Beijing time:2021-11-10 09:23
[New Tang Dynasty News November 10, 2021 Beijing time]Interview with Cheng Xiaonong: Why does the CCP impose a real estate tax at this time? How will property taxes affect the lives of the middle class and the overall economy? ｜Interview with Fang Fei 11/09/2021
In late October, the CCP announced that it would implement a pilot reform of real estate tax in some areas, and the boot of real estate tax finally landed. In fact, in 2011, Shanghai and Chongqing started trials of real estate tax. Ten years later, the CCP is finally determined to advance the matter in a substantial way, but details such as the scale of the pilot and the tax rate have not yet been announced.
So what will be the far-reaching impact of the real estate tax on housing prices, the real estate market, and the local fiscal revenue system?
Dr. Cheng Xiaonong said that the CCP has two main purposes for levying a real estate tax. One is to squeeze the real estate bubble and avoid the predicament of the entire economy being kidnapped by the real estate bubble. The second is to provide local finance with a new source of land sales revenue.
Among these two goals, there is actually a master and a follower. Filling the gaps in local land finance is a supplement, and it does not have much effect. The main goal is to help the CCP get rid of the shackles of the real estate bubble on Zhongnanhai. With the gradual shrinking of land finance, the next problem is that the CCP’s central finance has entered a difficult period.
This program invites Dr. Xiaonong Cheng to analyze in depth. Why did the CCP impose a real estate tax at this time? How will property taxes affect the life of the middle class and the overall economy?
Dr. Cheng Xiaonong, a traveler in Aesthetics, was the director and associate researcher of the Comprehensive Research Office of the China Institute of Economic System Reform, and the editor-in-chief of the American magazine “Contemporary China Studies”. Not Collapse” (2017); and co-authored books such as “Perspective Chinese Politics” (2009) with Wu Guoguang.
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