The Cost of Taxation Is Not Only Economically, but Politically

The Chinese government relies very, very heavily on indirect taxes. The direct taxes compose less than one-third of the national tax revenue. People don't realize that they are paying for the public goods they received. If there is a property tax imposed, then more people, especially the middle class people, say we perceive very heavy tax burden. So I think that's one of the major concerns that Beijing kind of like, avoid all these tax reforms.