With the irreversible trend of the real estate market becoming more and more obvious, China will face a major adjustment of the industrial structure. Compared with the fast-growing real estate industry, high-end manufacturing and high-tech sectors are considered to be the new engines of the future economy. Similar to Japan's turn to the animation industry, new materials industry and automobile industry after the real estate bubble burst in the 90s of the last century, China will gradually reduce its dependence on real estate and seek new breakthroughs. This kind of industrial restructuring will enhance the sustainability and innovation capability of the economy and push the domestic economy toward a more balanced and stable direction.
In the face of the reality that the real estate market is difficult to reverse, China will accelerate the implementation and implementation of the affordable housing policy. In the new round of housing reform plan, 6 million affordable housing units will be launched in the next five years, and pilot will be carried out in 35 cities with a population of more than 3 million. This will make the housing market more diversified, with the wealthy choosing to buy commercial housing, while the low- and middle-income people can apply to buy affordable housing. At the same time, there will be no more intervention, and commercial housing will be freely determined by the market. It is worth mentioning that the ** of affordable housing will be much lower than that of nearby commercial housing to meet the housing needs of different groups. This transformation will achieve a rational distribution of housing resources and alleviate the housing plight of low-income groups.
As time goes on, property taxes are getting closer and closer. In order to curb the demand for investment speculation and reduce the vacancy rate of houses, China will accelerate the reform of property tax. At present, some pilot cities have started to levy property tax, and as the economic situation improves, it is expected that more cities will join the scope of the property tax pilot in the future. Property tax reform can not only increase local fiscal revenue, but also reduce the enthusiasm of real estate investment and avoid the emergence of market bubbles. As a result, it is expected that families with multiple properties will face higher costs of owning a home in the future. This transformation will promote the property market to return to a rational and healthy development track.
Starting from 2024, if the real estate market is difficult to reverse, China will usher in three major changes: accelerating the adjustment of industrial structure, accelerating the pace of affordable housing entering the market, and accelerating the pace of real estate tax reform. These three major changes will promote the transformation of China's economy to high-end manufacturing and high-tech fields, and achieve sustainable economic development. At the same time, the implementation of the affordable housing policy will meet the housing needs of different groups and alleviate the housing plight of low-income groups. The promotion of property tax reform will reduce the demand for investment and speculation and increase local fiscal revenue. These changes will make China's property market return to a rational and healthy track, and provide strong support for the stable development of the domestic economy.
As the trend of real estate market adjustment cannot be reversed, China's property market is about to usher in three major changes. These three major changes are of great significance, injecting new impetus and direction into China's economic development. First of all, speeding up the adjustment of the industrial structure will push China's economy to get rid of its dependence on real estate and shift to high-end manufacturing and high-tech fields. This will provide strong support for the sustainable development of China's economy. Second, accelerating the pace of affordable housing into the market will meet the housing needs of different groups and alleviate the housing plight of low-income groups. This will increase the fairness and stability of society. Finally, speeding up the pace of property tax reform will curb the demand for investment and speculation, reduce the vacancy rate of houses, and at the same time open up new tax sources for local governments and increase local fiscal revenues. This will balance the development of the property market and promote long-term economic stability. To sum up, these three major changes point out the direction for the future development of China's property market, and also provide us with a better living and development environment. Let's look forward to the future and work hard for it.