China to strengthen tax reforms to attain 'common prosperity': Report

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BEIJING: China will \u0022strengthen adjustments\u0022 in tax collection to boost revenue and reform the country\u0027s income distribution, but in a targeted and accurate way, as part of efforts to achieve long-term \u0022common prosperity\u0022, state-run Xinhua news agency said. China aims to \u0022divide the pie\u0022 by \u0022reasonably\u0022 ad

BEIJING: China will"strengthen adjustments" in tax collection to boost revenue and reform the country's income distribution, but in a targeted and accurate way, as part of efforts to achieve long-term"common prosperity", state-run Xinhua news agency said.

The idea is to form an"olive-shaped" income distribution structure with a large middle and two small ends, Xinhua said. "Common prosperity" is a policy drive by President Xi Jinping to narrow the gap between rich and poor. In an essay in the Communist Party journal Qiushi published by Xinhua this month, Xi urged China to"vigorously and steadily advance" legislation for a property tax.

Such a tax is seen deterring speculative purchases and cooling home prices that have surged more than 2,000 per cent since the privatisation of the housing market in the 1990s and created an affordability crisis.

 

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