China May Accelerate Property Tax Introduction: Newspaper

China could consider piloting a property tax in Shenzhen city as well as Zhejiang and Hainan provinces while promoting the legislation of property tax law, The Paper reported citing Jia Kang, head of China Academy of New Supply-side Economics. Analysts believe the process will be accelerated after senior policymakers said in an article last week published on the CPC party-run magazine Qiushi mentioning implementing property tax pilots, the newspaper said. A property tax can promote social fairness as well as make up for the lack of land sales revenue for local governments amid a rapidly cooling housing market, the newspaper said citing Luo Zhiheng, deputy dean of Yuekai Securities Research Institute.