MOF, SAT: Cut in stamp tax from 0.3 percent to 0.1 percent Go back »

2008-04-29 | All chapters

BEIJING, April 24 (Xinhua) -- The overnight announcement of a cut in share trading taxes drove Chinese stocks 9.29 percent higher in soaring turnover on Thursday, with the key Shanghai Composite Index up 304 points to 3,583.03, the largest gain since Oct. 23, 2001, when daily limits were introduced.  The policy change, which slashed the stamp tax from 0.3 percent to 0.1 percent effective immediately, was announced two days after the benchmark index had fallen to half its peak of October 2007.

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