Chinese President Xi Jinping is facing resistance over a nationwide property tax aimed at curbing housing speculation, the Wall Street Journal reported on Tuesday, citing people with knowledge of government deliberations.
However, Beijing is now settling for a limited tax plan because of strong pushback, while a proposal involving state-provided affordable housing is emerging as an alternative, the WSJ reported. In an essay in the ruling Communist Party journal Qiushi, published by the official Xinhua news agency on Friday, Xi had called for China to"vigorously and steadily advance" legislation for a property tax.
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