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China Halves Stamp Duty On Stock Transactions

MNI (Singapore)

The Ministry of Finance and the State Taxation Administration announced Sunday it would halve the 0.1% stamp duty on securities transactions from Monday “to invigorate the capital market and boost investor confidence.” The China Securities Regulatory Commission also revealed Sunday it would temporarily tighten the pace of IPOs to prioritise quality listings, further standardise shareholding reduction behaviors and lower margin requirements for investors to buy securities to 80% from 100% starting Sept 8. A-share valuations remain at historic lows, with the Shanghai Composite Index falling by 0.59% to 3064.07 points on Friday, a new low for the year, dropping 10.4% cumulatively from May's high point. (Source: Quanshang China)

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