中國土地出讓收入去年下滑21.6%

Official figures released by China’s finance ministry show that the country’s property slump dealt a serious blow to state revenue from land transfers in 2015, a key source of funding for already cash-strapped local governments.

中國財政部發布的官方數據顯示，樓市低迷使土地轉讓交易所帶來的財政收入在2015年受到沉重打擊——對已經財務吃緊的地方政府來說，土地轉讓交易是關鍵資金來源之一。

For years China’s often debt-saddled localities have relied on requisitioning and selling land under their purview for profit or to make up for budget shortfalls, encouraging overbuilding. But figures released this week by the Ministry of Finance show that revenue from such land transfers plummeted 21.6 per cent last year to RMB3.365 trillion.

多年來，常常債務纏身的中國地方政府一直依靠徵用和出讓其管轄範圍內的土地來獲取利潤和彌補預算缺口，助長了房地產過度開發。但財政部本週公佈的數據顯示，來自這類土地交易的財政收入去年銳減21.6%，至3.365萬億元人民幣。

Land allocated for real estate likewise dropped 20.9 per cent from the previous year to 119,800 hectares. That fall is proportionally smaller than the 25.5 per cent drop seen in 2014, but that year’s total annual revenue from transfers actually rose 3.1 per cent, suggesting most local government coffers were under substantially more duress last year.

房地產建設用地同比也下跌了20.9%，至11.98萬公頃。這一跌幅小於2014年25.5%的跌幅，但那年來自土地交易的財政收入總計增長了3.1%，這似乎表明，去年大多數地方政府財庫面臨着大得多的財務壓力。

The finance ministry attributed the fall in revenue to causes including insufficient market demand and gradual slowdown in the growth of land prices. It credited a fourth-quarter 9.5 per cent rise in annualized revenue to supportive government policies, among other factors, but that growth fell far short of making up for the first three quarters’ drops of between 26 and 38 per cent.

財政部將財政收入減少歸因於市場需求不足和土地價格上漲逐漸放緩。該部還將第四季度財政收入年化增長9.5%歸功於政府政策支持等因素，但這一增長遠遠不能彌補前三個季度介於26%至38%的下滑。

Few local governments were immune from the drop: the ministry listed Shenzhen, Tibet, the city of Xiamen and Gansu as the only administrative regions that saw year-on-year growth in revenue from land transfers. Far at the other end of the spectrum, the northeastern port city of Dalian saw the biggest annualized drop, with revenue plummeting 56.4 per cent from 2014.

沒幾個地方政府免受財政收入下降的影響：財政部名單上僅有深圳、西藏、廈門和甘肅這幾個行政區域來自土地交易的財政收入同比有所增長。在另一端，東北港口城市大連的財政收入年度跌幅最大，相比2014年暴跌了56.4%。