China's pilot program of a five-year property tax is a step toward healthier growth

China's pilot program of a five-year property tax is a step toward healthier growth and the goal of common prosperity, and is unlikely to trigger major long-term fluctuations in the real estate market, economists and industry insiders said.

On Saturday, the Standing Committee of the National People's Congress, the nation's top legislature, adopted a decision to authorize the State Council, China's Cabinet, to launch pilot property tax reforms in designated regions. The pilot program will last five years and start when the State Council issues details of the program, according to the decision.