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Politics

Xi’s Toughest ‘Common Prosperity’ Test Is Raising China’s Taxes

  • China to expand property pilots in five year program
  • Inheritance tax absent from central documents since 2013
WATCH: China is set to move ahead with tax reform in what many are calling the biggest test of Xi’s “common prosperity” campaign. Janet Paskin reports.

Whether silencing Hong Kong dissent or countering U.S. sanctions, China can move faster than almost any country in the world to approve complex legislation.

That’s why the yearslong delay to pass sweeping property tax reform, called “crucial” by a top official in 2018, is so telling. The Chinese legislature’s most recent five-year agenda made drafting a real estate tax a priority, but now, more than halfway through, President Xi Jinping’s recently announced property tax plans fall far short of what lawmakers hoped.