Chinese stocks get brief uplift from first share dealing tax cut since 2008
China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008.
Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed.
The announcements boosted Chinese stocks on Monday. However, much of the gains had evaporated by the afternoon as investors returned to worrying about China’s real estate crisis and sluggish growth prospects.
The stamp duty on stock trades, which had stood at 0.1%, would be halved effective Monday, according to a joint statement by the Ministry of Finance and the State Administration of Taxation issued Sunday. The
China has made a series of moves to restore investor confidence in the world’s second largest economy, including cutting a tax on stock trading for the first time since 2008.
Foreign investors dumped billions of dollars worth of Chinese stocks over the past few weeks as the prospects for the economy dimmed.
The announcements boosted Chinese stocks on Monday. However, much of the gains had evaporated by the afternoon as investors returned to worrying about China’s real estate crisis and sluggish growth prospects.
The stamp duty on stock trades, which had stood at 0.1%, would be halved effective Monday, according to a joint statement by the Ministry of Finance and the State Administration of Taxation issued Sunday. The
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