China is closer than ever to taxing property owners, now that Chinese President Xi Jinping has the political momentum to get the ball rolling, analysts say.
detailing what common prosperity meansIt is something which they will have to do because it is coming from the top, and therefore, it will happen.On Saturday, the top executive body, the State Council, was. These developments follow years of trying to limit speculation in China's property market, which accounts for the bulk of household wealth.
She was referring to the National Congress of the Chinese Communist Party, held every five years to determine top leadership positions.Unlike the U.S., China does not have a blanket tax on property. Real estate ownership in China can also differ. For example, state-owned enterprises have distributed apartments to their employees.
The experiences of those two cities in the last decade haven't created a compelling argument for other local governments to roll out a property tax, Larry Hu, chief China economist at Macquarie, said in a note over the weekend.
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