Maekawa walked over, poured him a glass of water, and then gently patted Jung Hyun on the shoulder. Zheng Xuan doted on everything she had done for herself. In their eyes, it was as if everything around them did not exist. The injured Lin Mu does not exist, the angry Zheng Qimin does not exist, the embarrassed and polite Cao Degong does not exist, and even his own brother does not exist.

Zheng Xuan took a sip of the water that Qianchuan poured for him and made a deliberate swallowing motion. Lin Mu suddenly wanted to laugh, but when he laughed, he needed to use 36 muscles in his face, and the pain was unbearable, and laughing became a kind of pain.

Jung Hyun continued, this time he didn't light another cigarette. It seems that in front of the gentle Maekawa, he is a gentle kitten.

"Canada can compete with the United States in terms of state-owned land. According to statistics, 41% of Canada's land is federally owned and 48% is owned by provinces; Combined, up to 89% of the land is 'royal land' belonging to the government (c

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d), and only 11% is privately owned.

Some people may think that the central government's land revenue and the local government's 'land finance' should not be confused. But in my opinion, the essence of 'land finance' is to use land revenues for public services. The difference between local government and central government is simply the type of public goods provided. Other than that, there is no essential difference.

Of course, the essence of 'land finance' is financing rather than profit. Under the condition of private ownership of land, any improvement in public services must first be transferred to the landowner in the form of real estate appreciation. The government needs to go through the tax system in order to recover these spillovers. The efficiency of tax finances depends almost entirely on the game with taxpayers. The loss of benefits caused by the loss of the system is extremely high. Under the conditions of public ownership of land, any improvement in public services will spill over to state-owned land. Governments can recoup the benefits of public services directly from land appreciation without having to go through tortuous tax collections.

You should know that the 'land finance' of the U.S. federal government is not exactly the same as the 'land finance' of the Thai government. This is not only because the acquisition of 'initial land rights' is different, but also because the early landowners in the United States were federal, and the land sold was not urban land with public services, so it was not strictly capital – it was not until the enactment of the Homestead Act in 1862 that real estate became real capital when land and public services provided by local governments combined with ongoing tax revenues.

In Thailand, land was integrated with local government public services from the beginning, and government revenues were used to improve public services. This makes land continue to appreciate in value and make it an excellent investment.

Rather than 'taxing', recovering public service inputs through 'appreciation of land sold' is so efficient that city governments can not only finance infrastructure construction, but even subsidize projects that generate sustainable tax revenues.

This unique system, inherited from this era, has made land a huge and growing source of credit for the Thai local government. Unlike the practice of issuing municipal bonds by mortgage tax revenue in Western countries, the essence of land revenue in Thailand is to finance a one-time investment in urban public services through the sale of land for future appreciation.

The essence of the sale of land by Thai city governments is to directly sell future public services. If the city government is considered a business, then cities in Western countries are financed through the issuance of bonds, while Thai cities are financed through the issuance of "city stocks".