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Caixin Summit: China Should Launch Property Tax at ‘Appropriate Time,’ Ex-Finance Chief Says

Published: Nov. 14, 2025 3:55 p.m. GMT+8

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Lou Jiwei. Photo: Caixin

A nationwide property tax, though difficult to implement amid an ongoing real estate downturn, should be rolled out at an “appropriate time,” a former Chinese finance minister said Friday.

Speaking at the 16th Caixin Summit, Lou Jiwei described the property tax as the most suitable levy to serve as a major independent source of revenue for local governments.

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Former Chinese finance minister Lou Jiwei advocates for a nationwide property tax, but suggests implementation should wait due to the ongoing real estate downturn.
The property tax aims to provide stable revenue for local governments and support fiscal reforms; a legislative draft is ready, with an 80% market value tax base proposed.
The reform has faced delays, with pilot programs paused since 2022; Lou supports continued expansionary fiscal policy to aid economic and structural transitions.

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What Happened When

2013：: The property tax was formally proposed at the third plenary session of the Communist Party’s 18th Central Committee, with a directive to accelerate legislation and advance reform at an appropriate time.

2021：: The standing committee of the National People’s Congress authorized the State Council to pilot the property tax reform in certain regions.

March 2022：: The Ministry of Finance announced that conditions were not ripe to expand property tax trials in 2022, effectively pausing the reform.

November 14, 2025：: Former Chinese finance minister Lou Jiwei stated at the 16th Caixin Summit that the property tax should be rolled out at an appropriate time and that legislative draft work had been completed.

AI generated, for reference only