CHINA-ECONOMY: ISSUE OF COMMON PROSPERITY AFFECTS PILOT PROJECTS FOR PROPERTY TAX
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The NPC Standing Committee on October 23 approved pilot projects in 10 cities for at least five years in a
step towards enacting a nationwide “real estate tax”, or “property tax”. PBSC member and Vice Premier
Han Zheng has been tasked to steer the pilot projects.
(Comment: Meanwhile a vigorous debate has erupted in China over the issue of "common prosperity" and
the property tax is being viewed as a step in the direction of implementing common prosperity. Opposition
to common prosperity, enunciated by Xi Jinping on August 17, has also resulted in the pilot projects for
property tax being confined to only 10 cities instead of the originally approved 30.)
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