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China mulls taxing property sector

Business | Reuters and Tracy Hu Nov 17, 2017
A property tax may be introduced in China in the near future as the government attempts to reduce a worrisome build-up of debt in the economy.

Huang Qifan, deputy chairman of the economic and finance committee under the National People's Congress, said yesterday that a property tax could be introduced in the next few years, and it will help temper speculation in a sector that has drawn a raft of government curbs in the past year.

He also said that the ratio of China's financial sector to the overall economy "is the highest in the world," which he described as "not a good thing."

Meanwhile, China's non-financial outbound direct investment between January and October slumped 40.9 percent year-on-year to US$86.31 billion (HK$673.22 billion), the Ministry of Commerce said yesterday.



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