In 2023, the income of local governments in China generated from the sale of land-use rights amounted to around 5.54 trillion yuan. After the business tax was abolished and replaced by a value-added tax in 2016, local governments lost a significant share of their income. As a result, they turned towards the sale of land use rights, which resulted in local governments' necessity to facilitate real estate development independent of actual demand.
Income from the sale of land use rights for local governments in China from 2016 to 2023
(in trillion yuan)
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Ministry of Finance of the People's Republic of China. (February 1, 2024). Income from the sale of land use rights for local governments in China from 2016 to 2023 (in trillion yuan) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1227161/china-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China. "Income from the sale of land use rights for local governments in China from 2016 to 2023 (in trillion yuan)." Chart. February 1, 2024. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1227161/china-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China. (2024). Income from the sale of land use rights for local governments in China from 2016 to 2023 (in trillion yuan). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1227161/china-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China. "Income from The Sale of Land Use Rights for Local Governments in China from 2016 to 2023 (in Trillion Yuan)." Statista, Statista Inc., 1 Feb 2024, https://www.statista.com/statistics/1227161/china-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China, Income from the sale of land use rights for local governments in China from 2016 to 2023 (in trillion yuan) Statista, https://www.statista.com/statistics/1227161/china-local-government-income-from-land-sales/ (last visited December 22, 2024)
Income from the sale of land use rights for local governments in China from 2016 to 2023 (in trillion yuan) [Graph], Ministry of Finance of the People's Republic of China, February 1, 2024. [Online]. Available: https://www.statista.com/statistics/1227161/china-local-government-income-from-land-sales/
