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Global Digital Tax Efforts Get China Boost BUSINESS CHINA DAILY HONG KONG EDITION Wednesday, March 3, 2021 RIGHT TRACK ‘Gray rhino’ Global digital real estate risks need tax efforts get to be tamed By WANG YING in Shanghai China boost [email protected] China’s property market is the Finance minister urges G20 nations to biggest “gray rhino”, a very obvious desist from any unilateral measures yet ignored threat, in terms of finan­ cial risks, given it is so deeply inter­ twined with the financial industry, By CHEN JIA and it is necessary to keep real estate [email protected] loan risks under control for the sta­ ble development of the property China will support the efforts We should avoid a market, a top regulatory official reit­ made by the G20 members to too­early withdrawal erated on Tuesday. forge an international deal on “Many people decided to buy Potential homebuyers look at property models in Taiyuan, Shanxi province. WEI LIANG / CHINA NEWS SERVICE digital taxation by the middle of of supportive property for investment or specu­ this year and expects it to help the measures ... This lation, not for living, which is very digital economy develop in an dangerous,” Guo Shuqing, chair­ be no changes in existing home loan control measures on property credit ening measures announced in the open and fair manner, a top gov­ year, China will man of the China Banking and policies, while more macro controls are necessary. Therefore, we can past few months have effectively ernment official said. continue to adopt a Insurance Regulatory Commis­ will be implemented for the healthy expect the existing property policies stabilized the housing market in Finance Minister Liu Kun sion, said during a news confer­ development of the property mar­ to be effective,” said Hui Jianqiang, some Chinese cities. said “unilateral measures” proactive fiscal ence. ket,” Yan said. head of research with Beijing Backed by the strong economic should be avoided while dealing policy and prudent Guo said the main problem of the Chen Sheng, president of the Zhongfang­Yanxie Technology Ser­ recovery and the home buying with the tax digitization chal­ property sector is the relatively large China Real Estate Data Academy, vice Ltd. enthusiasm in China’s largest cities, lenges. Unilateral actions like monetary policy, and scale of bubbles. If people continue said Guo’s words indicated that With a series of measures taking major Chinese cities saw an across­ levying taxes on large technolo­ maintain a certain to buy homes for speculation and accumulated real estate risks will effect, be it at the national level or at the­board growth in home prices in gy companies may lead to tax not for living, there would be a cha­ likely have an impact on Chinese the local government level, the aim January. New home prices in the competition and discriminatory intensity of the os when home prices decline. “In economy. is to stabilize home and land prices nation’s 70 major cities tracked by treatment in various countries, measures to sustain such a scenario, personal assets “But he also made it clear that and temper market expectations, the National Bureau of Statistics said experts. economic recovery.” would shrink and mortgage loans property loans are growing at a said Guo. grew by 0.3 percent on a monthly Liu shared his views with G20 would not be repaid,” he said. slower pace in comparison with oth­ Experts expect a slew of policies basis and by 3.7 percent on a yearly finance ministers and central Liu Kun, “This is why, proactive and stable er loans, which would reduce the to fine­tune the industry, including basis, despite stricter curbs this year. bank governors during an online finance minister of China measures are necessary to ensure chance for such risks,” Chen said. a new mechanism on bank lending “Lowering financial risk remains meeting on Friday. that the property market grows in a Though Guo mentioned property for property and fresh land­bidding the top priority for the property The “safe harbor” clause stable and healthy manner,” said bubbles, it is evident that the trend rules designed to curb spiraling sector. And this would be good insisted by the United States Although the global economy Guo. is being checked, as seen in the slow­ land costs. news for large property developers government had been a stum­ is recovering, the recovery is une­ Yan Yuejin, director of the Shang­ er growth of property loans last year. “Macro control measures are the as it puts them in an advantageous bling block in the multilateral ven and filled with several uncer­ hai­based E­house China Research “We believe the problems of the greatest positive element for China’s position for credit and resources,” digital tax discussions, as it tainties, said the finance and Development Institution, said property market will be solved grad­ housing market this year,” said Mar­ said Hui. would have forced technology minister. China will