According to recent reports in the Chinese financial press, China’s State Council has approved a proposal for a reduction in stamp duty on share deals.
Quoting executives from national brokerage firms, the Shenzhen-based Securities Times reported that the 0.2% tax on share transactions, paid by both parties, will be cut in the near future.
In a separate development, the Xinhua news agency also revealed that plans are being discussed by the Chinese authorities for a new investor compensation fund, the proceeds of which will be used to compensate victims of securities fraud.
According to the report, investors with cash deposits of up to 100,000 yuan will be fully compensated by the fund, whilst investors with deposits of over 100,000 yuan will be entitled to 90% of the amount from the compensation fund, with the remaining 10% being made up from local government sources.
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