国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

   

China stocks rally after stamp tax cut

By Dong Zhixin (chinadaily.com.cn)
Updated: 2008-04-24 11:16


Investors look at an electronic board showing stock information at a brokerage house in Southwest China's Chongqing Municipality Wednesday April 23, 2008. The stamp tax on stock trading was cut to 0.1 percent from the current 0.3 percent starting from Thursday, the China Central Television (CCTV) reported wednesday night. [Xinhua]
China's stock market jumped eight percent on Thursday after an overnight cut in the stamp tax on stock trading.

The Ministry of Finance and the State Administration of Tax slashed investors’ trading cost to 0.1 percent from 0.3 percent starting from Thursday in the latest official attempt to revive the market.

At the long-awaited news, investors went into a buying spree, pushing the benchmark Shanghai Composite Index to open 7.98 percent higher at 3,539 points. More than 80 stocks jumped their daily limit of 10 percent at opening.

The new tax move came after the country's stock market has fallen nearly 50 percent from its peak since mid-October in the face of a mixture of factors, including the over-valuation of shares, tight monetary policies, and concerns over the economy and corporate earnings due to a global economic slowdown.

Coupled with the declines was plummeting investor confidence, as evidenced by the lackluster sales of once red-hot investment funds. That prompted more and more financial experts to join the chorus for regulators to act.

At an executive meeting of the State Council chaired by Premier Wen Jiabao on Tuesday, decision makers decided to push forward the healthy development of the country's capital market, according to the CCTV.

The reduction in trading cost followed new trading rules announced during the weekend that ordered the selling of big amount of shares to be conducted on a bloc trading system.

Intended to relieve the selling-pressure on the market, the rules, however, failed to put much faith into jittery investors who turned to profit-taking after an immediate rebound.

The benchmark Shanghai Composite Index (SCI) tumbled more than four percent on Tuesday to fall below 3,000 points, the lowest level in 13 months, before rallying to positive territory. The gauge jumped 4.15 percent on Wednesday.

The tax move came 11 months after the trading cost was tripled to 0.3 percent to take the steam out of a spectacular bull run that saw the SCI more than quadrupled in less than two years.

Also on Wednesday at its executive meeting, the State Council deliberated and approved in principle two securities-related draft regulations to promote the healthy and stable development of the equity market -- 0ne about supervision of securities companies and another about risks disposition of securities companies. The two regulations will be implemented after further revisions.



Top China News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
彭山县| 繁昌县| 敦煌市| 昌邑市| 吉林市| 南投市| 麦盖提县| 延吉市| 井冈山市| 栖霞市| 伊春市| 报价| 苍溪县| 新泰市| 通州市| 德阳市| 锡林郭勒盟| 苏州市| 堆龙德庆县| 丹棱县| 大宁县| 盐源县| 达拉特旗| 边坝县| 霍山县| 麦盖提县| 钟山县| 手游| 兴山县| 隆林| 丽水市| 浦北县| 马公市| 三门县| 开平市| 乌鲁木齐县| 怀宁县| 田林县| 镇巴县| 呼伦贝尔市| 象州县|