National People's Congress representative Yao Jinbo: Suggesting that interest on new housing loans be included in personal income tax deductions.

At this year's National People's Congress, Yao Jinbo, member of the National People's Congress and Chairman and CEO of 58.com, focused on the housing market. Yao Jinbo suggested that in order to stimulate demand for improved housing, the individual income tax deduction should be increased, and the interest on loans for newly purchased homes should be included in the individual income tax special additional deduction items. He proposed that the deduction scope be adjusted to include interest on commercial and provident fund loans for purchasing a house in China by the taxpayer or their spouse, with a deduction standard of a monthly flat deduction of 3000 yuan and a maximum deduction period of no more than 240 months. This measure aims to reduce the loan pressure on home buyers, encourage middle and high-income groups to enter the market, and boost demand for improved housing.