farmers to transfer out, etc.

In fact, since the establishment of many rural property rights exchanges, there have been few transactions in collective assets equity, collective physical assets, agricultural production facilities and agricultural intellectual property rights. Some of them only play the role of registration and filing, and have little supplementary or substitute role for land circulation service centers and forest right circulation service centers. Predictably, returns from property transactions are also limited. Some areas even require rural collective property rights circulation transactions in their jurisdiction to be listed on the trading market, which to a certain extent increases the transaction costs of rural property rights. However, the cost of establishing a trading market is relatively high. For example, the trading center on the forest right floor needs to set up office space, allocate office supplies and equip full-time personnel according to the requirements. Generally speaking, the average annual expenditure of county-level forest right trading institutions needs 200,000 - 300,000 yuan. If there is too little trading on the floor, the trading institution will have low returns and it will be difficult for the trading institution to maintain. For example, Rui 'an City Zhonghe Land Circulation Information Consulting Co., Ltd., the first intermediary agency involved in land and forest right transfer services in Wenzhou City, has only existed for more than two years, and applied for revocation of business license in 2013. Since the establishment of Jiangdu District Rural Property Rights Trading Center in Yangzhou City, Jiangsu Province and Jiyuan City Rural Property Rights Trading Center in Henan Province, only a few small projects have been traded. This warns us that whether to establish a tangible trading market, we should proceed from the actual trading demand and avoid chasing the wind and catching up with the fashion.

(2) The boundary between government and market should be further clarified

Rural property rights transaction includes asset evaluation, transaction information release, price discovery, organization property rights transaction, contract signing, delivery, execution and other links. This chain is dominated by market mechanisms. Outside this chain, strict systems are needed to ensure the integrity and smoothness of the chain. These vital systems include policy and legal support, policy and legal information consultation, property right confirmation registration, asset evaluation, property right verification and change registration, property right mortgage pledge, dispute settlement and arbitration, etc. Generally speaking, these institutional guarantee links belong to the category of pure public service or quasi-public service, which is mainly completed by government and social intermediary. In the early stages of market development, these purely public or quasi-public services can be provided by the government. However, with the maturity of the market, some quasi-public services, such as policy legal information consultation, asset evaluation, property right mortgage pledge, etc., can be undertaken by social intermediary organizations because of certain profitability. However, pure public services directly related to government management functions, such as policy and legal support, registration of property rights change, dispute settlement and arbitration, belong to the core system guarantee, and should still be undertaken by the government. In this way, the behavioral boundaries of markets, intermediaries, and governments are clarified.

Judging from the current situation, what urgently needs the government to play its role is not to invest in the construction of property rights trading market, but to guarantee pure public services, cultivate intermediary institutions and perfect quasi-public services. The main functions of the government: first, to amend the law and endow property rights with complete power. Rural property rights listed and traded in some areas are not within the scope authorized by law, and some property rights transactions are not supported by corresponding laws and regulations. This not only depressed the transaction price, but also buried a lot of hidden dangers. The second is to promote the confirmation and issuance of certificates. In some places, it is difficult to confirm rural property rights, and the progress is slow. The right to use rural collective construction land and house ownership is far from complete. In some areas, the homestead land certificate and real estate certificate used for trading are still the old certificates, and there are loopholes in the listing transaction. The third is to clarify the disposal methods of rural property rights. Although some rural property rights circulation transaction methods clearly define the judicial disposal procedure, in view of the actual situation in rural areas, it is difficult to dispose of rural collective property rights through auction, sale and other means in the real implementation process. Fourth, cultivate intermediary agencies and improve quasi-public services. Rural property right appraisal cost is high, appraisal income is low, and the third-party appraisal intermediary is not developed. These problems also need to be solved quickly.

(III) Rural property rights with incomplete power and imperfect pricing mechanism should not be traded in the market

Rural property rights lack some key powers, and the value of some rural property rights is easily underestimated. Due to strict restrictions on the use of farmers 'homestead by non-members, the right to use rural homestead can only be transferred within the scope of villages or villagers' groups. According to the calculation of about 600,000 administrative villages and 3 million villagers 'groups nationwide, the transfer transaction of rural homestead use right is divided into 600,000 - 3 million small markets, resulting in very low prices. Where the reform of community shareholding cooperation system has been implemented, in most cases, the collective assets equity obtained by farmers lacks mortgage guarantee power, and the book price of equity many years ago is difficult to reflect the current true value. For example, Zhejiang Province Ningbo City Jiangbei District has realized equity pledge loans of stock economic cooperatives in recent years. The number of equity pledge loans issued is 1079, with a cumulative amount of 43.9998 million yuan. However, the equity is only mortgaged at the book price, while the actual value of equity is much higher than the book price after the development of stock economic cooperatives in recent years, and the equity value is underestimated. This underestimation exists elsewhere as well. Farmers who hold shares of collective assets often lack sufficient understanding of the value-added prospects and true value of collective assets, and are prone to suffer losses when they transfer shares under asymmetric information.

In some rural property rights lack of key power, the value is underestimated under the circumstances of hasty market transactions, is bound to damage the interests of farmers. In some urbanized areas, rural collective assets have great value-added potential, coupled with the strong support of the state for rural areas, many policy dividends, and premature circulation and transaction of rural property rights, which can easily lead to some farmers "looking for late accounts" and affect social stability.