Download or read book China s Housing Reform and Outcomes written by Joyce Yanyun Man and published by Lincoln Inst of Land Policy. This book was released on 2011 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This in-depth volume explains China's residential construction boom and reviews how some established trends are likely to challenge its housing market in coming years. It draws on household surveys and public data in China and provides important lessons about housing policy for China and other countries.
Download or read book Assessing China s Residential Real Estate Market written by Ding Ding and published by International Monetary Fund. This book was released on 2017-11-16 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s real estate market rebounded sharply after a temporary slowdown in 2014-2015. This paper uses city-level data to estimate the range of house price overvaluation across city-tiers and assesses the main risks of a sharp housing market slowdown. If house prices rise further beyond “fundamental” levels and the bubble expands to smaller cities, it would increase the likelihood and costs of a sharp correction, which would weaken growth, undermine financial stability, reduce local government spending room, and spur capital outflows. Empirical analysis suggests that the increasing intensity of macroprudential policies tailored to local conditions is appropriate. The government should expand its toolkit to include additional macroprudential measures and push forward reforms to address the fundamental imbalances in the residential housing market.
Download or read book Stabilizing China s Housing Market written by Richard Koss and published by International Monetary Fund. This book was released on 2018-04-13 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp rise of house prices in China’s Tier-1 cities has fostered a great deal of commentary about the possibility of bubbles forming there. However, China’s unique housing market characteristics make it difficult to assess the macroeconomic severity of bursting bubbles, even if they exist. These include the setting of land supply and prices by the government, among many others. The presence of overbuilt “ghost cities” greatly complicates the ability of traditional macroeconomic policies to address these concerns. This paper looks at proposals to shore up the mortgage underwriting and legal infrastructure to help China withstand the impact of falling prices, should this occur.
Download or read book Chinese Small Property written by Shitong Qiao and published by Cambridge University Press. This book was released on 2017-10-19 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Qiao demonstrates how an impersonal and unbounded market can operate without legal protection or enforcement of property and contract rights.
Download or read book Fiscal Policy in China written by Roy W. Bahl and published by . This book was released on 1999 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Professor Roy Bahl traces the history of the 1994 tax reform in China and evaluates its impact. The 1994 reform was the most systematic and comprehensive restructuring of China's revenue system. It covered the country's tax structure, tax administration, central-provincial fiscal relations, and provincial-local fiscal relations. In a concluding chapter, he examines possibilities for continuing taxation reform in China. Only a scholar with Professor Roy Bahl's extensive experience as adviser to developing countries on tax reform could have written a book with such breadth and depth. This book should be required reading for all students of economic development, comparative fiscal systems, or the Chinese economy.
Download or read book NBER Macroeconomics Annual 2015 written by Martin Eichenbaum and published by University of Chicago Press. This book was released on 2016-06-22 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycles in China's Macroeconomy” by Chun Chang, Kaiji Chen, Daniel F. Waggoner, and Tao Zha outlines the key characteristics of growth and business cycles in China. “Demystifying the Chinese Housing Boom” by Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou constructs a new house price index, showing that Chinese house prices have grown by ten percent per year over the past decade. The third paper, “External and Public Debt Crises” by Cristina Arellano, Andrew Atkeson, and Mark Wright, asks why there appear to be large differences across countries and subnational jurisdictions in the effect of rising public debts on economic outcomes. The fourth, “Networks and the Macroeconomy: An Empirical Exploration” by Daron Acemoglu, Ufuk Akcigit, and William Kerr, explains how the network structure of the US economy propagates the effect of gross output productivity shocks across upstream and downstream sectors. The fifth and sixth papers investigate the usefulness of surveys of household’s beliefs for understanding economic phenomena. “Expectations and Investment,” by Nicola Gennaioli, Yueran Ma, and Andrei Shleifer, demonstrates that a chief financial officer's expectations of a firm's future earnings growth is related to both the planned and actual future investment of that firm. “Declining Desire to Work and Downward Trends in Unemployment and Participation” by Regis Barnichon and Andrew Figura shows that an increasing number of prime-age Americans who are not in the labor force report no desire to work and that this decline accelerated during the second half of the 1990s.
Download or read book China s Local Public Finance in Transition written by Joyce Y. Man and published by Lincoln Inst of Land Policy. This book was released on 2011 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's economy has developed rapidly since the economic reforms in 1978, but public finance reforms have proceeded more slowly. This book looks at three major policy options addressing the underlying imbalance between revenues and expenditures at the local level in China. This is a valuable resource for anyone interested in local fiscal issues in China.
Download or read book Development Governance and Real Property Tax in China written by Yilin Hou and published by Springer. This book was released on 2018-09-10 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers an analysis of China in its muddling through of financial reforms towards adopting a local real property tax. The research is designed to serve dual purposes. First, it is an effort to provide an independent perspective on an urgent public policy under consideration by the Chinese government and to reflect upon this policy’s process, which started over a dozen years ago yet is still in the fermenting stage with no sight of fruition. Additionally, this project is intended to share China’s experience with other developing and transitional countries, so they can discern the difficulties China has faced and understand what may entangle them in the modernization of their taxation systems.
