Research On Taxation And Control Policy Of China 's Real Estate Market Under High Stock

Since the reform of the housing system in 1998, China’s real estate industry has gradually become the pillar industry of national economy, especially after Subprime Mortgage Crisis occured in the United States in 2008,the central government issued 4trillion for strong bailout,and a lot of money was took through various channels into the real estate industry,which all over the country experiencing large-scale and high-speed development including Yunnan province in recent years. However,due to the loan and purchase limits was introduced in 2010, the national real estate sales and speed for sale had dropped since 2011,and real estate inventory got higher significantly, and began to appear rapid growth trend. In order to promote the healthy development of the real estate industry and resolve the huge pressure of real estate inventory, the central government began to carry out macro-control, in which the tax policy played an important role.This paper pointed out that the primary causes of high inventory of real estate was that the drawback of the existing financial system in the current. After the reform of tax sharing system,the local fiscal revenue mainly rely on the land finance,and local fiscal revenue and expenditure were always upside and down. Moreover,the current tax system of real estate has been unable to meet the needs of the rapid development and change of China’s current economy,it was difficult to play its regulatory function.Therefore,the author of this paper aimed at the above problems had put forward the suggestions,and provided the reference for the formulation, optimization and evaluation of the tax policy of real estate in the future.This paper launched the research from three levels. First of all, dealed with the literature research achievements and explained in detail the concepts and theoretical basis related to real estate. Secondly, taking Yunnan Province as an example, analyzed the present situation of real estate inventory, the reason for the problem and bad effects etc. Finally,on the basis of drawing on the experience of the tax policies implemented in foreign developed countries, the author proposed specific recommendations to improve China’s tax policy of real estate.