A surge in China property sales boosted real estate-related tax income for the first nine months of 2016. Photo: Reuters/Jason Lee
A surge in China property sales boosted real estate-related tax income for the first nine months of 2016. Photo: Reuters/Jason Lee

The government’s fiscal revenue for the first nine months grew 5.9% from a year earlier to 12.14 trillion yuan as a surge in property sales boosted real estate-related tax income and offset a broader tax cut in February, according to figures and analysis cited by the Securities Daily.

Finance Ministry data released Wednesday showed an 11.7% increase in deed taxes on year to 315 billion yuan. The so-called land value increment tax gained 13.7% to 328 billion yuan. The report shows the property market still plays an important role in the steady growth of the economy, said analysts cited by the paper.
前9个月财政收入同比增长5.9% 楼市火爆带动房地产税收高增长

Government opens urban utilities service sectors to private investment

Urban water supply, gas, heating, sewage and garbage disposal services are now open to private investors through joint ventures and Public-Private Partnerships, according to guidance issued Wednesday by the Housing Ministry, the People’s Bank of China and 3 other departments in the State Council, said the Xinhua news agency.

More financial support will be provided to businesses in those sectors to attract private investment, the report said.

Broader investment in water conservation, irrigation needed, says Premier

Additional investment is needed to expand water conservation and agricultural irrigation infrastructure, Premier Li Keqiang said at an annual conference on water infrastructure in Beijing on Wednesday, according to a report by the People’s Daily. Financial institutions will play a “guiding role” in broadening the base of capital invested in the sector, which will in turn support the livelihood of farming families, Li said.

Renewable energy policy set for release, says National Energy Administration

China will soon release policies on wind, solar, hydro and other forms of renewable energy under the 13th Five Year Plan, said Zhu Ming, the head of the renewable energy department under the National Energy Administration, on Wednesday, according to the Shanghai Securities Journal. Allocation of resources for solar energy will be determined by market competition to lower the cost of solar panels and reduce reliance on state funding.

Almost a fifth of China’s population are migrants, says government survey

Around 18% of China’s population have migrated from their home provinces to another area in the country, according to a report released Wednesday on a 2015 survey by the National Health and Family Planning Commission cited by Caixin. The report shows people from less developed regions in the central and western parts of China moved to the more developed regions in the east and south.