In 2023, the income of local governments in China generated from the sale of land-use rights decreased by 13.2 percent to 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.
Growth rate of income from the sale of land use rights for local governments in China from 2016 to 2023
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Ministry of Finance of the People's Republic of China. (February 1, 2024). Growth rate of income from the sale of land use rights for local governments in China from 2016 to 2023 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1227176/china-growth-rate-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China. "Growth rate of income from the sale of land use rights for local governments in China from 2016 to 2023." Chart. February 1, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1227176/china-growth-rate-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China. (2024). Growth rate of income from the sale of land use rights for local governments in China from 2016 to 2023. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1227176/china-growth-rate-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China. "Growth Rate of Income from The Sale of Land Use Rights for Local Governments in China from 2016 to 2023." Statista, Statista Inc., 1 Feb 2024, https://www.statista.com/statistics/1227176/china-growth-rate-local-government-income-from-land-sales/
Ministry of Finance of the People's Republic of China, Growth rate of income from the sale of land use rights for local governments in China from 2016 to 2023 Statista, https://www.statista.com/statistics/1227176/china-growth-rate-local-government-income-from-land-sales/ (last visited November 21, 2024)
Growth rate of income from the sale of land use rights for local governments in China from 2016 to 2023 [Graph], Ministry of Finance of the People's Republic of China, February 1, 2024. [Online]. Available: https://www.statista.com/statistics/1227176/china-growth-rate-local-government-income-from-land-sales/
