China is like to institute an inheritance tax by the middle of next year aimed mainly at the newly rich, the Beijing Daily reported on November 25.

Tax expert Dr. Qian Sheng was quoted as saying that this tax has been recommended by officials and other experts, and that it should be collected before the distribution of the deceased's estate.

An official with the State Taxation Administration said earlier at a symposium in Beijing that citizens who own only a three-room apartment bought with salary savings do not need to worry about this upcoming new tax.

"You will not have to pay this tax," he was quoted as saying. According to experts, the starting amount subject to the tax will probably be as high as millions of yuan in property.