China’s reform lets farmers rent out land
Chinese farmers will be allowed to transfer or rent out their land, thus being able to benefit from rising land prices, according to a new guideline by the State Council. Subscribe us on Youtube: https://www.youtube.com/user/CCTVNEWSbeijing Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls=1&mt=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/cctvnewschina Twitter: https://twitter.com/CCTVNEWS Google+: https://plus.google.com/+CCTVNEWSbeijing Tumblr: http://cctvnews.tumblr.com/ Weibo: http://weibo.com/cctvnewsbeijing
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Unfortunately, it sounds like the Chinese leaders have not paid attention to the boom-to-bust cycles that plague farmers in countries where land has become a commodity to be bought and sold. Sun Yat-sen was one Chinese leader who had a better grasp on the economics of land ownership, and he gained his insights by studying the works of Henry George.
The rent of land (i.e., whatever the land would yield if offered for lease under competitive bidding circumstances) does belong to the community. This is the natural fund with which to pay for public goods and services. Whatever improvements are then made to the land by lessees should be treated as private property of the individual and not subject to taxation.
The full societal collection of the rent of land is the only way to ensure that land of whatever type is brought to its highest, best use. Moreover, it is the only way to insure that speculation in land -- one of the most serious problems facing most private property societies -- is prevented.
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