China omits property tax from 2021 legislative agenda

📆 3/8/2021 12:10 PM
📰 Reuters

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China omitted mention of a property tax in its 2021 legislative plan on Monday for a second consecutive year as the government focuses on boosting consumption to cement an economic rebound from the COVID-19 pandemic amid lingering uncertainty.

FILE PHOTO: An excavator is seen at a construction site of new residential buildings in Shanghai, China, in this March 21, 2016 file photo. REUTERS/Aly Song

“As China’s economic recovery still faces pressure from various uncertainties including the United States’ stimulus and a resurgence of the epidemic, policymakers attach greater importance to the stability of the real estate market,” said Lu Wenxi, chief analyst with property agency Centaline.China’s property market quickly regained strength last year after the coronavirus crisis, offering much-needed support for an economy that has now almost fully recovered to pre-pandemic levels.

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