BEIJING -- China said it will consider "new reforms for the fiscal and tax systems" as it looks to support local authorities struggling with shrinking incomes and heavy debt, but provided no details in its latest government work report.
Local governments in China sell usage rights for state-owned land to developers and use the proceeds for infrastructure and other purposes. But as China's real estate market slumped, so did land-use revenue, plummeting 33% between 2021 and 2023.
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