The Introduction offers some broad and essential background into the “why” of this project. From the late 1970s to the early 2010s, China was successful in achieving double-digit annual GDP growth. Since 2013, the country’s growth rate has slowed to between 6 and 7 percent, which is still very high compared to that of most other countries. The huge successes of the 30-plus years of high economic growth include, among others, two aspects that are closely related to the theme of this monograph: urbanization and large-scale housing construction for urban residents. This monograph offers a detailed analysis, as a case study, of China in its muddling through of financial reforms toward adopting a local real property tax.
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