Will China’s housing prices drop? 8.4 trillion yuan in revenue from land sales nationwide in 2020, accounting for more than 80% of local revenue, a 33-year high.
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Will China’s house prices fall this year? 8.4 trillion yuan in revenue from land sales nationwide in 2020, a 33-year high
Land is the mother of wealth, the greatest original wealth of a city. 8.4142 trillion yuan in revenue from land sales nationwide in 2020, up 15.9% year-on-year. It accounts for 46% of the national revenue and 84.03% of the local revenue.
According to commentator Xie Yifeng, this can be called an epic and most successful land finance and economics, i.e. Chinese real estate economics.
And land and real estate-related taxes of five real estate taxes 1.9694 trillion yuan, plus then, total real estate revenue 10.3836 trillion yuan. This accounts for 56.77% of the national revenue and 103.7% of the local revenue.
If we add six more real estate-related taxes, the revenue from eleven real estate taxes exceeds 2.8 trillion yuan, and the total real estate revenue reaches 11.2142 trillion yuan in 2020.
At 8.4142 trillion yuan, this is the first time since September 8, 1987 that China’s revenue from land sales has broken 8 trillion yuan, the highest revenue ever from land bidding.
Setting a record for the highest revenue from land sales in China for 33 years, another new market miracle. It is worth mentioning that two-thirds of the revenue from land sales mainly comes from first- and second-tier cities.
The signature “Mr. Shu’s Education World” wrote, “Seeing this set of data, my heart is ashes, housing prices are impossible to fall.
For one thing, if local governments at all levels stop selling land, local governments are estimated to be running into problems. Without such a large amount of revenue from land sales, where do salaries come from? Medical care, pension, education and other livelihood issues are even more difficult.
Secondly, without a large amount of revenue from land sales, officials have no source of money for infrastructure construction, it is difficult to have political achievements, which local officials do not want to see. Therefore, the probability is that land sales will continue, and as land becomes less and less available in good locations, land prices will only get higher. The likelihood of house prices falling is slim to none. How can the price of bread go down when the price of flour is going up so much?
Thirdly, land is a non-renewable resource, what happens after the land is sold? Where will the revenue come from? Think about it, it’s a chill down your spine.
Fourth, I still don’t understand one more thing: China’s GDP is growing dramatically every year, where does all the money go?
The article ends with more worries about China’s economic outlook. Land sales are not a long-term solution, and the high price of housing has kidnapped all industries and stifled the basic consumption of the people. Loans to buy houses are an early overdraft of decades of spending power, how will the internal cycle circulate in the future?
Gao Fu Rarely Admits Major Shortcomings of Chinese Vaccines
Gao Fu, director of the Chinese Center for Disease Control and Prevention, has made a rare admission that China’s vaccine for the Chinese Communist virus (COVID-19) has shortcomings, saying the Chinese vaccine has low potency and that the government is considering mixing vaccines to boost effectiveness.
Photo: CDC Director Gao Fu
Gao Fu, director of the Chinese Center for Disease Control and Prevention, made a rare admission that China’s COVID-19 vaccine has shortcomings and confessed to low efficacy. Gao Fu was speaking at a conference in Chengdu yesterday when he said the Chinese vaccine did not have very high protection, adding that they are now officially considering whether they should vaccinate with a different technical line of vaccine.
Gough did not specify details of the possible change in strategy, but he mentioned messenger ribonucleic acid (mRNA) gene technology during the meeting, according to the Central News Agency, citing AP sources. Western vaccine developers already use this experimental technology, while Chinese pharmaceutical manufacturers use traditional techniques.
Gough said at the conference that we should all think about the benefits that mRNA vaccines can bring to humans and pay serious attention to them, and not ignore them just because there are already multiple vaccines.
Gao has questioned the safety of mRNA vaccines in the past. Xinhua News Agency quoted Gao as saying last December that he could not rule out negative side effects as the mRNA vaccine was used for the first time on healthy people. Brazilian researchers have previously found that Sinovac Biotech’s vaccine against the Chinese communist virus had only 50.4 percent protection against symptomatic infections. In contrast, the U.S. vaccine from Pfizer, which uses mRNA technology, had 97 percent protection.
The report said Beijing has distributed hundreds of millions of vaccines to other countries and has tried to promote the effectiveness of Western vaccines as negotiable. Chinese state media, public health and scientific blogs have questioned the safety and efficacy of Pfizer vaccines.
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