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 2,000per cent since the privatisation of the housing market in the 1990s and created an affordability crisis.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China to pilot property tax scheme in some regions: XinhuaSHANGHAI: The top decision-making body of the Chinese parliament said on Saturday (Oc 23) it will roll out a pilot real estate tax in some regions, the official Xinhua news agency reported. The State Council, or Cabinet, will determine which regions will be involved and other details, Xinhua added.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Spillover from China's property debt risks is controllable - XinhuaSHANGHAI : The spillover effect of Chinese real estate companies' debt default risks to the financial industry is generally controllable, state media said on Monday, as concerns continue to loom over China Evergrande Group.The comment was published in a Xinhua question and answer piece on the Chinese econ
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Ratings agency cuts China growth forecast on property woesBEIJING: Ratings agency Fitch on Thursday (Oct 21) cut its growth forecast for China\u0027s economy this year citing a slowdown in the country\u0027s colossal property sector, which is also facing headwinds over faltering real estate giant Evergrande. China enjoyed a swift economic rebound from the COVID-19 pan
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China hounds Taiwan with 'greyzone' war plane incursionsChinese fighter jets crowding Taiwan's radar screens are Beijing's latest tool to ramp up pressure on the democratic island, sparking fears that one mistake could suddenly turn a festering cold conflict into an all-out war.
Source: YahooSG - 🏆 3. / 71 Read more »
China warns of further spread in latest COVID-19 flare-upBEIJING: China\u0027s latest COVID-19 outbreak is increasingly likely to spread further, a health official said on Sunday (Oct 24), as authorities urged all regions to step up monitoring and called for a reduction in travel across provinces. China has largely contained the virus but it is determined to stamp ou 新加坡累計快要18萬啦
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China aims to cut fossil energy use to below 20% by 2060BEIJING: China is targeting an ambitious clean energy goal of reducing fossil fuel use to under 20 per cent by 2060, according to an official plan published by state media on Sunday (Oct 24). The document follows a pledge by President Xi Jinping to “By 2060” is the new “whatever”
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »