Chinese authorities are planning to cut the stamp duty on domestic stock trading by as much as 50%, three people with knowledge with the matter said, in a further attempt to revitalize the country’s struggling stock market.
Chinese regulators including the Ministry of Finance, under the guidance of the State Council, submitted a draft proposal to the cabinet earlier this month, said two of the people, adding a decision could be made and announced as soon as Friday.
The proposal to reduce the current 0.1% stamp duty on securities trading suggested a cut of either 20% or 50%, which would be the first such cut since 2008, the two people said.
Fidelity China Special Situations PLC (LON:FCSS), the UK’s largest China Investment Trust, capitalises on Fidelity’s extensive, locally-based analyst team to find attractive opportunities in a market too big to ignore.