Critics assert that Zhu’s 1994 tax reform led to the current real-estate bubble, because it drove local governments to use land sales to boost their incomes. But the fact is that replacing the income-sharing system with a tax-sharing system stabilized China’s economy and reversed the relative decline of central-government revenue.
批评者称，朱镕基的1994年税制改革导致了目前的房地产泡沫，因为改革让地方政府通过出售土地提高收入。但事实是用分税制代替收入分配制稳定了中国经济并扭转了中央政府收入的相对下降。事实上，这对中国经济发展起到了关键作用。