DECEMBERASIA BUSINESS OUTLOOK8NEWSROOMThe Ministry of Finance, state tax authority, and the Ministry of Housing and Urban-Rural Development outlined new tax incentives aimed at boosting the real estate sector. The policies include enhancing deed tax incentives for housing transactions to support both basic and improved housing needs, which is expected to encourage more buying and selling in the market. It was also announced that the state would make over $500 billion in credit available for unfinished housing projects, according to state broadcaster CCTV.These initiatives are part of China's broader strategy to revive its real estate sector, which has been a significant contributor to the nation's GDP but has struggled in recent years. These new policies are seen as part of a wider effort by the Chinese government to stimulate economic growth and achieve its 5 percent GDP growth target for 2024.On November 13, China introduced a series of tax policy changes designed to support its struggling real estate market, which has been facing a prolonged slump. Key measures include cuts to property deed taxes and VAT (value-added tax), aiming to stimulate housing transactions and ease financial pressures on real estate companies.Additionally, the land value-added tax prepayment rate has been reduced, a move that aims to relieve financial difficulties for real estate companies amid a tightening credit environment. The newest reforms enacted by the South Korean government, which raised the percentage of medical college admissions by 0.015 percent of applicants, have sparked renewed hope for aspiring doctors, sparking hope in the majority of the test re-takers.The reforms, though welcome among students, have faced opposition within the medical community. Thousands of medical students and trainee doctors staged protests and halted work for months, objecting to the increase in medical school admissions, arguing it could dilute the quality of medical training. Despite these protests, the government has proceeded with the expansion, aiming to address South Korea's healthcare demands, even though the stoppage has impacted hospitals nationwide.South Korea is holding its highly competitive Suneung exam, or College Scholastic Ability Test, where students vie for admission to prestigious universities and, increasingly, to medical programs that offer high social and economic prospects. This year, a record number of students--almost a third of the 600,000 sitting for the exam--are retaking it, motivated by recent reforms that expanded the number of slots for medical trainees.South Korea takes extensive measures to ensure test-takers can focus without distraction. On exam day, national protocols kick in: flights are rescheduled, traffic is slowed, and honking is banned. Offices are asked to adjust working hours to reduce congestion near the 1,200 exam centers. CHINA EXTENDS $500 BILLION IN CREDIT TO RESUSCITATE PROPERTY SECTORSOUTH KOREAN GOVERNMENT INCREASES INTAKE OF STUDENTS FOR MEDICAL COLLEGES
< Page 7 | Page 9 >