i mean by ‘ amenity value ’? it includes many things, such as the benefits of reduced commuting time, greater ability to flexibly plan time use during the day, more autonomy in work, and less traffic - related stress. in the us, researchers have attempted to quantify these amenity values for workers and find that they range from around 1. 5 % to 7 % of earnings as you move up the pay distribution. 20 the potential impact on wages is via wage bargaining, as employers and employees increasingly bargain over the value of the option to work from home. the upshot is that increased working from home could be reflected in lower wage levels than would otherwise the case, with implications for wages, the distribution of market income and ultimately the labour share. these are, of course, essentially arguments about the wage level, as opposed to wage growth. beyond working from home, there are other forms of flexibility introduced in response to the pandemic which could impact the labour market. for example, we have highlighted more remote education or training opportunities as a potential force for increased labour force participation for certain groups. we already see this in the share of under 25s working whilst also ‘ in education ’ which, in recent quarters, has risen from pre - pandemic levels. we saw similarly high cyclical rates of youth labour force participation during the mid - 2000s. however, one important difference now is that more of these workers are combining both education and work, whereas before it was more a case of leaving education for work. sector shifts – that is, fewer construction workers – is likely part of the reason, in addition to greater opportunities for remote work and study. beyond the income benefits to these workers, there are also potential longerterm benefits in being able to combine both work and training. one is higher average labour market productivity. another is shorter unemployment durations in the event of a job separation, which could in - turn have implications for cyclical unemployment dynamics. … the outlook for wages the near - term outlook for wages depends on three inter - woven factors : ( 1 ) tightness of the labour market, and how it is expected to evolve ; and ( 2 ) how much, and over what time period, will employers adjust nominal wages to reflect the current bout of inflation – in other words, real wage catch - up, which itself also depends on tightness ; and ( 3 ) the future path for inflation and how this impacts inflation expectations and future wage demands.

trust to real property trust. at present a lot of so - called property trust are executed in line with relevant provisions of bank lending, serving as the proxies of bank lending to a large extent. while trust companies are at a disadvantage to banks in terms of capabilities of monitoring and managing trust loans, operations and experiences, hardly playing the role in effectively diversifying and managing risks. therefore, as supervision over real estate trust is strengthened, trust financing should be standardized and developed to improve the real estate financial market and to offer comprehensive financial services to each activity of the real estate sector including development, acquisition, purchase and sale, leasing and management. fourth, actively advancing real estate finance innovation and developing various real estate financial products for which conditions are ripe. in particular, study on effective means to develop real estate loans securitization shall be made a priority at present. so far the discussions on mortgage securitization are dominated by on balance sheet practice of china construction bank and off balance sheet practice of the china development bank. some questions like whether to conduct asset securitization within the financial institution or to establish a separate specialized agency can be explored further based on china ’ s reality. all in all, experimental action shall be taken actively rather than hanging around theoretical debates. 2. accelerating the development of the primary real estate financial market and steadily pushing ahead with the development of the secondary market. first, the primary market shall be developed into a diversified and competitive market with considerable size. on the one hand, the primary market with considerable size can not only provide sufficient funding sources for the growth of the real estate market, but also lay the groundwork for setting up and developing the secondary market. in the u. s housing mortgage assets securitization was introduced in the 1970s, and commercial mortgage securitization began in early 1990s. whilst as early as the beginning of the 1970s, even before the birth of mortgage - backed assets securitization, the primary mortgage market had reached a substantial size with the outstanding balance hitting near usd300 billion. on the other hand, diversified primary market is conducive to fostering competition of fund supply and demand and improving efficiency of resource allocation. the u. s. primary real estate finance market mainly consists of savings and loan associations, commercial banks, credit unions, life insurance companies and real estate trust investment funds. hence, it is necessary to study effective channel, timing and method to introduce new financial institutions, broaden financing sources