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1、本科毕业设计（论文）外文翻译原文：DevelopmentofChina’sRealEstateMarketOverthepasttwodecades,realestatehasevolvedfromgovernmentcontrolledtoacommercialproduct,emerginganddevelopingintoanimportantcomponentofChina’sfinancialmarkets.Althoughtheoverallgrossdomesticproduct(G
2、DP)andincomelevelshavebeengrowingrapidly,theeven-fasterrisinghousingcostshaveexacerbatedtheproblemofhousingaffordability.RealestatedevelopmenthasbecomeakeyfactorinChina’seconomicgrowth,asrealestatehasbecomeanessentialpartoftheoverallfunctioningoftheec
3、onomy.RecentsignsfollowingtheglobalfinancialcrisissuggestthatChina’srealestatemarkethasbottomedandmaybeonitswaytoarebound.Inthelongrun,thismarketofferslucrativeinvestmentopportunitiesfordomesticandforeigninvestors.Thegovernmentowned,controlled,andmana
4、gedallrealestateinChinaunderasocialistcentral-planningsystemuntil1988,whenreforminthissectorstarted(Fung,Huang,Liu,andShen2006).Sincethen,amarket-basedrealestateindustryhasgraduallydeveloped,relatedlegislationwasenacted,andvarioustypesofrealestateserv
5、iceshaveemerged.Duringthisperiod,realestateinChinahaschangedfromapublictoacommercialproduct.Althoughthestateremainstheowneroflandinname,therightsoflanduseandlandimprovementsarenowcommonlyprivatelyowned.Theprivatizationefforthasdriventhegrowthofthereal
6、estateindustry,andhasmadeitpossibleformanymodernbusinesspracticestobeintroducedintoChina.Inrecentyears,China’srealestatemarkethasdemonstratedincreasingintegrationwithrealestatemarketsinotherpartsoftheworld,withalmostsynchronousebbsandflows.Thisgaveris
7、etoimbalancesbetweensupplyanddemand,increasingrealestatepricevolatility.Inaddition,theChineseeconomyhasbeengrowingatoneofthefastestratesintheworld,leadingtorisingdisposableincomelevels.Theincreaseinhousingpriceshaveactuallyoutpacedincomegrowth,thereby
8、exacerbatingtheaffordabilityproblem.Acomparisonbetweentheinlandareaandthemoreaffluentcoastalareafindsthatthelatter’shousingaffordabilityproblemhasbeenmoresevere.Nevertheless,since1997,theheavyinvestmentintherealestatesectorhasprovidedanimporta
