The government's determination to launch the long-awaited property tax would help cool down the real estate market in the long term, industry analysts said.

Speaking on the sidelines of the G20 Finance Ministers and Central Bank Governors Meetings in Chengdu, Sichuan province, Finance Minister Lou Jiwei pledged to go to great lengths to introduce the property tax.

Promoting the reform of income tax and property tax will ensure fairer income distribution. However, effective policies for income redistribution will definitely meet obstacles, Lou said. "This is a challenge, and this is our next task. We will be devoted to carrying it on."