China's Ministry of Finance to introduce tax policies supporting healthy development of real estate market
China's Minister of Finance, Lan Fo'an, announced today (Nov. 8) that the government is actively planning the next phase of fiscal policy, with a focus on enhancing counter-cyclical adjustments. He mentioned that tax policies aimed at supporting the healthy development of the real estate market have already been submitted for approval and are expected to be introduced soon.
Regarding China's fiscal policy direction, Lan emphasized the importance of ensuring that incremental policies are effectively implemented. He noted that this year's fiscal measures have had a significant impact on boosting the economy, with some of these effects expected to continue into next year.
Lan also outlined the key measures for next year's fiscal policy, aiming to support economic and social development goals. These measures include actively utilizing the available deficit space, expanding the issuance of special bonds and broadening their scope, continuing the issuance of ultra-long-term special government bonds, increasing efforts to support large-scale equipment upgrades, and enhancing central-to-local transfer payments.
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