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Three Ministries Jointly Issue Notice to Restrain Impulse of Land Expansion
The Ministry of Finance, Ministry of Land and Resources, and People’s Bank of China jointly issued the Notice of Policy Adjustment Concerning the Land-use Compensation Fee for Newly Increased Construction Land recently, making significant adjustments to the current policy of land-use compensation fee for newly increased construction land to as much as twice of the current one since Jan. 1, 2007. And the land-use compensation fee for newly increased construction land which originally belongs to the local governments should all be turned into the provincial treasury; while the part which originally belongs to the Central Government should be assigned to the locals according to the area of their basic farmland and the key tasks of land development and renovation that are clarified to them by the State, which will be specially used for the construction and protection of basic farmland, the renovation of land, and the development of arable land.

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