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Higher Income Tax, Social Security Fees and an Over-priced Housing Market Drove Up Labor Costs in China

Well-known Chinese news site Sina recently published a news article discussing the 2018 China Green Companies Summit that the China Entrepreneur Club sponsored. Xu Shanda, the former Deputy Director-General of the Tax System Reformation Department of the State Administration of Taxation (SAT) spoke at the summit.  Xu stated that the higher personal income tax rate, social security fees, and the over-priced housing market are the three main causes that have driven the increase in labor costs in China. Currently, the personal income tax rate in China is at 45 percent, which is much higher than in developed countries. Xu also called for speeding up personal income tax reform.

Source: Sina, April 22, 2018
http://finance.sina.com.cn/china/2018-04-22/doc-ifznefkh8378239.shtml

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