China forced to slash stamp duty on stock trading after loss of days of economic boom
Beijing Stock Exchange at the Financial Street, in Beijing, China
China has decreased the stamp duty on stock trading by more than half, which will come in effect starting Monday. The latest step is being seen as a step to boost China's struggling economy which the Wall Street Journal recently reported is way past its days of boom.
The Chinesefinance ministry said in a brief statement on Sunday it was reducing the 0.1 per centduty on stock trades "in order to invigorate the capital market and boost investor confidence".
Earlier, it was reported that theauthorities were planning to cut the duty by up to half after a key share index fell to nine-month lows.
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"Such a policy will likely give a short-term boost to the market but won't have much effect over the long run," Xie Chen, a fund manager at Shanghai Jianwen Investment Management Co, said before the announcement. "The rebound could last for just two to three days, or even shorter."
China takes up other measures to boost economy
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Other than the finance ministry, the China Securities Regulatory Commission (CSRC) is also rolling out measures to revivemarket confidence in investing in listed companies.
The CSRC said on Sunday that China will slow the pace of initial public offerings (IPOs) and further regulate major shareholders' share reductions.
Meanwhile, stock exchanges in China have lowered their margin financing requirements, according to the CSRC's announcement.
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Chinese stock market, which is the second largest in world, is currently reeling due to red flags seen in country's post-pandemic recovery and a massive debt crisis in the property market.
Beijing has taken a series of measures to revive its days of boom. But investors are demanding a stronger policy response including massive government spending.
On Sunday, official data showed profits at China's industrial firms extended this year's slump to a seventh month, with weak demand squeezing companies.
(With inputs from agencies)
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