The importance of real estate development to local government income can hardly be overstated. Much has been made of the dependence of local governments on land sales to support themselves. The poorer and more remote a city, the higher this degree of dependence. Nationwide, the proportion of land sales in local revenue is about 25%. The most real estate-dependent cities tend to be very high on the scale of land dependency. For example, Ordos County in Inner Mongolia in 2011, when it experienced a real estate bust, saw 69% of local revenue from land sales, according to an Oxford University report. Here is the correlation between government revenue and commercial real estate for Tianjin. (NBS data) Land sales, though, are only a portion of local government benefit from real estate. Tax revenues from real estate developers, construction companies, and manufacturers of materials for the construction of commercial property have been the highest proportion of taxes for a decade now. In Tianjin, for example, a massive region and massive economy, real estate taxes represented 26% of local tax revenue in 2016, the last year of the statistic. Construction activities generated 12% of local revenue in 2016, down from the peak. This disparity is much more acute in the "new zones" that cities develop in their remote suburbs, where land is (originally) cheap. The Binhai zone of Tianjin, for example, which hosts the mini-city that Binhai officials used to call "Little Manhattan" (until they caught on that international visitors were having a laugh), is almost entirely dependent on construction activities and land sales for its local revenue. As they run out of land for new development, desperate for GDP growth, some cities have dynamited existing buildings and counted the demolition toward GDP. Controlled demolition in Zhengzhou, Henan Province August 2017. Photo by China Radio International: chinaplus.cri.cn It has often been noted that China's current ills tie directly back to the 1994 tax reform, in which the central government started collecting all taxes and reverting a portion back to local governments. This was part of the overall centralization of government authority under Zhu Rongji that responded to fears of a Soviet-style smash-up post-1989.
An April 2016 paper by the Asian Development Bank shows a direct connection between the central government's fiscal transfers back to local governments following the 1994 deal. Earmarked transfers account for around 40% of the total. The paper shows that earmarked transfers have the effect of forcing sharp increases in local government spending on infrastructure. Abstract: Results showed every 1% increase in earmarked transfers to be associated with a 5% increase in local spending on infrastructure. These fiscal transfers also increased the size of local government spending such that a 1% increase of fiscal transfer would increase the ratio of local fiscal spending to gross domestic product by 1%. One of the prevalent ideas about China is that debt woes are due to sneaky local governments that steal money from the people. If only the emperor knew! Actually, it's more the opposite. The increasing power of the central government has squeezed local governments into a fiscal straitjacket. Not only must local governments fulfill the GDP growth targets set by the center, on which they are increasingly dependent, but they are responsible for providing basically all services--schools, medical services, pension, roads, water, electricity--and they have no ability to levy their own taxes and make their own budgets. Selling land and borrowing for centrally approved infrastructure projects are the only strategies that provide local governments with resources to meet the needs of their people.
87 Comments
Ruby Flood
5/28/2018 06:57:14 am
This is great but a lot of the photos are old. Are things better now?
Reply
Admin
5/28/2018 06:58:21 am
Hi Ruby. Actually, I'd say things are worse.
Reply
Laban Yu
6/6/2018 03:06:20 am
This is a cute exercise... but has Ann Stevenson Yang been right about anything?
Reply
7/23/2019 04:13:29 am
Hello, This is a cute exercise... but has Ann Stevenson Yang been right about anything?
Reply
9/11/2019 05:52:32 am
Reply
9/13/2019 08:40:39 am
This is some really good information about selling a home quickly. It is good to know that it would be smart to clean up your house as much as possible. I like that you pointed out that buyers most of the time don’t want to fix anything before moving into a new home. Personally, I wouldn’t even want to have to paint the walls.
Reply
9/21/2019 06:40:54 am
Great Post
Reply
9/22/2019 08:37:10 pm
Reply
10/5/2019 09:41:02 am
For this situation, does the purchaser free, as well as the real estate organization too. Why?Because if a property's estimation drops, the cost must drop too, on the off chance that you ever need to offer it again. For this situation the under estimated wonder shows up. This is the reason short sales are favored.
Reply
10/10/2019 09:00:50 pm
Thanks For sharing this Superb article.I use this Article to show my assignment in college.it is useful For me Great Work.
