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☆ China halves stamp duty on stock trades to boost flagging market
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China October 25, 2022. REUTERS/Aly Song/File photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 27 (Reuters) - China halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market as a recovery sputters in the world's second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1% duty on stock trades "in order to invigorate the capital market and boost investor confidence". Along with the finance ministry move, the China Securities Regulatory Commission (CSRC) is rolling out measures to shore up market confidence in investing in listed companies. China's leaders vowed late last month to reinvigorate the stock market - the world's second largest - which has been reeling as the post-pandemic recovery flags and a debt crisis in the property market deepens.

Persons: Aly, Xie Chen, CSRC, China's, Judy Hua, Joe Cash, Li Gu, William Mallard Organizations: REUTERS, Rights, Reuters, Shanghai Jianwen Investment Management, China Securities Regulatory Commission, Regulators, Ministry of Finance, State Council, Thomson Locations: Shanghai, Shenzhen, China, Rights BEIJING, SHANGHAI, Beijing

☆ Exclusive: China plans to cut stamp duty on stocks by up to 50% to revive confidence-sources
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such reduction since 2008, the two people said. China's securities regulator also met with representatives from top Western asset managers on Friday to reassure them about the country's economic prospects, Reuters reported citing sources. China's fiscal revenue totalled 20.37 trillion yuan ($3.02 trillion) last year, with 276 billion yuan or 1.35% contributed by stamp duty on securities transactions, official data showed. Earlier this month, Bloomberg first reported Chinese authorities were considering cutting the stamp duty on stock trades. "Cutting stamp duty doesn't solve the problems that hamper China's economic growth."

Persons: Aly, Xie Chen, Huang Yan, Huang, Sumeet Chatterjee, Lincoln, Kim Coghill Organizations: REUTERS, Regulators, Ministry of Finance, State Council, Information Office, of Finance, China Securities Regulatory Commission, Shanghai Jianwen Investment Management Co, Bond, Reuters, Bloomberg, Shanghai QiuYang, Shanghai, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hong Kong

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