Download or read book The Property Tax in China written by Yilin Hou and published by Springer. This book was released on 2014-11-20 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This monograph offers a detailed analysis of the creation, pilot implementation, and possible wide adoption of the real property tax at the local level in China. Starting in 2003, as China’s economy gradually recovered from the Asian financial crisis that started in 1998, the real property market entered a period of rapid expansion, followed immediately by rampant speculation, rising housing costs, and official corruption. Over the last ten years, the price of real property in most cities has more than tripled, especially in metropolitan areas. In an effort to curb this, the government has instituted a number of property-market controls, including property tax pilot programs in Shanghai and Chongqing. While this is the latest of a number of fiscal reforms, it is a very important one that carries with it the ability to change the landscape of public finance, intergovernmental relations, and local governance in China. It represents a fundamental change in the provision of public services, the relationship between local governments and tax payers, and the status of localities in the government structure. Taking a public choice perspective, the authors argue that the local property tax should be used not solely as a means of controlling housing prices but should be fully employed as a fiscal and budgetary institution that will contribute to mitigating multifarious socio-economic problems resulting from economic growth, rapid urbanization, and widening income disparity. As this program is the first of its kind, so this book is the first detailed study of property tax in China; as such, it will appeal to researchers of public finance and public policy. It will also be of great interest to policymakers in China and in other countries that are considering adopting or reforming their versions of the local property tax. It fills the gap in a growing body of literature about the inner workings of Chinese economics and policy.
Download or read book Taxing Immovable Property Revenue Potential and Implementation Challenges written by Mr.John Norregaard and published by International Monetary Fund. This book was released on 2013-05-29 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The tax on immovable property has been characterized as probably the most unpopular among tax instruments, in part because it is salient and hard to avoid. But economists continue to emphasize the virtues of the property tax owing to its relatively low efficieny costs, benign impact on growth, and high score on fairness. It is, therefore, generally considered to be underutilized in most countries. This paper takes stock of the arguments for using real property taxation, and presents an updated data-set for high-and middle income countries to illustrate its use. It also reflects the renewed and widespread interest in property tax reform globally, and discusses the many policy and administrative issues that must be carefully considered as prerequisites for successful property tax reform.
Download or read book Rising Inequality in China written by Shi Li and published by Cambridge University Press. This book was released on 2013-10-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the evolution of economic inequality in China from 2002 to 2007; a sequel to Inequality and Public Policy in China (2008).
Download or read book China s Development written by Michel Aglietta and published by Routledge. This book was released on 2013 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focussing on sustainability, this book explores the future of China in light of the successful reforms undertaken in the last thirty years. It combines Chinese economic history and up-to-date macroeconomic theory in order to show how economic transformations and institutional changes are intertwined in developing capitalism under state sovereignty.
Download or read book The Long Run Trend of Residential Investment in China written by Ding Ding and published by International Monetary Fund. This book was released on 2018-12-07 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyze the fundamental drivers of China’s residential investment as a share of its GDP. Our analysis indicates that the economic structural changes that led to rebalancing toward consumption were the key driver of the rising residential investment to GDP ratio in China. We project that residential investment would moderate from the current level of 9 percent of GDP to around 6 percent by 2024, and its contribution to real GDP growth would decline gradually from currently about half percent of GDP to slightly negative over this period, barring policy intervention. The decline in the growth contribution of residential investment reflects the projected somewhat slower pace of rebalancing going forward and the envisaged increases in labor costs due to demographic changes.
Download or read book OECD Fiscal Federalism Studies Making Property Tax Reform Happen in China A Review of Property Tax Design and Reform Experiences in OECD Countries written by OECD and published by OECD Publishing. This book was released on 2021-11-30 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report looks at crucial elements of reforms to growth-friendly recurrent taxes on immovable property. Tax design practices in place in OECD and partner countries are compared and analysed through the lenses of economic theory and empirical analysis.
Download or read book Property Rights and Land Policies written by Gregory K. Ingram and published by Lincoln Inst of Land Policy. This book was released on 2009 with total page 483 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Urban China written by World Bank and published by World Bank Publications. This book was released on 2014-07-29 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last 30 years, China’s record economic growth lifted half a billion people out of poverty, with rapid urbanization providing abundant labor, cheap land, and good infrastructure. While China has avoided some of the common ills of urbanization, strains are showing as inefficient land development leads to urban sprawl and ghost towns, pollution threatens people’s health, and farmland and water resources are becoming scarce. With China’s urban population projected to rise to about one billion – or close to 70 percent of the country’s population – by 2030, China’s leaders are seeking a more coordinated urbanization process. Urban China is a joint research report by a team from the World Bank and the Development Research Center of China’s State Council which was established to address the challenges and opportunities of urbanization in China and to help China forge a new model of urbanization. The report takes as its point of departure the conviction that China's urbanization can become more efficient, inclusive, and sustainable. However, it stresses that achieving this vision will require strong support from both government and the markets for policy reforms in a number of area. The report proposes six main areas for reform: first, amending land management institutions to foster more efficient land use, denser cities, modernized agriculture, and more equitable wealth distribution; second, adjusting the hukou household registration system to increase labor mobility and provide urban migrant workers equal access to a common standard of public services; third, placing urban finances on a more sustainable footing while fostering financial discipline among local governments; fourth, improving urban planning to enhance connectivity and encourage scale and agglomeration economies; fifth, reducing environmental pressures through more efficient resource management; and sixth, improving governance at the local level.
Download or read book Modern Chinese Real Estate Law written by Gregory M. Stein and published by Routledge. This book was released on 2016-04-15 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: With massive growth taking place in the real estate industry, how can China develop a free market and private ownership of land while still officially subscribing to Communist ideology? This study uses fieldwork interviews to establish how the Chinese real estate market operates in practice from both legal and business perspectives. It describes how the market functions, which laws are applicable and how they are applied, and how a nation can achieve dramatic economic growth so rapidly while its legal system is so unsettled. The book demonstrates how China is drawing on the world for ideas while retaining a domestic system that remains essentially Chinese, and how the recent revitalization of China's real estate market has confounded the predictions of many developments economists.