Reply
10/10/2019 11:58:21 pm
For this situation, does the purchaser free, as well as the real estate organization too. Why?Because if a property's estimation drops, the cost must drop too, on the off chance that you ever need to offer it again. For this situation the under estimated wonder shows up. This is the reason short sales are favored.
Reply
10/16/2019 10:59:35 am
It might be useful to also look at the decline of tied homes in rural communities. Bert lives in one, as does Will - but most others in Ambridge are gone. Low agricultural wages plus lack of housing are cause serverev problems in rural communities.
Reply
10/16/2019 12:44:53 pm
Reply
11/3/2019 07:09:50 am
Reply
11/20/2019 04:22:44 am
Hello, You take such amazingly beautiful pictures. I hope that one day I can make it to the West Coast and also tour Victoria, BC. It would be a wonderful trip and memorable adventure to me as I am originally from the states and have life in Ontario for just 13 yrs now. My husband is Canadian. I love to travel and see new sites and this is one of my places I’d love to visit. I have gotten to a few spots here in Ontario but would love to go on a longer adventure even by train would be amazing. Coming by train would be interesting.
Reply
11/29/2019 10:12:45 am
I like how you mention it is important to have good credit when trying to buy a new home. I've been thinking of moving, so I will need a real estate agent to help me with buying a new home. I will make sure to build up my credit before starting the buying process.
Reply
12/20/2019 08:58:31 am
Hello, You take such amazingly beautiful pictures. I hope that one day I can make it to the West Coast and also tour Victoria, BC. It would be a wonderful trip and memorable adventure to me as I am originally from the states and have life in Ontario for just 13 yrs now. My husband is Canadian. I love to travel and see new sites and this is one of my places I’d love to visit. I have gotten to a few spots here in Ontario but would love to go on a longer adventure even by train would be amazing. Coming by train would be interesting.
Reply
12/27/2019 08:40:12 am
Thank you for you tips on buying a home. I like how you said to get pre-approved to a mortgage before you start your house search. My husband and I are thinking about buying a home sometime soon.
Reply
1/23/2020 09:18:12 am
Reply
2/13/2020 01:14:23 am
Reply
3/13/2020 05:47:31 am
Reply
3/19/2020 09:35:52 pm
Reply
3/21/2020 06:36:09 pm
Not just mexico.. look tricities Washington... man gets in fight in jokers club follows the guy home kills him.. only 7 years.. 7 freaking years.. the justice system worldwide is disgusting.
Reply
3/23/2020 12:06:54 am
Reply
4/7/2020 11:32:08 am
Reply
5/3/2020 01:12:30 am
I’m going to write about my court drama at some point. Utter ridiculousness that I was forced in that direction. Starting small is exactly the way to go E.M. One property at a time and one that is definitely affordable. I’ve known people who have rented out their basements. I don’t know if I could do that…I’d prefer a bit of distance between myself and the tenants.
Reply
5/28/2020 06:38:54 am
So my dear relationship problems are actually one of the features of relationship. Though you are free to pray not to have these problems at all but my candid advice is that you should create a room for it in your heart.
Reply
9/15/2020 05:47:33 am
Your thing with respect to making will be for all intents and purposes nothing hard to come by of amazing. This instructive article is unimaginably valuable and contains offered myself a superior answer for have the option to my own issues.