strengthen Guo’s speech is a clear signal to the ually,” Guo said. tin Wong, associate director of As long as the capital flow is well giants to abide by any agree­ the coordination of macroeco­ real estate sector. “The speech reit­ “Guo’s remarks are in accordance research and consultancy with controlled, China’s property mar­ ment on levying taxes on their nomic policy measures to pre­ erated the pitfalls of real estate spec­ with his previous stance. More Knight Frank in China. ket will maintain a healthy and sus­ sales, experts said. vent the COVID­19 pandemic ulation and hinted that there would importantly, he believes that macro According to Wong, the new tight­ tainable growth course, said Chen. At the G20 virtual meeting, US and boost economic growth. Treasury Secretary Janet Yellen “We should avoid a too­early said her country was dropping withdrawal of supportive the safe harbor proposal, a move measures,” he said. “This year, State Grid plans diversified clean energy system that is expected to spur the long­ China will continue to adopt a stalled multilateral negotiations proactive fiscal policy and pru­ at the OECD. dent monetary policy, and By ZHENG XIN The company will also ramp up in a statement on Monday. investments,” said Jacobelli. Italian Finance Minister Dan­ maintain a certain intensity of [email protected] clean energy infrastructure, includ­ Analysts said the company’s plan “The challenge for State Grid, and iele Franco, who co­chaired the the measures to sustain eco­ ing wind, solar and hydro­power. It to build a diversified clean energy for the whole electric power com­ meeting, told newsmen after the nomic recovery.” State Grid Corp of China, the will also focus on the promotion of supply system will help maximize plex in general, is how authorities meeting that the G20 expects to Experts expect the lower fis­ world’s largest utility, will build a electric energy to replace coal and the build­out of wind and solar will promote distributed generation find a digital tax solution by the cal deficit ratio set by the Chi­ diversified clean energy supply sys­ fossil fuels in industrial manufac­ energy infrastructure across the and micro grids on a large scale and middle of this year. nese government for this year is tem in the next decade and increase turing, construction and transport. country and further accelerate Chi­ not just in isolated areas with Liu urged his G20 counterparts to be announced during the the proportion of non­fossil fuels in The company expects the propor­ na’s clean energy efforts. underprivileged population.” to promote a green development upcoming annual gatherings of primary energy consumption to 20 tion of electricity in final energy Considering the fact that China will The company plans to build seven pattern, and urged member coun­ lawmakers and policy advisers percent and 25 percent by 2025 and consumption to reach 30 percent by be adding massive amounts of clean ultrahigh voltage lines with a total tries to adopt common standards in Beijing. Local government 2030, respectively. 2025 and 35 percent by 2030, it said energy generation capacity in the next power transmission capacity of 56 but different measures to deal bond issuances are expected to three decades, the company’s GW by the end of 2025, and most of with the climate change challen­ decline this year on a yearly announcement is not surprising, said the newly added cross­region trans­ ges. basis to ensure debt sustainabil­ Joseph Jacobelli, an energy analyst mission lines will be transmitting Participants at the G20 meeting ity. and senior adviser for Asia at Cenfura the clean energy, it said. also agreed to reestablish the G20 As far as monetary policy is con­ Ltd, a smart energy services company. “State Grid has a cumulative capaci­ Sustainable Finance Study Group, cerned, recent signals have indi­ China said last year that it would ty of operating ultrahigh voltage lines recognize the need to assess cli­ cated the shift to a normalized aim to peak its carbon dioxide emis­ at about 140 GW, and during the 14th mate­related financial risks, stance, given that the economy is sions before 2030 and achieve car­ Five­year Plan period (2021­25) it will strengthen disclosure of climate­ on the recovery path. bon neutrality before 2060. reach over one­third of the current related information and support Zhang Zhiwei, chief economist According to a forecast released number, underscoring State Grid’s the transition toward greener of Pinpoint Asset Management, by the Global Energy Interconnec­ ambitions on future energy intercon­ activities. said signals are showing a tight­ tion Development and Cooperation nections,” said Wei Hanyang, a power Yi Gang, governor of the Peo­ ening monetary policy stance, Organization, solar and wind pow­ market analyst at Bloomberg New ple’s Bank of China, the central which is appropriate given the er capacity in China will reach 1,107 Energy.
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