At the moment when the country's Ministry of Natural Resources made a major decision, it was like a boulder being cast on a calm lake, causing ripples. It was a thunderbolt that struck the treasurers of hundreds of cities and turned their faces like ashes. Yes, the dwelling period is more than 36 months, and they will have to suspend land sales.
Imagine that the finance chiefs of these cities, who may be in their spacious offices, buried in piles of financial reports and data, suddenly receive this notice. Their faces turned pale in an instant, and the pen in their hands fell to the ground with a crisp sound. Their eyes were filled with panic and despair, as if they saw their city's finances sinking into the abyss.
Of the country's more than 600 cities, only a handful of high-energy cities have survived, and their decommissioning cycles are below that pause line. However, most of the third-, fourth- and fifth-tier cities are stuck in the middle of it. With a mountain of housing inventory in these cities, sales are struggling, and finance chiefs are under unprecedented pressure.
So, without the income from land sales, how will the finances of these cities deal with it? This is a boulder that weighs on the heads of the finance bureau chiefs, leaving them breathless. They start to get anxious, start worrying, and even start doubting their abilities.
For the majority of civil servants working in third-, fourth- and fifth-tier cities, this holiday is probably the heaviest holiday they have ever had. They had planned to reunite with their families and enjoy the holidays, but now, they have no intention of playing, only worrying about the city's finances. They begin to doubt their job prospects and start worrying about whether their jobs will be affected.
Life is always full of unknowns and uncertainties. Perhaps, it is precisely this predicament that has made the financial directors and civil servants of these cities think more deeply about the development model of the city and the issue of fiscal diversification. Perhaps, they will find a new way out of this predicament, so that the city's finances can get out of the trough and rejuvenate themselves.
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