Is land finance about to retire?

From January to August 2026, the national general public budget revenue increased by 5.7% year-on-year, but the government fund budget revenue continued to be under pressure, and the revenue from the transfer of state-owned land use rights decreased by 28.6% year-on-year. Affected by factors such as the Ministry of Natural Resources' Document No. 38 and restrictions on state-owned enterprises' land acquisition, the financial support capacity for land has weakened, local debt repayment pressure has increased, and there is an urgent need for the transformation of the fiscal and taxation system.