Reply
11/27/2020 10:39:06 pm
great work man i would like to congratulate you on this effort
Reply
2/17/2021 04:15:00 am
Efficiently written information. It will be profitable to anybody who utilizes it, counting me. Keep up the good work. For certain I will review out more posts day in and day out. <a href="https://www.vkonte.com/">science research methodology</a>
Reply
2/17/2021 04:51:05 am
Very efficiently written information. It will be beneficial to anybody who utilizes it, including me. Keep up the good work. For sure i will check out more posts. This site seems to get a good amount of visitors. <a href="https://awomansessence.com/">women in lingerie pictures</a>
Reply
2/17/2021 05:21:45 am
Different kinds of dissertation webpages on-line imagine you're even are given obviously reported on your blog. <a href="http://www.diversionclass.org/">Shoplifting Class</a>
Reply
2/17/2021 06:04:07 am
A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post.<a href="https://www.a1plumbersbristol.co.uk/">Plumber bristol</a>
Reply
2/17/2021 06:27:22 am
Fabulous post, you have denoted out some fantastic points, I likewise think this s a very wonderful website. I will visit again for more quality contents and also, recommend this site to all. Thanks. <a href="https://g.page/A1plumbersbristol?share">a1plumbersbristol</a>
Reply
2/17/2021 06:37:46 am
Fabulous post, you have denoted out some fantastic points, I likewise think this s a very wonderful website. I will visit again for more quality contents and also, recommend this site to all. Thanks. <a href="https://www.zensleather.com/">Custom Bomber Jacket</a>
Reply
2/18/2021 05:49:53 am
Different kinds of dissertation webpages on-line imagine you're even are given obviously reported on your blog. <a href="https://awomansessence.com/">white sheet boudoir photos</a>
Reply
2/18/2021 05:51:14 am
Different kinds of dissertation webpages on-line imagine you're even are given obviously reported on your blog. <a href="http://www.diversionclass.org/">Shoplifting Class</a>
Reply
2/18/2021 07:21:29 am
Cool stuff you have got and you keep update all of us.<a href="https://www.thehoodoocabin.com/">spirit dolls</a>
Reply
2/18/2021 07:36:06 am
A number of dissertation websites on the internet for those who purchase needless to say publicised as part of your page. <a href="https://www.zensleather.com/">Best Motorcycle Jackets Online</a>
Reply
2/18/2021 07:44:51 am
A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post.<a href="https://www.a1plumbersbristol.co.uk/">gas engineer bristol</a>
Reply
2/26/2021 09:28:39 pm
Hello, Focusing on the database has become such a necessity today especially in today’s data-driven technology and internet with millions and billions data storage capacity into various storage points. It’s good to see this article start with a data set point.
Reply
3/15/2021 06:43:06 am
Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with extra information? It is extremely helpful for me.
Reply
4/10/2021 04:28:24 am
Really informative update on your website about the property which police seize and investigate the woman behind. The department must take serious action against such corruption cases. I would like to look forward to more best writing services online updates related to this case.
Reply
4/10/2021 04:28:46 am
Reply
4/21/2021 09:57:37 pm
Really informative update on your website about the property which police seize and investigate the woman behind. The department must take serious action against such corruption cases. I would like to look forward to more best writing services online updates related to this case.
Reply
Rental real estate is something I am interested in, but I think I would rather start small first. I’m hoping (way down the road) to buy a house with a basement that we can rent out. Just to get a feel for it and see if it’s something I would really like to do. It requires a lot of effort and money, and I would hate to invest so much only to find out it’s too much to deal with. You should write a post about the tenant taking you to court! Some people…
Reply
6/21/2021 04:06:15 am
Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you
Reply
6/23/2021 06:12:11 am
Nice Blog! AI with real estate will help agents as well and buyer, It will very beneficial for both. Thanks for sharing this informative article.
Reply
6/25/2021 09:07:54 am
Thank you so much for your support! We wish you the best of luck with your dream home, and we will be sure to keep you updated on our own progress.
Reply
6/30/2021 09:00:15 am
I’m going to write about my court drama at some point. Utter ridiculousness that I was forced in that direction. Starting small is exactly the way to go E.M. One property at a time and one that is definitely affordable. I’ve known people who have rented out their basements. I don’t know if I could do that…I’d prefer a bit of distance between myself and the tenants.
Reply
lisa
7/12/2021 10:02:39 pm
Listproperty is a platform for organisations and private property owners in Nigeria to advertise their properties. <a href="https://listproperty.ng/">Nigeria Property</a>
Reply
7/17/2021 11:18:44 pm
Hello, Decent Blog. I am very inspired with your composition abilities on wellbeing subject. A debt of gratitude is in order for sharing such an educational post and I truly enjoyed it.
Reply
8/10/2021 07:54:00 am
Rental real estate is something I am interested in, but I think I would rather start small first. I’m hoping (way down the road) to buy a house with a basement that we can rent out. Just to get a feel for it and see if it’s something I would really like to do. It requires a lot of effort and money, and I would hate to invest so much only to find out it’s too much to deal with. You should write a post about the tenant taking you to court!
Reply
10/3/2021 10:03:01 am
I was scrutinizing your article and contemplated whether you had thought about creation an advanced book regarding this matter. You're creating would offer it brisk. You have a lot of making capacity.
