Caixin Online: The last chance of survival in China: Andy Xie
BEIJING (Caixin Online) — The 20% capital gains tax is the latest half-measure in the government’s attempt to stabilize, rather than burst, the property bubble. If the measure deflates the bubble, new measures may appear to revive speculation, as occurred in 2008 and 2012.
Managing rather than rooting out speculation is a dangerous game. The prolonged bubble will eventually bring a bill large enough to sink the banking system.
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