China has reduced stamp duty on share transactions in an attempt to reinvigorate bearish stock markets, which last week slumped to six-year lows.
State television reported on Sunday that the 0.2% tax will be cut in half to 0.1%, with the lower rate effective from Monday.
The decision, made by the Ministry of Finance and approved by the State Council, confirmed rumours circulating within the country's investment community that the share tax would be reduced to promote growth in the securities markets, which have been rocked by a series of regulatory scandals in recent times.
Reacting positively to the move, traders on the Shanghai Composite Index, which tracks China’s A and B shares, pushed the index 2.5% higher to 1234.48 by last Friday's close.
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