the cumulative effects of past distortions to digest real estate market bubble and land on the economic structure of the fiscal expansion, cool the property market,tn, local government land revenue decline was structural adjustment,tn, the inherent requirements of sustainable economic development,tn, the government needs to balance short-term and steady growth in long-term structural optimization,tn, rather than directly to the real estate market as an object counter-cyclical macroeconomic policy operations.Land fiscal year may shrinkReal estate "cold" spread the land market. Real estate sales growth quarter by quarter decline since the first quarter of last year.
the Ministry of Finance treasury land revenue collection has some lag. Therefore,tn, the higher a quarter of the land revenue growth reflects the early land transfer case. Ministry of Land and land supply one-quarter reported negative growth has occurred.
but mainly reflecting Delays land revenue collection treasury. Land supply has decreased by one-quarter of the current situation of falling house prices may be driven by falling land prices, land revenue in coming quarters may be significantly decline.Land revenue brought cool the property market to reduce the long term,tn, there is conducive to economic restructuring,tn, but adversely affected by the presence of three short-term economic growth. One is to reduce the funding of local government investment; second is to increase local government debt risk; Third,tn, land as collateral to credit.
falling prices is not conducive to their credit expansion.Focus on steady growth this year is still in stable investments. The land premium is the main source of funding local government investment,tn, which is a channel for the cooling real estate market for short-term aggregate demand effects. How to deal with the adverse effects of land policy will on short-term austerity economic growth Some measures on the market speculation and discussion,tn, including the purchase of local government to relax restrictions,tn, and even take to encourage the purchase of policies such as increasing the availability of mortgage loans; central government to increase protection of housing construction spending to compensate for the slowdown of real estate investment; government relaxed land supply the amount of change in price in order to increase the land revenue of local governments.However.
but the performance is not bad all year,tn, an increase of 26% compared to 2012,tn, real estate sales in the fourth quarter last year, an increase of 13.7%,tn, growth remains moderate. But this year, a quarter of the real estate obviously cold, sales fell by 5.2% (Table 1),tn, is also facing downward pressure on prices: 70 cities housing prices rose year on year to gradually slow down this year (Figure 2). With this paradox is that a quarter of land revenue still grew 40% (Figure 3), far more than the Ministry of Finance to make -11.8% of the annual budget growth. The main reason is that land revenue can be divided into sub-installment payment.
does not exclude other Arctic countries to participate in other forms of development.(Original title: Russian media said the construction of the Arctic National Alliance resistance in dark countries such as Japan and South Korea and India to parFiscal tightening pressure on land: DomesticChina's land revenue over the long-term budget year. However,tn, due to the current real estate market is facing downward pressure on land revenue this year,tn, there might be as early as the government budget fell sharply (government budget in 2014 of state-owned land transfer revenue growth -11.8%). Although a quarter of land revenue still grew 40 percent year on year.
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