Yang Hongxu: real estate tax to replace the land finance - appliance ...

>Introduction: in November the year before countrywide main city land revenue dropped 30%,local finances,Real estate taxReforms could accelerate. Real estate market downturn,the land of local government fiscal dilemma of how to solve? Have the pilot year Shanghai,Chongqing property tax why poor effectiveness? The next year the property tax can in bigger range spread out smoothly?In extensive network Beijing on December 7th news according to the sound economic ?Central Financial Review? report,concerned media today quoted Centaline a statistics report,the first 11 months of this year,the national 130 major city land market land leasing for $1.18,compared with the same period last year decreased by 520000000000,reaching 30%. If the calculation of all city,this year land finance may reduce trillion.Recommended readingIn 2011 a spoof News NetworkPan: Q currency convertible (Figure) A shares a favourable turn needs one or two years[Politics]On the ?new cold war?[Economics]Chinese stock market in ten years and ten years[Sociology]After 90 humanities accomplishment the highest?[Hot topic]The story behind the Star Award[Literature and history]Yang Yuying then blocked[Literature and history]In 1972 the North Korean golden age (Figure)Water: Guo Shuqing rescues the city view only when the storyIn the strict control,the real estate market has entered into the frozen period. No real estate market transactions is puissant prop up,land market is a lonely. Taking Zhuhai as an example,before last year 10,Zhuhai city level land use right transfer income of more than $20000000000,and this year to reach 10000000000 Yuan is not easy. According to the country in June this yearAuditing departmentPublished reports,as of the end of 2010,in addition to 54 county-level government no government debt,national provincial,city,county three class local government debt balance of more than ten yuan.The expert points out,in the current macro-control real estate market,land market again Liupai ?winter?,land leasing revenues,today bright two years,it is local government debtPeakPeriod,it may be difficult to repay the debt. In these cases,has been in Shanghai,Chongqing pilot year property tax to improve and accelerate carried forward to become a hot topic.Ministry of FinanceAssistant Minister Wang Baoan recently said,will accelerate the implementation of property tax,make it further play in the real estate market in the operation process of regulation.Faced with the real estate regulation,local land finance predicament will how to solve? Has the pilot year of the real estate tax can smooth away? In this regard,the sound economic commentator,Shanghai home real estate research institute research departmentYang HongxuTo make the following comments.Host: in the strict control,the real estate market has entered into the frozen period,a few days ago,media reports said,Housing construction departmentSome have referred to the purchase of that upcoming local government,continue the purchase policy. Today,some media reported that Haikou had taken the lead position will continue to be restricted to buy your. In the real estate market remains in the doldrums,the land market will not always lonely?Yang Hongxu: as long as the real estate market does not appear to recover the warmer,the land market would have been so low down,because the real estate market is not good,the enterprise will not dare to take,take the future is to sell the house,so that in the enterprise not to sell the house such a prospect,is never going to get to the. Especially from the year 9,in October the real estate market rapid freezing winter,national land market has been in a deadlock,or with the real estate market together to start in winter. There?s a lot of land flow,no company wants to get up,even if some plots of land transactions,but also in accordance with the price or the premium rate is very low,this phenomenon with the last year formed a great contrast.Moderator: land transfer income resulted in decreased,today bright two years and coincided with the local government debt repayment peak,so there is a view that loses land income,local government debt may encounter some difficulties,you worry about it?Yang Hongxu: This is a need to look at two aspects,one hand,local financial revenue,on the other hand to see expenditure. From the new data can be seen in the first 10 months of this year,national finance income amplitude is 28%,the rate of increase is very high,is nearly 20 years of history in second,after 07 years is far better than 08 years 19%. Local revenue before October in 32%,this increase is a 17 year high,local spending growth is 33%. That is to say a lot of local government revenue,but spending more,this is the place of a situation.The local fiscal income,land leasing and real estate tax will generally be accounted for 40%-70%. Through calculation,along with the land sold gold dropped,including real estate transactions in real estate tax atrophy. Next year the local government revenue will face down,spending is relatively large,next place the ability to pay should be weak,but as long as the state money,countries can help support for local governments to tide over the difficulties. Including the recently we know that there are four provinces municipalities directly under the central government began issuing local bonds pilot independently,which is used to compensate for the lack of local revenue act. So,I think next year will have difficulty,but this should be able to pass.Host: in addition to issue local bonds,there is also the view that,to accelerate the property tax,also can make the local government get rid of land finance has a stable source of income,but also can replace the purchase of such administrative means,you agree with this analysis?Yang Hongxu: I basically agree,property tax should be levied in the long term,for China?s real estate tax structure is not balanced,the main tax is concentrated in the trading links and development links,house hold link before basically is a blank. From the tax point of view,should be the property tax,local government prior to the land leasing dependence is relatively high,the future should be reduced to the land leasing a dependency,but local and money from property taxes,can give some support of local finance. In addition,also help to curb speculative investment in the multiple sets of housing demand,so as to stabilize prices,I know the purchase there is indeed very strict,but is restricted to buy it is a administrative intervention.Host: you think next year real estate tax will smooth away?Yang Hongxu: it is hard to say,because this year is Chongqing and Shanghai two city pilot,to the end of the year to look after their tax situation how,to assess the effects of pilot,does not exclude the next in this pilot foundation to launch more city. I think maybe next year,the year after next,etc.,may be increased the number of city,now uncertain,which city is uncertain. Such a process will continue to advance,this is no doubt.Moderator: finally,you have a simple analysis of Beijing,Shanghai the two pilot property tax City their situation,it should be said that now the real estate tax on the property market overall effects do not appear when desired so much,do you think the two city to carry out the pilot property tax did not initially expected value that is what kind of reason?Yang Hongxu: first,because the high expectations,think property tax with vigour and vitality,will certainly be able to curb prices. Second,the purchase price,credit limit,the firepower is far from over the property tax of fire,property tax the tax policy effect will be eight states to cover the past. Third,at present Chongqing,Shanghai is pilot,the tax rate is low,the tax base is syndrome housing volume is small,the effect is not apparent to them.

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