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Chen Huai Gives a Speech on the 33rd Financiers Club

Source:   Updated :2018/07/05    Hits:

In the morning of June 23, the 33rd “Qingdao Financiers’ Club • Jinjialling Wealth Management Salon” mutually sponsored by SUFE Qingdao Wealth Management Institute and Qingdao Jinjialing Financial Cluster Management Committee was successfully held. Chen Huai, a famous economist, Director of the Department of Urban and Rural Construction Economy of Chinese Academy of Social Sciences and Deputy Head of the Market Research Institute of the original Development Research Center of the State Council, was invited to give a keynote speech on the “Chinese real estate in the modernization strategy”. More than 200 senior managers from the local governments, financial institutions and large enterprises in Qingdao attended the salon.

In the 2.5-h speech, Chen elaborated his opinions and views by closely centering on the target housing of Chinese modernization, basic orientation of the mid-and-long-term policies about real estate, etc. Firstly, he reminded the investors of not judging the strategic directions of Chinese economy and real estate based on such short-term issues as policy influence, trend change, etc. He also indicated: “the emphasis of economic development involved in the 19th National Congress of the Communist Party of China is a strategic deployment for China’s heading towards modernization upon all-around well-being and isn’t related to the policy about short-term economic operation. Thus, the target housing in the modernization phase is the fundamental basis for judging the long-term developmental potential of future real estate.”

Later on, in an analysis on the real estate tax issued by China, Chen put forward: “the issuance of real estate tax has nothing to do with the housing price level. The nature of real estate tax is asset tax, which acts as not only an important foothold for changing from indirect to direct tax in the Chinese tax system reform, but as an important means of mobilizing stock resources and optimizing allocation, so the real estate tax will indeed be levied, sooner or later.”

In the interactive question and answer session, Chen explained the hot issues concerned by the on-site guests like coequal leasing and sales, Sino-US trade frictions, the housing reform program for Shenzhen, etc. Chen held that the Sino-US trade frictions are the inevitable result of vigorous American economic resurgence and stable hegemonic position of US dollar after the reshaping of international trade pattern. “Worrying about the aggravation of Sino-US relation, many foreign-funded companies have started to sell off the assets, and the outflow of hot money may have been more serious than as predicted. The economic growth of the second half of 2018 is still worrying.”