Cutting stock trading levy wouldn't do the trick: FS
Financial Secretary Paul Chan on Sunday dismissed calls for Hong Kong to reduce the levy on stock trading, saying this would not be sufficient to stimulate the market in the long run. On his official blog, Chan said the performance of the Hong Kong stock market is "clearly not ideal". He noted there have been repeated calls for the SAR to follow Beijing in reducing the stamp duty on stock transactions, but warned that "piecemeal measures" to stimulate the market would not be helpful in the long run and may further weaken investor confidence if they don't work.  Chan said the key to boosting the stock market lies in building up investors' expectations for the future, which will depend on the performance of the economy and individual businesses, as well as attracting promising companies to list in the city. He said a newly appointed task force will come up with measures to unleash the stock market's potential. Chan also used his post to criticise the West, saying its political biases have caused misunderstandings and affected investor confidence in the Hong Kong and mainland stock markets. The finance chief said he will be visiting Europe and the US in the coming months to personally explain to people the opportunities provided by Hong Kong.