Reply
10/3/2021 10:07:48 am
Extraordinary focuses you made here..Great stuff...I think you've made some really fascinating points.Keep up the amazing work.
Reply
10/18/2021 09:37:57 am
This unique in fact perhaps even a very good arrange that i believe it or not in fact really enjoyed looking into. It is not necessarily consequently routine that i range from the substitute for verify a precise detail.
Reply
11/4/2021 12:00:20 am
Commercial investment value is reliant on a thriving economy, and losses can be hard felt if an industry up moves because their business will perform better elsewhere.Whereas the residential property market is seen as relatively stable, the commercial market can be volatile. Everyone needs somewhere to live, but businesses can go under and vanish from the map. If commercial property is no longer desirable in an area, hard times could lie ahead if businesses begin to relocate.
Reply
11/18/2021 11:57:42 pm
This blog has very helpful information regarding real estate investment. worth visiting as well as worth recommending to the people. Thank you for sharing this useful info with us.keep posting.
Reply
12/20/2021 10:41:22 am
Reply
12/20/2021 11:28:08 am
This unique in fact perhaps even a very good arrange that i believe it or not in fact really enjoyed looking into. It is not necessarily consequently routine that i range from the substitute for verify a precise detail.
Reply
1/18/2022 10:52:41 pm
I simply needed to tell you all that I added another rundown. It has taken me for some time to tell everybody because of server issues. Everything ought to be in the groove again now.
Reply
1/19/2022 12:40:38 am
Posting inquiries are truly critical thing in case you are not understanding something totally, with the exception of this post offers great agreement yet.
Reply
1/19/2022 02:11:06 am
Pleasant blog! Is your topic specially crafted or did you download it from somewhere?A topic like yours with a couple of basic adjustements would truly make my blog sparkle. Kindly let me in on where you got your subject.
Reply
1/19/2022 03:11:24 am
I really thank you for the gainful data on this wonderful subject and foresee more inconceivable posts. Thankful for getting a charge out of this greatness article with me. I am esteeming everything that much! Envisioning another great article. Favorable circumstances to the maker! All the best!
Reply
4/22/2022 08:03:21 am
Is your topic specially crafted or did you download it from somewhere?A topic like yours with a couple of basic adjustements would truly make my blog sparkle.
Reply
4/22/2022 09:41:34 am
Purchasing a property to use for rental income can have its advantages, but knowing all the in’s and out’s of such a large purchase will benefit you in the long game. You can follow Than Merrill on Twitter and get some great tips from an expert real estate investor, but first let’s take a look at some of the things that you should be thinking about before you make any commitments to buy.
Reply
4/30/2022 09:30:56 am
While driving through Pawnee's creepy Warehouse District (which April says features raccoons and old car batteries) April spots a haunted-looking home. They go inside and look around.
Reply
I am surely stimulated that there's this type of exquisite quantity of data approximately this issue were revealed and you've put forth a valiant attempt, with a lot magnificence. On the off hazard that needed to know greater approximately inexperienced smoke surveys, than with the aid of all strategies are available and take a look at our stuff.
Reply
6/1/2022 08:38:47 am
Hello Heather, Excellent points in this article. Great post for one considering buying a first rental property. Thanks for sharing the valuable information with us and I really loved your post.
Reply
6/1/2022 08:58:32 am
Fantastic Blog! This is the type of post that needs to be given and not the accidental misinformation that’s at the other blogs. Appreciate your sharing
Reply
6/1/2022 10:12:47 am
These are so great!!! I realized the other day I had three mini butterfly cutters!!! How in the world did I end up with 3? I feel much better now that I realize at least one of them are really flip-flops!!! Thanks for another great post!
Reply
6/1/2022 10:33:32 am
Very informative post ! There is a lot of information here that can help any business get started with a successful social networking campaign.
Reply
Leave a Reply. |
Details
creative destructionSome cities resort to demolishing empty towers and building new as their GDP starts to flag, and the demolition can be a major contributor to GDP. Below are pictures of a demolition in Shanghai. Toward the back of the lot are piles of bicycles collected from streets cluttered with spares from the many bike-sharing companies that are competing to make their bikes cheaper and more available than the next company's.
Archives
|