LONG-AWAITED AMID HOUSING MARKET UNCERTAINTIES, a property tax law is included in the legislation plan of the Standing Committee of the National People's Congress, China's top legislature, signaling lawmakers' determination to carry forward the reform. Comments:

It is imperative for the country to implement a property tax law as it will help the domestic property market operate in a healthier manner. However, no final decisions have yet been made on the timeline for introducing a property tax law. Also, given the wide ambit of a property tax, not only should the draft plan and consultations be very discrete, a relatively long preparation period will be needed before its implementation. And, when setting the tax rates, the financial conditions of ordinary people should definitely be taken into consideration.

Economic Daily, Aug 7