Ye Tan: Real Estate New Deal Is The Precursor Of China'S Economic Structural Adjustment

The new real estate policy launched in April is not only limited to the real estate market itself, but an important part of China's economic withdrawal from the stimulus policy and China's economic restructuring.

In the future, China will enter the economic pattern of declining asset bubbles and rising CPI pressure.

In terms of the market, the real estate market has launched a tough new deal.

China's reform this year is almost in all directions, and we will once again enter into the throes of reform. There is no good side.

As far as macroeconomic trends are concerned, inflationary pressures are rising further, and the rise in resource prices has become a trend.

The NDRC recently released a report that the price of water, electricity, oil and natural gas will rise in the two quarter.

But when the price adjustment measures are introduced, the government will give full consideration to the affordability of all sectors of society, and adopt ladder pricing and other ways to ease the impact of price increases on Residents' lives.

This year's levy of resource tax is on the drawing board, which will further drive up the price of resources.

Labor costs are rising further.

In April 10th, in order to draft a reform plan for income distribution, Zhang Dongsheng, director of the employment and income distribution division of the national development and Reform Commission, organized relevant people to hold a closed door meeting.

Zhang Dongsheng said: "no matter what, we must bring things out this year. Income distribution can not always be empty talk."

According to the information disclosed, the wage reform in monopoly industries and the equity income of central enterprises have been further classified into social security.

The first two years of tax and fee reform were launched, deepening this year.

The consumption tax and retention tax of real estate are in the firing line. They may test fire in Chongqing or Shanghai first.

In the redistribution of income, Zhang Dongsheng stressed that the tax policy will play a leading role.

China's resource tax, real estate tax, inheritance and gift tax and other types of income tax adjustment are too small or not levy, tax does not play a role in regulating income distribution.

In the next reform of income distribution, we will speed up the reform of personal income tax system combined with comprehensive and classified deduction, increase the standard of daily expenses of ordinary families, and deduct the expenses of education and medical treatment, and reduce the tax burden of the middle and low income residents and the working class.

It is foreseeable that the future property and securities capital gains tax will be strictly administered, and the tax adjustment of the high property pfer will be strengthened, and the inheritance and the donation tax will be exclaimed in time in order to make up the gap in the income tax income of the wage earners.

In addition, on the eve of the national financial work conference, 20 ministries and commissions have launched 15 major research projects to prepare for the next step in the reform of the financial sector.

As a 5 year financial reform event, the national financial work conference has become the vane of China's financial reform.

The relevant departments put forward 15 financial topics, and the agencies took the lead and conducted extensive research, covering the systemic financial risk prevention system, the financial supervision and coordination mechanism, strengthening the comprehensive financial management and the supervision of financial institutions that are too big to fail, and strengthening the management of financial Institutional Firms.

From the new real estate policy, we can see some hints of the future direction of reform, such as the loan and risk standard of the three suite, the devolution of authority to the banks, and the real estate consumption tax to the local government. In the future, regulators will carry out total control and risk control from the aspects of bank capital and loan amount, and the specific measures will be formulated by the banks according to the situation of the bank.

Another issue is to achieve a large regulation of capital market and money market, linking asset prices to inflationary pressures in order to accurately reflect the real situation of the market.

The structural adjustment of China's economy should not be carried out in relation to exchange rate, interest rate and other policies.

China's economy is facing inflationary pressure on the one hand and moderately relaxed in 2009.

The real estate market has become a symbol of the confusion of China's economic structure. From the real estate market, we can see that the public financial system is not perfect, the tax and fee system is unreasonable, the income distribution is unfair and the phenomenon of rent seeking is rampant.

Since the central government is determined to abolish the disadvantages of real estate, it is bound to strip off the blood vessels in the real estate market. Otherwise, the real estate market will inevitably enter a vicious circle of adjustment and loosening.

The real estate will fall into hell and China's real economy will go to hell.

The long term healthy and stable development of real estate means that China's economic reform has been completed successfully, and the currency war has won more than half.