China to overhaul housing market Pilot property tax plan to curb speculation, systemic risks.

#Chinanews# aboutChina# WorldChinaEvergrande# Five-year property tax levies# Chinese housing market# China's economy# rural houses# The Standing Committee of the National People's Congress (NPC)# China Academy of New Supply-side Economics# Chinese central government#
China's real estate market

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Today we will talk about the topic of China to overhaul housing market----Pilot property tax plan to curb speculation, systemic risks.
China determined to pilot five-year property tax levies in selected cities on Saturday drew wide attention and discussion, including reportedly resistance hyped up by some Western media outlets. Nevertheless, Chinese experts said on Sunday that the new move will help ensure stable growth of China's economy and real estate market in the long run, as the country seeks to curb housing speculation, distribute wealth more evenly and pursue common prosperity for all, dismissing claims that a housing market collapse is looming.

The pilot program, one of the most profound changes to China's real estate market after decades of reshaping, is neither a signal of a crackdown on the country's housing market nor an obstacle to its economic growth, experts said. Instead, it is for the purpose of guiding rational consumption of housing and economical use of land resources to promote the steady and sound development of China's real estate market.

The Standing Committee of the National People's Congress (NPC), China's top legislature, adopted the decision on Saturday to authorize the State Council, China's cabinet, to pilot property tax reforms in some regions, according to a report by the Xinhua News Agency. The pilot program will run for five years, and the governments of the pilot areas will come up with detailed implementation rules, said the report.